Refurbished Apartments Worth 20% More, but Hard to Find Them
September 13th, 2018
At present, there are significant differences between flat prices of Budapest, which is mostly attributable to the condition of the property. According to the ingatlan.com analysis, owners can get up to 20% more for a refurbished apartment. The only problem is that the quality of refurbished apartments is very low at the moment on the market.
Examining nearly 20,000 private advertisers, it can be seen that for a refurbished apartment 20% more can be charged compared to a non-renovated flat. Demand justifies, as there are fewer refurbished properties on the market to choose from.
"The decline in the number of refurbished apartments is surprising, because in the first half of 2018, investments in housing construction and refurbishment were 17 percent of all domestic investment in Hungary. Nevertheless, good-quality and quality flats remain a shortage of the market, because the best-quality apartments are sold quickly" said László Balogh, leading economic expert at ingatlan.com.
The problem is the same on the rental market, according to Zsolt Pavelka, Letting Manager of Tower International. A clever face-lift or a quality renovation can result in real business advantage in case of renting out your apartment.
Read our former articles in this topic:
Interview: How the Long Term Property Rental Market Changed in Budapest
3 Tips to Stay Realistic in the Booming Budapest Rental Market
Source:
Tower International
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