The luxury real estate market in Hungary has revived with new customer preferences. Potential buyers are willing to pay up to EUR 11,200 – 14,000 per square meter. These are the most important features they insist on.
According to market experts, the technical content expected by customers is of primary importance today, and the concept of the luxury category has changed in this area compared to the beginning of the 1990s. Accordingly, smart home technology is now almost indispensable in luxury properties, allowing owners to fully control and monitor the thermoregulation, camera, and alarm system, even remotely. In addition, the importance of heat technology is also significant: nowadays, classic air conditioners are increasingly being replaced by ceiling and wall cooling systems.
All of these equipment come at a high price. In the case of the luxury real estate market, individual pricing is widespread, which also reflects the unique feature and top quality of the properties. As the Hungarian news portal Világgazdaság reports, the price of EUR 2,800 per square meter is a thing of the past. Nowadays, in addition to the cost of EUR 5,600 – 8,400 per square meter,
builders have recently set the price of luxury properties to EUR 11,200 – 14,000 per square meter.
The new trend of the minimal style reaches Hungary with a slight delay. Following the international aesthetic trends, it is expected that sooner or later, we will also encounter a more colourful, louder interior design that replaces the grey-white design popular nowadays. The pandemic has resulted in different preferences than before.
In parallel with the eternal panorama and the large interiors, there is a high expectation of spacious outdoor areas, along with a large garden. As far as location is concerned, potential buyers are more flexible than before. Accordingly, extremely high demand can be observed at Lake Balaton, as well as Lake Fertő and Lake Tisza have become more and more popular recently.
The only preference that the majority of customers insist on is moving in immediately.
As a result of the possible construction delays due to the lack of capacity and workforce, buyers mainly choose among ready-to-move-in properties.
Accordingly, the former villa of the world-famous Hungarian inventor of the Magic Cube, Rubik Ernő, is in the top category offered for sale in Budapest’s 2nd district. As Lakáskultúra reports, the property’s living room with an American kitchen is 139 square meters with a built-in fireplace, enhancing the feeling of comfort.
The three-level villa has six bedrooms and five bathrooms. Inside the building, there is a 10-meter heated swimming pool connected to the wellness area on the basement level, where residents can enjoy the sauna and a gym. On the ground floor, there is a garage of 72 m2 available for 3 cars, and in front of the garage, there is a possibility to park in the closed yard. The Smarthome and camera system ensure the safety of the people inside. The building has a vast park of almost 5,000 square meters, partly with ancient trees. The inner garden is nicely maintained, as well as a wooden winter garden was built on one corner of the plot. Photos of the property can be checked out HERE!
According to Krisztina Szeder, real estate expert of Duna House agency, a new customer base has appeared on the market, which does not choose based on the price, but on the feeling of life, for which they are willing to pay up to four to five million forints per square meter. The expert says that the previously active Chinese and Russian buyers in the upper price category have disappeared; however, demand has not declined, despite the significant increase in the prices per square.
A few years ago, the luxury category started from EUR 280,000-420,000, today we cannot find any property in this category below EUR 560,500.
Having a stable and even growing demand in the luxury market for years, builders have become more interested in realising luxury real estate developments, even if the calculations first come as a result of surprisingly high prices. It also proves to be profitable as the majority of buyers of luxury properties are reluctant to take loans to get the property of their dreams.
Source: vg.hu; lakaskultura.hu