Cordia is converting a former office building into a 200-unit residential complex directly adjacent to the Corvin Promenade. The transformation of the building, part of the Corvin Innovation Campus, is being undertaken by architectural firm Radius B+S, which also designed the original structure.

The demand for new homes in the capital has accelerated dramatically in 2025. According to Cordia, nearly 4,000 apartments were sold in the first four months of the year—double the figure seen during the same period in 2024. This surge has pushed prices higher, with average rates reaching HUF 1.777 million (EUR 4,425) per square meter, up 6% from December 2024. On the Buda side, prices are nearing HUF 2 ln (EUR 5,000) per sqm, while in Pest, they are approaching HUF 1.7 million (EUR 4,250).

Cordia’s sales numbers reflect this boom. The company’s performance in the January–April period has been its strongest since 2016, with sales exceeding even the exceptional figures from early 2021 by 12%. April marked the most successful single month since April 2016.

“While the market has since stabilised compared to this extremely high, primarily investment-driven demand, this represents a return to normalcy,” said Áron Görög, Cordia’s Sales Director. “We continue to see favourable market conditions, and another round of government bond maturities in the autumn could further stimulate demand. Overall, we expect developers in Budapest to sell more homes this year than the 7,400 transacted in 2024.”

He added: “The resulting price increases following strong demand should be seen more as a correction. Over the past two years, price growth has lagged behind inflation. Now, in real terms, prices have caught up across both the new and resale markets.”

To meet this demand, Cordia has already introduced five new developments this year and plans to release hundreds more homes in the second half. Among them is the Corvin Campus, a key project that reflects a broader market trend toward adaptive reuse of existing buildings.

“With the development of the more than 200-unit Corvin Campus, the Futureal Group is flexibly responding to trends in both the office and residential sectors,” said Ágnes Korsós, Project Director at Futureal Group.

“We expect over 80% of the homes to be purchased for investment purposes. With its proximity to Semmelweis University, Metro Line 3, and Corvin Promenade, this prime location offers rental yields that exceed the Budapest average. The apartment mix has been designed accordingly, with the majority comprising studio and one-bedroom units. Registration is already open, and—as with our other projects—we are offering an attractive payment scheme where buyers can reserve a unit with just 10% upfront and settle the remaining 90% upon handover.”

The building will offer three underground parking levels, eight floors above ground, and amenities including 400 square meters of communal space and a 160-sqm rooftop terrace exclusively for residents.

“Cities around the world already offer many examples of similar functional conversions, but this is the first such development in Budapest’s inner city,” highlighted Gábor Kovács, Chief Architect at Cordia. “Reusing an existing structure contributes to sustainability just as much as the ceiling heating and cooling systems powered by air-to-water heat pumps in the apartments. Since we’re not starting from scratch, buyers will be able to move in—or rent out—their homes much sooner than usual. Thanks to the existing framework, some Corvin Campus homes will feature exceptionally high ceilings, in some cases exceeding three metres.”