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Real estate portal Otpotthon.hu has created a separate category on its website for modern homes in new housing developments, looking to make life easier for those who want to get detailed information about this market segment before they start their plans, according to a press release sent to the Budapest Business Journal.
According to OTP Home data, the advertising price of new build properties has been steadily increasing for years, with the price per square meter of this type of property doubling in three years.
However, this increase has not been matched by demand – the number of inquiries for this type of property has stagnated since the beginning of the year, and by April had fallen.
“Otpotthon.hu is a constantly evolving and expanding platform where interested parties can choose from a range of offers that are updated virtually daily, according to their needs and possibilities. Simple, fast and easy to understand. We hope that the launch of the residential property sub-site will make it even easier and more convenient to search and choose the right property in this market segment,” says Zsuzsa Lipták, managing director of OTP Otthonmegoldások Kft.
The advantage of new-build residential homes is that these properties do not require renovation before moving in, and they also meet modern energy efficiency requirements, which is an increasingly important consideration for those looking to buy a home as utility costs rise.
The results of a previous national representative survey commissioned by OTP Bank show that when considering a property, after its location, price, type, and size, the condition of the property, especially its energy requirements, and the quality of insulation and windows and doors, are the most important factors.
Overall, energy efficiency is an important consideration for two-thirds of respondents when choosing the right home.
OTP Otthon launched the sub-site in early May with a list of 40 domestic residential complexes, and with the continuous uploading of new listings, this number has now risen to over 100 and is growing.
The pace of future expansion is forecast to be held back by the slowdown in the construction sector, the press release notes.
According to data from the Hungarian Central Statistical Office (KSH), 3,613 new dwellings were built in Hungary in the first quarter of 2023, roughly a fifth less than a year earlier. The number of dwellings to be built on the basis of issued building permits and simple notifications was close to 5,000, a 38% decrease compared to the same period in 2022. Of the new housing units brought into use, 44% were in single-family homes and 46% in multifamily buildings, while the share of apartment buildings was 7%.
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