Hotels conquer the centre of Budapest instead of office buildings

The real estate market of Hungary seems to change the shape and map of Budapest completely. In the capital, twenty-four new hotels are currently being built and most of them in the city centre’s historic areas.

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Népszava reported that the projects of building office buildings seem to move outside into the city’s suburbs. The increased number of tourists squeeze the suit-up working men and women out of downtown. It has been reported that the number of requests for offices showed a never seen rise in the past few months. 

Last year, approximately 640 square meters were rented by companies which is 17% more than in 2018. 

As the number of free places for offices decreased, companies sign renting contracts for more years which makes finding an available place impossible. If a company would like to move on, it needs to be organised two even three months ahead of the actual moving. 

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Only 40% of all the office buildings are free for renting, and approximately 574 square-meters are being built at the same time. 

Only half of the projects are done that were originally planned to be finished by the end of 2019. Moreover, the city would like to build another 260 square-meters area for offices and increase it as much as possible. 

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This year, eighteen new hotels will be opened in Budapest, which means 2,150 rooms. Thirty-two hotels are being built in Hungary, resulting in 3,750 new rooms for tourists by the end of 2022. 

Delays, of course, also affect hotels and by June-July it is estimated that only half of them will be ready to welcome visitors. 

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Featured image: www.facebook.com/spiceofeurope

Source: www.nepszava.hu