- 10 Nov 2023 10:59 AM
- Budapest Business Journal
"The new-build housing market on the shores of Lake Balaton is still booming," said Gábor Soóki-Tóth, summing up the real estate market trends in the most popular Hungarian holiday home area.
Otthon Centrum's head of analysis noted that within the framework of 72 projects, about 3,000 apartments are being built on the lakeshore, of which roughly half are still available for purchase.
Prices are similar to those of new-build apartments in the capital, with an average price per square meter of HUF 1.8 million.
There is a significant price difference between the settlements, with the average unit price ranging between HUF 1.2 mln-3.1 mln: the most expensive is Balatonakarattya at HUF 3.1 mln, followed by Zamárdi and Alsóörs at HUF 2.16 mln.
In the settlements further away from the capital the average price decreases: the most affordable settlement is Badacsonytomaj with HUF 1.21 mln, followed by Balatonmáriafürdő with HUF 1.27 mln, while the third cheapest is Balatonlelle with HUF 1.39 mln.
According to the latest survey by Otthon Centrum, 10% more projects were launched than last year, but the number of apartments fell by 3%, indicating that developers opted for projects with a smaller number of apartments.
Average prices have followed a similar trend to most of the capital's districts, with years of growth first halting and then declining, with apartments now 3.2% cheaper than a year ago.
The largest number of projects is in Siófok (22), followed by Balatonlelle (9) and Keszthely (7), while Balatonfüred, the second largest town on the lakeshore, is lagging behind these figures (4).
Siófok also leads in terms of housing units with 800, Keszthely second with 490, and Balatonszemes third with 350.
"There continues to be a high concentration of projects at Lake Balaton. New investments are underway in about half of the lakeside municipalities, in 18 settlements, with the larger number of projects mainly on the southern shore of Lake Balaton, between the railway line and the waterfront," Soóki-Tóth said, adding that new construction projects are rare on the northern shore of Lake Balaton, in the western basin municipalities.
At the same time, he noted that the size of the settlement also has an impact on the number of investments, with new projects typically being launched in larger settlements.