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The developer said cross-border property investment decisions depend on more than purchase prices and achievable rents, with taxation, fit-out costs, construction expenses, land prices and local market characteristics also playing a role.
By the end of the first quarter, the average price per square meter of new homes in Budapest had risen above HUF 1.9 million, 8% higher than in March 2025.
In Bucharest, the gross average price per square meter remained below HUF 1.3 mln based on first-quarter average exchange rates, despite a year-over-year increase of well over 10%.
Among Poland’s leading housing markets — Warsaw, Kraków, the Tri-City area of Gdańsk, Gdynia and Sopot, Wrocław, Poznań and Łódź — Warsaw was the most expensive. The average price per square meter of newly built homes sold in unfinished, ready-for-fit-out condition approached HUF 1.7 mln in the capital by the end of March, while the average in Poznań remained below HUF 1.2 mln.
“These price differences, which can be substantial in some cases, may also attract the attention of Hungarian investors. For our cross-border projects, we naturally assist buyers wishing to purchase a new-build home either elsewhere in the region or on the Costa del Sol,” said Áron Görög, Cordia’s head of sales.
“On the Costa del Sol, where we are currently developing our second project, we are seeing significant price appreciation. The average price per square meter reached EUR 7,220 in March this year — approximately HUF 2.6 mln — nearly 9% higher than a year earlier. It is also worth noting that developers there traditionally quote net prices, to which 10% VAT is added,” he added.
Achievable rents and the characteristics of local rental markets are also key considerations for investors, Cordia said.
In Poland, lower purchase prices per square meter are accompanied by rents that are similar to or higher than the Budapest average. Once additional fit-out costs are taken into account, gross rental yields calculated in euros stand at 4.5%-6%.
There are also notable differences between individual Polish cities. Poznań is a major industrial and logistics hub with low unemployment and more affordable new-build prices, while Warsaw combines relatively high property prices with stable rental demand as the country’s main business center.
In Bucharest, new-build property prices remain low by regional standards, while gross rental yields of 5%-6% are achievable, according to the analysis.
“Cordia recently launched sales at Centropolitan, its latest development in Bucharest, comprising 274 homes. We are also seeing significant interest in the development among Hungarian buyers,” Görög said.
Cordia said differences in housing prices across the region are also driven by underlying costs.
In Warsaw, developers traditionally sell homes in unfinished condition rather than ready to move into, meaning buyers face additional expenses before occupancy.
Construction costs for an average project in Warsaw or Bucharest are between one-quarter and one-third lower than in Budapest. Land costs, however, move in the opposite direction: the land-cost component of Warsaw’s price per square meter is more than twice as high as in Budapest or Bucharest.
Tax systems also differ significantly. VAT on newly built homes in Hungary is currently 5% and is refundable for homes in designated brownfield regeneration areas.
In Poland, the VAT rate is 8% for residential properties of up to 150 square meters, while the portion above that threshold is taxed at 23%. In Romania, VAT returned to 21% in August following a temporary lower rate.
“Prices are strongly influenced not only by differences in underlying costs, but also by the complexity of administrative processes, varying levels of demand and the range of government support schemes available to buyers,” Görög said.
Cordia said the technologies used in its developments are broadly similar across markets, while buyer preferences differ.
“The buildings we develop use broadly similar technologies across all markets. We also build homes with terraces everywhere, although Polish buyers place less importance on this feature. Buyers in every market expect efficient floor plans, but environmental awareness and energy efficiency receive less emphasis in Poland and Romania,” Görög said.
“Due to increasingly hot summers, demand for effective home cooling is growing in both Budapest and Bucharest, while this demand is less evident in Poland, particularly in the north,” he added.
Poland is introducing energy efficiency ratings for multi-unit residential buildings this year, the last EU member state to do so. According to experts cited by Cordia, this could encourage investors to sell older, energy-inefficient homes and replace them with newer, more efficient properties.
Cordia said buyers across all markets are increasingly seeking higher quality, better specifications and additional amenities, including communal spaces, coworking areas, lounges and gastrobars.
The company said experience from the more mature Spanish market is also being applied in other countries, including Romania, where such amenities remain less common in competing developments.
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