Demand for Newly Built Apartments Falls

Residential

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Due to the relatively large sizes of the available real estate, high loan interest rates, and the increase in construction costs, the demand for newly built apartments has fallen, Balla Ingatlan reported, after analyzing the real estate market of Budapest, Lake Balaton, and Lake Velence, according to business daily Világgazdaság.

"Due to the high prices, the demand for newly built properties fell, but the fact that buyers who bought on credit disappeared also contributed to this," said Gábor Krausz, the professional manager of the company's office in Siófok.

Despite this, there was a demand for high-quality, well-located, energy-efficient, newly built properties equipped with panoramic views and extras, although the sales time for these also increased.

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