This brought total sales for the year to 8,800, nearly three times the volume recorded in 2023. The 13th district continued to lead the market, while the 11th district also surpassed the 1,000-sales threshold. With new government measures set to further boost the real estate sector in 2025, analysts expect last year’s record-breaking sales to be just the beginning of a sustained trend.
According to the latest report from OTP Ingatlanpont, sales began on 111 new housing projects in the second half of 2024, adding a total of 5,200 apartments to the capital’s housing stock in the coming years. Over the course of the full year, sales launched for 208 projects—17% more than in 2023—resulting in 8,200 new apartments under construction, a figure nearly two and a half times higher than the previous year.
“The current level of activity is reminiscent of 2021, when the Green Home Program’s favorable financing options fueled a boom in the new housing market,” said Dávid Valkó, chief analyst at OTP Ingatlanpont.
Alongside the 8,800 sales recorded last year, developers completed 5,700 new apartments. Rising demand has prompted developers to launch more projects, but the completion of these units will take time, creating a lag effect in the market due to the lengthy construction process.
At the end of 2024, there were approximately 820 completed but unsold new apartments on the Budapest market, compared to just 200 in 2018. However, this remains well below the more than 3,000 unsold units seen after the 2008 financial crisis, when the market froze. “We expect the inventory of unsold units to shrink further in 2025, as new supply will take time to catch up with demand,” Valkó emphasized.
Based on ongoing projects, 4,800 new apartments are expected to be completed in Budapest this year, with the figure rising to 5,600 in 2026. If demand remains at the same level as the second half of last year, with 5,300 units sold in six months, the market could see a near-total absorption of unsold inventory by year’s end.
However, Valkó warned that such projections should be treated with caution, noting that “We have seen in the past that large projects often only begin sales in the later stages of construction. Many developments that are currently underway are not yet publicly advertised, meaning additional supply could still enter the market at a later stage.”
Angyalföld Continues to Dominate the Market
A review of both last year’s data and ongoing projects confirms the continued popularity of Budapest’s 13th district. In 2024, 3,400 new apartments were sold in Angyalföld, while 1,400 units were completed. This means that demand absorbed 2,000 properties that were either in stock or bought off-plan, highlighting the strong appetite for new housing in the area.
Interestingly, the highest number of completions in 2024 was not in the 13th but in the 11th district, where 1,900 units were delivered—a temporary shift in market dynamics. However, the 13th district is expected to reclaim its top position in 2025, with 1,400 completions projected. The 11th district, meanwhile, may fall off the podium entirely, as the 14th district is set to deliver 650 new apartments, the 9th district 580, and the 3rd district also exceeding 500 new units.
Looking at unsold inventory, the highest number of completed but unsold apartments at the start of 2025 was in the 11th district, with 240 units available, followed by the 13th district with 170. In some districts, such as the 15th and 21st, there are currently no newly built apartments available for sale, meaning buyers in these areas will have to wait for ongoing projects to be completed.
The increase in demand is also evident in other districts. The 23rd district, which had seen little development activity for years, is now experiencing a revival, while the 19th district is also seeing a wave of new projects, primarily consisting of smaller-scale developments with 10 to 20 units.
Buyers Move Quickly Despite Rising Prices
Several new government measures introduced in 2025 are expected to stimulate the housing market. On the demand side, these include the ability to use voluntary pension fund savings for home purchases, payouts from government bonds, and preferential loan options for energy-efficient homes. The impact of these policies is already being felt, as buyers began searching for available new apartments as early as the start of the year.
One particularly attractive option is the redevelopment of brownfield areas classified as “rust zone action areas,” where buyers can reclaim the 5% VAT on new homes, effectively allowing them to purchase properties at net prices. The potential savings have already generated strong interest, with reports emerging of projects seeing significant pre-sales even before official launches.
As demand rises, buyers are once again purchasing properties at the blueprint stage, well before construction is completed. For investors, this approach can be particularly appealing, as properties can often be reserved with a 10-20% down payment, with the remaining balance not due until the apartment is handed over. “This allows buyers to benefit from potential price appreciation during construction while keeping their capital invested elsewhere,” Valkó explained.
According to OTP Ingatlanpont data, the average price per square meter of new apartments scheduled for completion in 2025 is expected to reach HUF 1.59 million. For projects currently being sold, this figure is projected to rise to HUF 1.61 million in 2026. “On the Danube waterfront, prices can easily exceed HUF 2 million per square meter, while in the upscale Buda hillside districts, HUF 4 million per square meter is not out of the question,” Valkó added.
