These are the greatest real estate development projects in Budapest in 2022! – PHOTOS
The series of successful real estate developments continue in the new year as well. Accordingly, we collected the most significant residential, office, hotel, commercial and urban development projects in Budapest that will boom in 2022.
Residential developments
According to the Budapest Housing Market Report, in total 25,000 new apartments will be completed this year within the framework of Budapest’s new housing projects. The five most important development projects in Budapest will take place in the 14th district (Zugló City Center) with 950 planned new apartments, Lake 11 (11th district) with 900 planned new apartments, Duna Terasz Grande (13th district) with 790 new apartments, Grand Corvin (8th district) with 364 new apartments and City Pearl (9th district) with 341 new apartments.
New office buildings
There is no stop in the office market either where the price/m2 is approaching EUR 10,910 (~HUF 4 million) in the Hungarian capital. Despite the growing popularity of home office and hybrid working, several market players are still investing in the construction of new office buildings. Besides their compliance with energy and sustainability requirements, good location and excellent quality are also among the most important factors considered in these projects.
According to the latest data, the total modern office stock in Budapest is 3,955,600 m2.
And this will increase by 350,000 m2 in 2022,
the majority of which is for the market, while a fifth is for the construction of own headquarters, such as the Mol and OTP headquarters.
Hotel developments
Despite the predicted new waves of the pandemic, the hotel market in Budapest remains active from a development perspective. Accordingly, the series of new hotel openings realized last year – such as the B&B Hotel Budapest City, the Crowne Plaza Budapest, the IntercityHotel and the five-star Matild Palace – can continue with new accommodation projects in the upcoming year as well.
Still, the majority of hotel owners take deliberate actions due to the current situation. The previously planned new hotel openings might have some delays, due to which, they can actually welcome guests 1-2 years later than scheduled. According to an expert, this can mean that
only half of the 5,000 hotel rooms planned for this year can actually be constructed.
In 2022, the most important luxury hotel development projects in Budapest are the 5-star Tüköry Hotel with 152 guestrooms, the W Marriott Hotel with 165 guest-rooms, the Autograph Collection Vörösmarty Square and the reopening of Klotild Palota.
In the 3 and 4-star categories, we must mention the Quality Inn Hotel, the Jo&Joe Hybrid hotel and the Hampton by Hilton. Presumably, this year we can also visit those hotels whose inauguration was previously scheduled for 2021.
New shopping malls
In 2021, Hungary could be proud of several remarkable shopping mall projects, including the opening of the 55,000 m2 Etele Plaza in the 11th district of Budapest, as well as the inauguration of the 11,000 m2 S-Park brand new retail unit in Kaposvár. In addition, the Indotek Group completed the renovation of Szeged Plaza, Kaposvár Plaza and Szolnok Plaza last autumn and will realize new reconstruction projects this year as well.
Namely, the GOBUDA Mall in Budapest’s 3rd district, Campona in South Buda and the 4,500-square-metre Corvin department store will get a new internal and external design in 2022.
Budapest’s new city centers
Undoubtedly, the most complex projects are the construction of mini city centers in some Budapest districts. These large-scale projects are carried out for the development of a large area, including the residential and office areas, hotels, shops, parks, and the necessary infrastructure (transport, kindergarten, doctors’ offices, etc.), reports the Hungarian news portal Portfolio.
By way of example, we must mention the BudaPart project in the 11th district, where the fifth residential building was handed over last year and the “F” residential building will be completed soon. The total investment that took over 10 years includes the construction of 15 residential buildings, 13 office buildings and a hotel. This represents approximately 3,000 apartments and 250,000 m2 of new office space.
In addition, the final elements of the Corvin rehabilitation project in Budapest’s 8th district – carried out by Futureal Group – are also put into place. Presumably, the second phase of the Grand Corvin, the last residential building on the promenade, will also be completed soon. So far, the project has generated 22 hectares of land, 2,700 new apartments, 100,000 square metres of office space and 50,000 square metres of retail space, worth nearly EUR 1 billion.
In 2022, similar remarkable developments will start in Budapest’s 9th district and 14th district.
In the 9th district of the Hungarian capital, the new mini city centre named City Pearl will give place to 10 residential buildings, 4 office buildings, a hotel and a shopping mall.
In addition, Zugló City Center will also be renewed within the framework of the Bayer Construct’s project. The project will start in the first half of the year and is expected to last for 8 years. The entire area will boast 35,000 square metres of landscaped areas. The residential area will be 55,000 square metres, with roof gardens and green roofs. In total, 950 new apartments will be built. The commercial area of the project will be 84,000 m2. This will include a grocery store and a shopping street of 12,000 square metres.
Read alsoBudapest’s new railway tunnel to be constructed! – PHOTOS
Source: portfolio.hu
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7 Comments
Once again the DNH is misusing the word ‘boom’ where the article says ‘projects in Budapest that will boom’.. It is a noun that describes a sound – a project cannot boom, it does not make a sound. It would be correct to use the adjective form ‘booming’ as in ‘urban developments in Budapest are booming and we are presenting the most significant ones for 2022’. The golden rule with these sorts of words in English is ‘if in doubt, leave it out’.
Dear Lexicon, thanks for your comment. We always appreciate our readers’ constructive feedbacks; however, this time we have to disagree.
https://dictionary.cambridge.org/dictionary/english/boom
Nevertheless, if you see any possible mishaps in the future, kindly let us know. 🙂
Dear Eleanor, thank you for trying (and failing) to correct a native English speaker. The example in the link are reliant upon context. In ‘A property boom’ the object of the sentence is the ‘property’ ‘boom’ is being as an adjective. ”Boom and bust’ is the description of a cycle invented by Karl Marx and is using ‘boom’ as a verb, ‘to boom’ and might be considered an idiom. In the article, the use of ‘boom’ is as a noun and thus WRONG.
Dear Lexicon, again we appreciate your feedback. As you understand, English is not our mother tongue but we always try our best to provide valuable content to our readers. Newspapers can make mistakes sometimes, so can native speakers. Perhaps, the thousands of Google results for this phrase have also confused us. Besides, contemporary English has been constantly changing. It becomes less restrictive over time. There is more freedom to play with certain phrases. Nevertheless, we may consider refraining from using it in the future. Enjoy your day and our other articles! 🙂
The WINNER is – Lexicon.
Eleonora your explanations read that in attitude you appear not liking to be corrected nor critized.
Commentators in the past year have taken time to point out that journalists of the DNH should pay greater attention to English word usage and expressions.
DNH has not taken advice to have a proof reading facility, that would play an important role, in word usage and alignment of phases, the subjects, that articles are being written.
Malapropism is the mistaken use of an incorrect word in place of a word with a similar sound, that results in a non-sensenical, sometimes humourous utterance.
DNH has been Guilty – of Malapropism.
In my Professorship – the constant need of predominantly Hungarian students needing assistance guidance to develope and deepen there knowledge and Education in Law, students wishing to look at careers especially in International Law, need, of correcting, word usage and expression of terms, that are not aligned to standard correct English grammar.
My advice over decades to those who have a writing problem find it difficult to “paint a picture” using a pen or key board, is to READ.
Hungarians the number of English novels given to students over time by me, to assist them with there English reading and writing would be sizeable.
Never has a student refused my gift.
“To Kill a Mockingbird” by Harper Lee brillant read that if you haven’t read – Elenora, educational.
Harper Lee she wrote with interesting English word usage that decades on first published in 1960 this novel internationally used in Education and private reading.
The message of “To Kill a Mockingbird ” ???
Great Message for Life, contained in the read of “To Kill a Mockingbird” – the need – of Tolerance & Compassion.
Eleonora – ignore comments like that
No matter if you’re correct or not you look like a fool in replying
Supply continues to over-burden – DEMAND.
Lack of Foreign Investment – remembering the past decade in Hungary – foreign investment PLAYED a Major Role – in the Esculation or Explosion – in the Property Market Values – the Broadsheet Property Markets inclusive of Warehousing and Storage Facilities.
Forign Investment – came from, in this order :
(1) – China.
(2)- Vietnam.
(3) – Germany.
Supply over-powers Demand – and as we “build on” or renovate on – open new hotels or renovate existing hotels – its a NUMBERS Game.
The weight of NUMBERS – the Economy languishing under burdening growing pressure – the un-certainty – into the Future – property VALUES – must Decline – coming back to a Levalling up postion, that Benefits – Everyone.
The Hungarian Economy – all Major key Financial & Economic Indicators – used Globally, by Respected Organizations – to access the performance of a country at present and into the Future, highlight the trends of Hungary, heading in a direction, that clearly indicate, we have Major Economic& Financial Problems – at present and going forward.
The Hungarian Forint – its on-going Devaluation against other Major Currencies – Spine-Chilling.
Inflation – continues to Rise.
Nothing – is Getting Cheaper.
Tourism – “paper thin” – quite non-existant – that it can not be FORGOTTEN – 9.3% of the GDP of Hungary – is “Feed” and received into the Hungarian Government – its Balance Sheet – by Tourism.
Supply over Demand – weight of numbers, the state of the economy, currency weakness, and the on-going existance of a noval virus – these are just situations – and there are others – that must be taken SERIOUSLY – when looking into entering into the Property Market.
Don’t bring out those Cheque books at present – or for the next 9 to 18 months.
We live in a changed World post February 2020 – that still has layers to travel before we AGAIN see in Hungary and Globally – normality of life returning.
Hungary – April/May 2022 – holding National Elections – adds to this sensitive and volatile time – we ALL live.