1 2 ›

The 6 sectors of the real estate market that will be discussed in the article:

1. Hotels in Budapest
2. The world of business
3. Tens of thousands of new homes
4. There is no stopping the office market
5. The warehouses are almost completely full
6. New neighborhoods, all in one place

Hotel developments, new shops and eternal favorite residential projects

Hotels in Budapest: the owners are slipping

In terms of development, the Budapest market remained active, with new project announcements and ongoing constructions and renovations. Moreover, it has been handed over several times this year, such as the B&B Hotel Budapest City, the Crowne Plaza Budapest, the IntercityHotel or the five-star Matild Palace. Many hotel owners have decided, however, that until it is certain that tourism will not rush into the opening, so not only the openings but also the construction work will be delayed by many compared to the planned date.

Attila Hegedűs, partner and managing director of BDO Magyarország Hotel és Ingatlan Szolgáltató Kft he put it this way: “Now the tactical tiki-tak is also going from a developer’s point of view to see how the progress of projects is mathematically advanced. Everyone wants to open it up to a revitalizing / budding market with great certainty. or for openings and hotel transfers planned for 2022 (if they haven’t already been completed yet), a good 1-2 years can be expected for what they really accept. “

SO THE NUMBER OF 5000 ROOMS PLANNED BY 2022 CAN BE EASY TO FIND OUT.

If we add up the number of hotel rooms planned to be handed over between 2020 and 2022, we will get a little over 5,000, which is a similar proportion of 3, 4 and 5 star hotels. Some of them have already been completed, but there are also some that are definitely shifted from the original opening: the opening of the Radisson Collection at the Basilica, for example, was scheduled for 2021, but the project “slept through” 2020 so it is expected to slip for a good year. The situation of the Savoy hotel in József körút 19 is similar, the construction is underway here, but they are also slipping.

The world of shops: renovations are in store

Due to legal restrictions, it is considered a white raven-like rarity if a new plaza is built in Hungary, but the year 2021 was lucky in this respect: the 55,000 square meter retail space of Etele Plaza opened in the XI. district. With that, he immediately got about 140 new stores in the capital. Although our aggregation focuses mainly on developments in Budapest, it is also worth mentioning the opening of the 11,000-square-meter S-Park shopping park in Kaposvár, which is also a completely new retail unit.

In addition to the new units, however, there is a larger volume of renovation work. The renovation of Szeged Plaza, Kaposvár Plaza and Szolnok Plaza, which belong to the real estate portfolio of Indotek Group, was completed this autumn, and in the future such shopping centers in Budapest as the 25,000 square meter III. district EuroCenter (renamed GOBUDA Mall), Campona in South Buda and the 4,500-square-meter Corvin Department Store, which would have originally received a new façade at the end of 2019, but work will continue until 2022.

In addition, a number of office buildings, multifunctional buildings and residential areas are in the process of being developed, almost always accompanied by a small guest store or a non-food-focused store.

Tens of thousands of new homes: the five largest projects

If we summarize the ongoing or recently completed new housing projects in Budapest, we get a list of more than 380 lines. In these projects, a total of about 22-23 thousand new flats will be completed soon, or just completed (if you include the planned ones, more than 25 thousand) based on the data of the Budapest Housing Market Report and our market information. In each of the largest, more than 340 dwellings are being built at the same time, which means that 13 percent of the total new dwelling stock in Budapest is concentrated in five projects (ie in one phase of a given project).

The expected delivery time for some is already postponed to 2023, or there are some that are currently in the planning phase and construction is not yet underway. An example of this is the new city center project in Zugló, where 950 flats are expected to be built on about 55,000 square meters in the next 5 years. Another planned apartment 900 new project in the XI. The Lake11 Home & Park residential park will be developed by Atenor on an 8.2-hectare green area. The third largest project (the largest of those already under construction) is the Danube Terrace Grande, with 790 new apartments in the 13th century. district in Foka Bay and is expected to be handed over in 2023.

This article continues

• Hotel developments, new shops and eternal favorite residential projects
• Office developments, huge warehouses and the new trend of mini city centers