The demand has increased significantly not only for holiday homes but also for residential properties in the settlements near Hungary’s largest lake, Lake Balaton. Read our article to find out the new real estate trends near Lake Balaton!
Increased demand for residential properties
The demand has increased significantly not only for holiday homes but also for residential properties in the settlements near Hungary’s largest lake. Many buyers do not favour multi-story and multi-generational homes with large floor areas anymore. Instead, they seek to find a well-thought-out, economical, not overbuilt project. Another important factor is that the property should be ready to move in. In addition, buyers go for multi-purpose properties which can function both as holiday homes and permanent residences.
New real estate market trends
“Most of the developments in Balaton still take place with a typical resort approach, i.e. they create as many residential units as possible on a small floor area, based on the assumption that the properties will be used for vacation anyway”, Gábor Kádas, development manager of Grand Balaton Residential Park told Portfolio. However, many investors expect that a significant percentage of their customers will be permanent residents, he added. People can easily reach Budapest, Siófok, Veszprém or Székesfehérvár from the eastern basin.
Changing land prices around Lake Balaton
The increase in demand for properties near the lake is also reflected in changes in land prices. In recent years, many people have purchased real estate for development purposes. Now, the square meter prices of larger investments have risen to approximately HUF 2 million (EUR 4981.34). This is a massive increase compared to the average price of HUF 300,000 (EUR 747.20) per square meter of lakeside investments that started in the 2000s.
The effects of Covid and the energy crisis
The pandemic and the energy crisis have taken a serious toll on the real estate market. According to Gábor Kádas, there is an urgent need for valuable and energy-efficient developments. Moreover, he added that only high-quality projects had the chance to survive. Although most construction projects were not halted, the planned handover deadlines have been postponed in many cases.
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