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Reasonably priced, newly built homes top wish lists

Prospective homebuyers in Hungary are typically seeking apartments in newly built buildings, 1 + 1/2 rooms in size for a maximum of HUF 15 million, exhibitors at the Budapest residential expo Lakásvásár told the Budapest Business Journal.

Although what the buyers are looking for was easy to define developers and brokers at the event said business is fairly slow. In particular those offering second-hand homes and family houses said interest was lagging.

At the same time developers showcasing new projects reported that they have had a promising weekend often managing to reach terms on pre-sale agreements for projects that are still in progress.

The most common buyers were young people, who are also raising demands of environmentally conscious features. While some solutions are mainly important because they reduce operating expenses, others, such as recycling bins or bicycle stores are a must in the case of any new investments because they are important to buyers, the representative of a developer said.

The companies polled said financing is available with a roughly 20% down payment, translating to HUF 3 million in ready cash needed to buy a home under current conditions. (BBJ Online)