Atenor has signed an agreement to acquire several new development sites in the District XI of Budapest comprising 82,861m². This new project, named Lake City is expected to deliver a residential area offering 92,183m² and will accommodate 1,326 apartments developed in eight phases. The first phase has a valid building permit in place, while for the rest of the project the building permits are yet to be obtained. The purchase price was not disclosed.
Lake City is located in the Southwestern part of Budapest, one of the most popular residential districts of the Hungarian capital. It is situated in a green area bordered by a small river and a lake, and along the roads leading to Balaton and the Budaors airport, and is easily accessed by car and public transportation. Budapest residential market has demonstrated a high resilience since the Covid crisis; furthermore, the Hungarian government has taken strong measures to support the families for the acquisition of their own residencies.
Lake City in Budapest is the second residential projects that Atenor intends to develop in Central Europe, where a demand for qualitative dweling is sharply increasing supported by an emerging middle or upper middle class. Following this new acquisition, the number of Atenor projects under development has gone up to 32 and represents a development potential of approximately 1,300,000m². The projects are located in Brussels, in Wallonia and Flanders (Belgium), in The Hague (Netherlands), in Luxembourg, in the Paris Region (France), in Lisbon (Portugal), in Düsseldorf (Germany), in Warsaw (Poland), in Budapest (Hungary) and in Bucharest (Romania).