March 9th, 2010

Developer says slowdown in flat construction could end in shortage

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An ongoing decline in the number of new residential projects in Budapest could end with a flat shortage in the capital in coming years, leading developer Cordia Zrt claims, reports origo.hu.

Since 2006, the number of new units under developments in the city has dropped by an annual average of 20%, with the number of new properties on offer now said to be half of that available four years ago. Currently, 3,604 units are currently under development.

Because of this, Cordia says that Due to the drop in the number of new communal building projects, by the end of next year there could be barely any new flats for sale in the capital.

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