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Waterfront Properties Attracting Keen Interest Despite High Prices

MTI-Hungary Today 2020.07.02.

Real estate company OTP Ingatlanpont says waterfront properties on the banks of the Danube and on the shores of Lake Velence, Lake Tisza and Lake Fertő are attracting keen interest, and property prices are largely holding up despite the coronavirus epidemic.

In a report on Thursday, the realtor said prices are wildly varied in Budapest, with the dearest waterfront properties in the 5th district, where a river view can boost the value of an apartment by 20-25 percent. Here, the price per square metre averages 980,000 forints (EUR 2,771). In the 10th district, the price per square meter of riverfront apartments increased from 350,000 forints to 430,000. The introduction of housing tax discounts aimed at the development of brownfield sites is expected to reanimate the waterfront market in the capital, the company said.

Around Lake Velence, family bungalows near the railway station or the spa average 400,000 forints (EUR 1,140) per square metre while new-builds are around 500,000-650,000 (EUR 1,425-1,853).

Around Lake Fertő, on the Austrian border, prices are lower than in nearby Sopron. New-builds are more expensive, but prices of used properties are somewhat depressed. Since last August, the number of property investors has waned, and Austrian buyers are less interested. But transport infrastructure developments such as the M85 motorway and the renovation of highway 84 will make the Lake Fertő area more accessible, possibly leading to a boom later on, OTP Ingatlanpont said.

Featured photo illustration by Sándor H. Szabó/MTI