Anyone travelling to Hungary’s national capital, Budapest in recent weeks, could hardly ignore the massive construction project in the city’s eighth district, also known as Józsefváros.
Currently the region’s largest urban regeneration and gentrification project named Corvin Promenade will turn an area of the city that was once known for its high crime rates and low-cost housing into a trendy neighbourhood, characterized by ultra chic flats, bistros, pedestrian malls and a business park.
The project involves the almost complete demolition of seven blocks of the eighth district and the construction of up to 3,000 brand new flats. The entire project involves 240,000 square metres of the Hungarian capital.
If everything goes according to plan, the first phase of what is being dubbed as a 21st century city centre will open in 2009. It is likely that foreign companies and private investors from Western Europe will be interested in buying up commercial or residential space in this rejuvenated Budapest neighbourhood.
But those who may be interested in purchasing a flat, office or commercial space along the Corvin Promenade had best act quickly, as approximately 75 percent of the units in phase one have already been sold.
Graham Reese at Prime Asset Investments says: If western European residents and companies start moving into this area, it will be a first for a district which has long struggled with poverty and crime, as well as some of the lowest property values in the city.
In fact, even when the Corvin Promenade is completed, the new area will be surrounded on either side by neighbourhoods that will continue to struggle with ongoing social ills.
But there is no question that this is a prime location in Budapest, as the Corvin Promenade is conveniently situated along the M3 metro line, and is also connected to the rest of the city by the 4-6 tram line. As an added benefit, a fourth metro line (M4) is scheduled for completion in 2011 and will also serve this part of the city.
http:www.primeassetinvestments.com
Graham Hill
Author Bio
Graham Hill is property investment strategist for Prime Asset Investments who bring together detailed economic and demographic research usually reserved for corporates with deep pockets to the ordinary investor. His insight and market expertise is uncanningly accurate.
