Cordia, Futureal Group’s market leading residential development subsidiary has announced the largest roll-out of residential development projects in Hungary by any developer in the last 20 years.
The simultaneous launch of 8 new residential development projects in Budapest will bring a total of 1,660 new homes to the market, where annual supply has collapsed to only 2,000 units in 2014 and where sales are projected to exceed 7,000 in this year.
“The Futureal Group has created Cordia with the aim of becoming the largest regional residential developer active in CEE and SEE markets.” said Gabor Futó, founder of Futureal Group. "We see growing regional economies, historically low interest rates and the return of mortgage financing as the catalyst for a new period of healthy market performance. Significant pent-up demand as well as bad quality housing stock in some of the countries create a strong background for our expansion plans.”
According to Cordia, residential real estate investment offers great opportunities for retail investors compared to stocks and bonds. Average rents have doubled over the last ten years in Budapest.
Cordia is also developing several residential projects in Krakow and Warsaw. Newly built apartment prices are in general 30% higher in Warsaw than in Budapest, and 10% higher in Krakow than in the Hungarian capital.
