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The news of the construction of the BYD car plant has boosted the Szeged (southern Hungary) property market, where according to data from real estate company Duna House, 33 percent more sales were completed last year compared to 2023.
The prices per square meter rose by an average of 14 percent in the course of a year, and exceeded 660,000 forints (1,642 euros). This year, in addition to newly built apartments, renovated, second-hand apartments can also be asked for a purchase price of around one million forints per square meter (2,488 euros).
Duna House pointed out that the Hungarian Central Statistical Office’s Real Estate Data Registry database shows that while between 2015 and 2018, an average of almost 3,100 residential properties changed hands annually in Szeged; in 2019, the demand for apartments and houses in the settlement fell by 17 percent. Compared to the aggregate results of 2020 and 2021, the number of sales in Szeged decreased by a quarter during the more passive real estate market period of 2022 and 2023. However, the newest figures show that an upward trend could be on the way.
István Németh, group head of Duna House’s Szeged real estate office, said in the statement that in addition to the activity of home buyers,
the news of the launch of the BYD plant production and the flow of capital from the payment of government bond yields into the real estate market could boost investor presence, so they expect further strength in the Szeged real estate market, where 60-70 percent of the county’s real estate transactions take place.
The company announced in December 2023, that they would choose Szeged as the site for their first European factory. A year ago, in February 2024, preparations for the construction of the Szeged factory began, and construction work has been going on in full swing ever since. Although the most optimistic scenario earlier suggested that the first cars could roll off the assembly line at the end of the year, now there are reports that production could start as early as October.
Via MTI, Featured photo via Hungary Today