In a first-of-its-kind move for Hungary’s residential market, leading developer Cordia is converting an office building in Budapest’s Corvin Innovation Campus into a 200-unit residential development. The bold repurposing project, named Corvin Campus by Cordia, marks a strategic extension of the internationally acclaimed Corvin Promenade and answers a market demand that has seen new home sales double in just four months.
According to the latest housing analysis by Futureal Group, nearly 4,000 new homes were sold in Budapest from January to April 202, twice as many as in the same period last year. Average prices climbed 6% since December, hitting €4,425/m² across the capital, with Buda nearing €5,000/m² and Pest approaching €4,250/m². In response, Cordia has launched five developments in 2025 alone, with over 1,000 units already in sales and more to follow.
The Corvin Campus project is particularly appealing to investors. Its central location near Semmelweis University, Metro Line 3, and Corvin Promenade offers rental yields exceeding city averages. With over 80% of units expected to be bought for investment purposes, Cordia is targeting the lucrative micro-apartment market with mostly studio and one-bedroom layouts. The building will feature three levels of underground parking, communal areas totalling 400 m², and a 160 m² panoramic rooftop terrace.
“With the development of the more than 200-unit Corvin Campus, the Futureal Group is flexibly responding to trends in both the office and residential sectors,” said Ágnes Korsós, Project Director at Futureal Group. “The apartment mix has been designed accordingly, with the majority comprising studio and one-bedroom units.”
Adding speed to its appeal, the adaptive reuse of the existing shell means buyers can move in or start letting out sooner than with traditional new builds. Some homes will feature ceilings over three metres, creating a loft-like feel that’s increasingly rare in new urban developments. Radius B+S, the original architect, is managing the conversion, maintaining design continuity while integrating modern, sustainable technologies such as air-to-water heat pump systems.
From a developer’s perspective, this project illustrates how repurposing underused commercial stock into residential use can unlock high-value urban plots without lengthy permitting and planning delays. With Budapest facing a continued shortage of centrally located, energy-efficient homes, this strategy is gaining traction among institutional investors.
People mentioned:
Ágnes Korsós – Project Director, Futureal Group
Áron Görög – Sales Director, Cordia
Gábor Kovács – Chief Architect, Cordia
Companies mentioned:
Cordia – Residential property developer
Futureal Group – Parent company, real estate developer
Radius B+S – Architecture firm (design and conversion)
Image source: Flickr – Cordia project photos
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