Due to the high prices of real estate square meters, high loan interest rates and the increase in construction costs, the demand for newly built apartments fell, Balla Ingatlan told MTI on Monday based on an analysis of the real estate market of Budapest, Lake Balaton and Lake Velence.
The announcement quoted Gábor Krausz, the professional manager of the Siófok office of Balla Ingatlan, who said that the demand for newly built properties fell due to the high prices, but the fact that the customers who bought on credit disappeared also contributed to this. Despite this, there was a demand for high-quality, well-located, energy-efficient, newly built properties equipped with panoramas and extras, although the sales time for these also increased, he indicated.
He added that those who chose from the newly built properties on the Balaton real estate market could find family houses on the south coast at a price of 1.5-2 million square meters, while if someone was satisfied with a property further from the coast, they could also find a house at a price of 1.2-1.5 million square meters. to shop. Prices were similar on the northern coast, with the exception of Balatonfüred, where prices were much higher. In Budapest, not many people were looking for newly built properties in the past year, the average square meter in the V. and XIII. districts was over HUF 1.5-2 million, and in some cases it even reached HUF 4 million. The extremely high prices can be explained by the increase in construction industry costs, which was further aggravated by the burden of raw material procurement due to the war, Viktória Tóth, head of the district office in V. and XIII. districts explained.
Gergely Garaba, professional manager of the district office in VI., VII., VIII. and IX. districts also experienced a significant drop in demand in the market for newly built real estate in recent months. According to the specialist, this is the result of extremely high square meter prices, but the constantly rising raw material prices also caused problems. The market for newly built properties in the IV. and XV. districts has also shrunk significantly in the past year – as they are mostly bought on credit, and interest rates were high – and investors have suspended construction in many cases. Those who still persisted with their plans found newly built properties in the northern Pest districts at a price of HUF 1.1-1.3 million per square meter, Frigyes Balla, manager of Balla Ingatlan in the the IV. district and professional manager of the district office in the XV. district added. At the same time, he indicated that the prospects of the market for newly built real estate were perhaps even worse compared to the used market.