Budapest – Remarkable boost in the real estate market

After seventy years, the Hungarian capital has the most expensive property price per square meter – increasing the significance of panoramic roof spaces and loft apartments – reported by Otthon Centrum real estate agency.

Thanks to the Construction Act Amendment realised in March loft conversions have been simplified in the capital; as a result of which, a remarkable boost could be experienced in Budapest’s real estate market.

As the Hungarian news portal Origo reports, residential communities may also benefit from loft conversions, since renovation works – including the building’s mechanical system, staircase, and facade – are carried out and financed by a development partner. This way, several buildings will be renovated, which increases the value of the properties – commented Gábor Soóki-Tóth, Analytics Manager of Otthon Centrum.

Thanks to the opportunity of loft conversions, the city centre of Budapest has regained its historic prestige. It is the first time since the Second World War when properties in the downtown are sold at the highest price.

“In this area, there is hardly any free space and only a very few convertible buildings or empty plots; as a result, property prices are skyrocketing in the city centre – 1 m² costs more than EUR 3,000 (~HUF 1 million)”.

• Skyrocketing property prices in Budapest – EUR 3,000/m2
• Budapest has the highest growth of property prices in the world