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Apartment boom at Lake Balaton

napi.hu, 24.05.2017 – Many new apartments are being built at Lake Balaton and prices at Lake Velencei are also increasing. According to figures published by KSH, the National Statistical Office of Hungary, holiday home construction is also on the upswing. At Lake Balaton apartment development projects are also intensifying. Judged by the number of planning approvals and properties in the blueprint phase the number of completed apartments will peak in the next few years. Buyers increasingly prefer newly built condominium properties with a panoramic view directly at the lakeshore. These command significantly higher prices, not only on account of their better features but also because the number of building plots with direct connection to the water is diminishing.

Even though prices at Lake Velencei are lower compared to those of Lake Balaton, some factors put an upward pressure on prices there, too. First, the effects of the bourgeoning apartment market of neighbouring Székesfehérvár can also be felt in the surrounding area. Second, some settlements around Lake Velencei are comparatively close to Budapest, which means they can offer a viable alternative for buyers from the capital.

Experts expect a boom in apartment construction

napi.hu, 03.04.2017 – According to experts the number of apartments constructed this year may rise significantly, but a change in VAT legislation and the lack of skilled workers may have an unwelcome effect on the construction industry. A recent survey showed that the number of condominium apartments completed this year will reach 2010 highs, but even last year’s 10 thousand was a four-year record. Experts base their estimate on the number of planning applications mainly in the periphery of Budapest, in larger Hungarian towns and in the vicinity of Lake Balaton, mainly as a result of the 5 per cent VAT. This VAT rate will probably be in force until 2019 only, so – due to the time requirement of planning permission procedures – developers have only one year left to start new projects.