Budapest - The regeneration game
The politics of peace in 1945 brought about almost immediate large-scale regeneration of British cities but for some central and eastern European countries the waiting took a little longer. Now Hungary’s capital, Budapest, is in the throes of its big post-war makeover providing unique opportunities for overseas investors, in particular District VIII also known as Józsefváros (Joseph’s Town).The politics of peace in 1945 brought about almost immediate large-scale regeneration of British cities but for some central and eastern European countries the waiting took a little longer. The last Soviet soldiers only left Hungary in 1991 and it was only really EU membership in 2004 that created solid foundations for rapid growth coupled with stability. Now Hungary’s capital, Budapest, is in the throes of its big post-war makeover providing unique opportunities for overseas investors, in particular District VIII also known as Józsefváros (Joseph’s Town).
Józsefváros, a centrally located district known for being culturally diverse with high Jewish and Roma (gypsy) populations, has pockets which have remained untouched since they were built in the early 1900s. The District has side streets where 60% of the apartments are smaller than 17m², where 80% have neither an indoor bathroom nor indoor toilet and where high unemployment exacerbated by the fall Communism has led to decline and disrepair. As early as the 1960s the need for regeneration was recognized, but it wasn’t until 1997 that the city government and local authorities joined together to coordinate the regeneration with the then-called ‘Corvin-Szigony’ project as the centrepiece.
When Futureal Group became the new majority shareholders of Corvin-Szigony in 2006, they renamed the project Corvin-Sétány – meaning ‘Promenade’- and switched the emphasis from almost wholly residential with schooling and medical provision to a more mixed-use zone. The company wishes to start a new chapter in Budapest’s history and make Józsefváros somewhere people want to live in and enjoy.
Adam Godwin, Marketing Director of Dream Homes WorldWide comments, “The focal point of Corvin-Sétány is a pedestrian Promenade which will be the widest in Budapest and connect the popular Corvin cinema with Orczy Park, one of the largest gardens in Budapest with over 100 species of trees. This Promenade is set to have a Parisian vibe with salubrious bars, shops, offices, hotels, entertainment, restaurants and a 1,500m² Wellness Centre with gymnasium, swimming pool and beauty salon. Traffic will be redirected underground into 5,000 new parking spaces leaving the air fresh and unpolluted. Investors who participate early in this ground-breaking urban rehabilitation will be rewarded in years to come as District VIII is put back on the map, but this time for the right reasons.”
100 billion forints (405 million euros) have been set aside to breathe new life into this 4million m² area making it Budapest’s, and indeed Central Europe’s, biggest regeneration project. Of the 2,500 apartments within the project zone, 1,100 may have miraculously survived two wars but are beyond repair and have or will be bulldozed whilst the remaining 1,400 are to be renovated – all of this by 2010. Budapest’s new Metro 4 underground route began construction in 2006 and the first section is expected to be ready in 2009. This underground route will connect Buda to Pest and two stops will fall within Corvin-Sétány.
On the Market - City Garden is a development of 340 studio, one, two, three and four bedroom apartments right next to the Promenade. The name alludes to the vast central courtyard which at the size of 13 tennis courts is an oasis of calm in the city. Offered in three different standards of finish - standard, classic and premium - dependent on finishings, location and fittings, every taste is catered for. Each unit has a fitted kitchen and bathrooms, video entry system and cabling for television and telephone. Penthouses have large rooftop terraces and fifth floor family homes also have unique sky gardens. On-site facilities include a large wellness centre with indoor swimming pool, underground parking and CCTV for 24-hour security. Meanwhile every possible form of entertainment or retail pleasure is on the doorstep.
Prices from 35,900 GBP for a studio apartment with a £1,500 deposit securing your reservation followed by 30% four weeks after signing and 70% on completion scheduled for the end of 2009. Mortgages of up to 70% available subject to status.
For further information, visit dreamhomesww.com
