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Szeged, renowned for its culture and history, is on the brink of a major transformation. The arrival of Chinese electric vehicle giant BYD signals a new era for the southern Hungarian city. BYD plans to open its largest European manufacturing plant in Szeged, a move that will bring thousands of jobs and reshape the local economy.
"BYD brings something new, adding diversity to this agriculture-focused city. Industry like this has a ripple effect, creating opportunities for Szeged and the whole region. It's a big step forward," said Attila Kokuti of the Szeged Chamber of Commerce.
The multibillion-dollar factory, set to begin operations later this year, will be BYD's first investment in Szeged. It is expected to produce 150,000 electric vehicles annually, with plans to expand production and eventually employ up to 10,000 workers.
Since the project was announced in 2024, demand for housing in Szeged has skyrocketed. Property prices have increased by 12 percent in just one year, and experts predict this growth will continue.
"When the factory starts to produce electric cars, there will be a huge demand from the workforce for housing," said László Balogh, chief business expert at property listings website Ingatlan. "This will further increase prices for homes for sale and rent."
Influx of workers
Real estate agents in the city, with a population of 170,000, are preparing for an influx of workers. Szeged currently has enough housing to meet the demand, but that could change as more people relocate for work.
The factory's construction is already driving a real estate boom. New housing developments are underway, with a focus on traditional apartment buildings. Szeged real estate agent Szilvia Dajka, who is assisting BYD in securing housing for employees, noted that while there hasn't been much of a residential building boom yet, that is expected to change soon.
"Contractors are focusing on building traditional apartment buildings in the city," Dajka said. "We expect that to change soon."
Beyond housing, BYD's presence in Szeged could have a broader economic impact. Experts believe the factory will attract suppliers, tech startups, and other investments, further boosting the local economy.
With a major multinational investment now in place, Szeged's transformation into a significant industrial and economic hub is underway. Experts say the city's future is bright, with new opportunities on the horizon for its residents and the region.