Cordia sells its 10,000th apartment

by   CIJ News iDesk III
2023-09-11   15:02

The number of homes Cordia International has sold so far is enough to accommodate the entire population of a small town. Hungarian property developer is also planning a major new urban regeneration project in Budapest.

Hungarian property developer has reached a considerable milestone: In 2023, Cordia International sold its 10,000th apartment. This is the result of nearly two decades of operation and provides homes for 17,000 people. This is more than the entire population of countless towns around the globe. This volume is also unparalleled among Cordia’s competitors.

Some 70% of the 10,000-strong stock is located in Budapest, Hungary, while in Poland, the company’s second-largest market, more than 2,400 homes have been sold so far. In addition, Cordia has sold more than 600 homes in Romania, the United Kingdom and Spain—a level of foreign involvement unique among Hungarian property developers. Cordia also has a significant portfolio in the rental housing market in several countries. The company plans to further increase the share of foreign construction and sales in the future.

“The first chapter of Cordia’s story began after the turn of the millennium with the 144-apartment La Siesta residential park. In nearly two decades since then, Cordia International has become one of Europe’s leading residential development, construction and investment companies. We are still working on developing thousands of homes, and looking ahead to the next seven years; we plan to sell more than 7,000 homes in Hungary and international markets. We also plan to further increase the share of international sales in the future,” said Tibor Földi, Chairman of the Board of Cordia International.

In many cases, Cordia’s projects are more than just new homes. They are complex neighbourhood revitalisation developments. The best example is Corvin Promenade, the widest pedestrian street in Budapest, together with the complete renewal of the surrounding district. Here, Cordia has built nearly 3,000 apartments on a gross area of 200,000 sqm and developed and renovated 23,000 sqm of public space under the aegis of Futureal Group. Thanks to the project, implemented in partnership with the Municipality of District 8, one of the most disadvantaged neighbourhoods in Budapest has become a popular, modern and iconic location.

“The sale of our 10,000th home is a huge milestone in Cordia’s life, achieved with a team of experts, many of whom have been with us from the start. Over nearly twenty years at Futureal Group, we have successfully combined residential, commercial and office development in our domestic and international urban regeneration projects. This synergy has led, among other things, to the birth of the iconic Corvin Promenade. These two decades of knowledge will also help us realise our next grand domestic project, Marina City,” added Gábor Futó, co-founder and principal shareholder of Futureal Group.

The future is on the Danube bank
The Group’s next large-scale urban regeneration project, Marina City, with 1.2 km of waterfront on the Danube, is scheduled to start soon. Here, a 14-hectare area will be revitalised as a green oasis, within easy reach of the city centre, next to the extended North Pest riverside promenade, surrounded by 90,000 sqm of landscaped green space. Urban neighbourhood renewal developments in the company’s foreign markets are also becoming increasingly significant.