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’
When Futureal Group became the new majority shareholders of Corvin-Szigony in 2006, they renamed the project Corvin-Sétá
Adam Godwin, Marketing Director of Dream Homes WorldWide comments, “The focal point of Corvin-Sétá
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’
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.
Dream Homes Worldwide can be contacted on UK freephone 08000 193 847 or Irish freephone 1800 805 006 or in Spain telephone 00 34 952 908 803 email enquiry@dreamhomesww.com or view www.dreamhomesww.com
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for further press information or photography please contact Sarah Drane at sarah@purplecakefactory.com or telephone 00 34 607 564 726
