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Loft apartments affording spacious living space make up only a very small segment of the market of new flats in Budapest. The fact that this form of living, which is vastly different from the usual, traditional form of living space Hungarians are used to, is starting to become popular is signified by the various projects currently underway, which came in the wake of the completion of the first such development.
Even the names of these investments are attractive - Jazz Loft, Mill Lofts, River Loft, etc. -, of course primarily for those who, in addition to preferring comfortable, wide living spaces, are creative enough to complete the interior design of the flats, which includes not just the furnishings but also the placement of interior partition walls, pipe systems and various living functions. This means that the engineering pipe systems are only brought as far as the front door by the developer, and the interior plaster partition walls will have to be built, according to his own fancy, by the prospective owner, says Iván Tettamanti, an expert at Otthon Centrum (OC) and the head of the Jazz Loft project office. This of course also means that on top of the purchase price paid for the structurally completed loft apartment, another around 50 percent has to be spent on finishing it.
And as to how much this extra expenditure could be? The few projects on the market at present go for around 420-500 thousand forints, which may be one of the reasons why for now only a limited group of Hungarians, mostly managers of successful enterprises, artists, architects, interior designers, Western emigrants, are showing interest in loft apartments. Also, in addition to the relatively high initial costs, high operating costs down the line should be expected, in the form of energy bills resulting from the large spaces. At the same time, utility costs for such a flat are generally lower than for large independent houses, and maintenance also takes up less time.
Despite the limited interest, investors are satisfied for the time being, as the lofts are finding buyers one after the other. However, in line with market demand, only a few lofts are developed within a larger residential project - for example, in the case of Jazz Loft, there will only be one seven-flat residential block of lofts instead of the originally planned two.
The unique, spacious lofts of 3-5 metres interior height, in addition to the feeling of a special lifestyle and a prestigious location - the old factory of the First Pest Rolling Mill in Buda, the former Gizella mill in Ferencváros, or the old Goldberger factory in the 3rd district -, naturally also offer all those usual comfort and security services which can be found - even if in other form - in every project. These include a 24-hour reception desk, a modern centralised security system, swimming pool, wellness and fitness facilities, indoor or underground garage, or even a French restaurant or an in-house bakery.
