In bigger Hungarian towns like Budapest homes with a balcony or garden connection can cost six percent more than properties without it, reported the recent survey of Gardenexpo.
Hungarian property market keeps on booming in 2017, house prices are still high, however, it is not as easy to sell them quickly as it used to be, writes Hungarian online news portal Origo. A property is usually sold within 3-6 months depending on the type and condition and there have been more and more buyers interested in properties with balconies and gardens.
Houses with gardens can be 6 % more expensive
Moreover, interest in properties with balconies or gardens has been gradually increasing since 2012. There are 25 % more potential clients looking for homes with gardens or balconies than a year ago. Comparing the offer prices of properties in the same region has made it clear that a property with a balcony or garden can provide an added value worth millions. In addition, supply is limited as only 30 percent of residential buildings possess a balcony or have a direct connection to the garden. Responding to the demand developers plan to build more and more apartments with balconies, terraces or gardens.
Bigger balconies in the capital
The survey calls the attention to an interesting fact: multi-occupancy buildings in Budapest have larger terraces or balconies, however, smaller gardens belong to family houses in the capital than in the country. Terraces are 7.81 sqm in the country, whereas the average is 9 sqm in Budapest, while country garden are 903 sqm, they are only 750 sqm on average in the capital. The condition of the gardens can increase the value of the properties more than the size of the plot itself; therefore, property owners planning to sell their house should spend on restoring the garden. The same refers to the conditions of the balconies and terraces, which may help to stand out from the crowd in the varied offer of the Hungarian housing market.
Adding space and value with balconies
According to the last year survey of the Pénzcentrum the sqm price of the balconies in apartments situated in the capital is more than the 32% of the sqm price of the inner spaces. Turnover of property developments are often improved by adding balconies and terraces especially in expensive areas where the average cost per balcony square meter is also very high. Thus investors can get extra income and can save costly land prices because balconies do not need to be counted into the floor area as opposed to inner spaces. A balcony is found to have a positive effect on the value of a property.