Demand could push up real estate prices by up to 40 percent within 3-4 years once German carmaker BMW starts production in its new factory in Debrecen, a real estate expert told public news channel M1.

BMW announced on Tuesday that it would build a one billion euro plant in that eastern Hungarian city.

The facility will have capacity to manufacture 150,000 vehicles a year, read more HERE.

Nándor Mester, chief analyst at Otthontérkép Csoport, told the channel on Friday evening that

the prices of plots and properties had dynamically increased over the past years in Győr and Kecskemét where German carmakers Audi and Mercedes-Benz operate factories.

In Debrecen there are three gated community home building projects under way, one of them nearing completion, he said.

The other two will ensure 350 new homes once completed by the end of 2019, he said.

As we wrote few days ago, BMW could start production at a plant in Hungary around 2023, read more HERE.

As we wrote before, foreign nationals bought 7,371 homes in Hungary last year, accounting for just under 5 percent of total market turnover. Almost two-thirds of those foreigners were citizens of other European Union member states, read more HERE.

Source: MTI

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