Fewer homes under construction in Budapest

Construction

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The number of homes in new residential projects in Budapest fell about 12%, or by some 4,000 units, in September from the same month a year earlier, state news wire MTI reports, citing a gauge of the market by real estate broker Otthon Centrum.

Around 30,000 homes in 404 projects are ongoing in the capital, Otthon Centrum said. Just 29 new projects were launched in Q3, down from 47 in the same period a year earlier, it added.

The most popular area of Budapest for residential developments remains District XIII, with 66 projects ongoing, followed by District XI with 48 projects, and District III with 39.

New home prices averaged HUF 1,150,000 per sqm in Q3. Prices were as high as HUF 2.5m per sqm in District XII and as low as HUF 708,000 per sqm in the outlying District XXIII.

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