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December 18th, 2018

Where to Buy Your Next Property in Budapest - Five Developing Neighbourhoods - Part Two

In our previous article, we have already presented five of the places where the apartments and the neighbourhood will improve their value within a short time, and of course new office buildings and residential real estate will be built. By expanding the list, we'll show you more locations now, with great changes in perspective.

1. Déli Pályaudvar - Southern Railway Station

Closure of the Southern Railway Station is not a new topic for many, there are plenty of pros and cons. For example, the metropolitan professional forum discussed the underground connection between the Southern and the Western Railway Station. In the forum, Balázs Fürjes, Budapest and State Secretary for the Development of the Agglomeration, said that it is possible that the Southern Railway Station would be completely abolished on the ground and its place could become a development area. Part of the area is awarded to the University of Physical Education, where after 2018 sports facilities can be built (ice halls, indoor tennis and extreme sports grounds, playgrounds, etc.), some of which will be open to the public as well.

The departure of the Southern Railway Station is only an idea now, and Róbert Homolya, the CEO of MÁV, said that in the autumn, in a major maintenance, they will thoroughly scan and repair the overhead line network, the safety equipment and modernize the passenger information system.

2. Buda Castle District

Renovation of the Buda Castle Quarter in the framework of the Hauszmann Plan has begun, which will have a lot of new functions in addition to being renewed. In the vicinity of St. George's Square, the following locations will be affected by the renovation:

  • Halász bastion
  • Főőrségi building
  • Karakas pasha's tower
  • Carmelite monastery
  • Riding hall
  • Stöckl-stairs
  • Táncsics prison

The castle district is one of the most expensive neighbourhoods of Budapest, so the housing demand wave of development is unlikely to be the most striking here.

3. Várkert Bazár

The reconstruction of the Várkert Bazaar has been completed in 2014, so it is worth considering this project together with Buda Castle District renovation. The first step was the renovation of parts planned by Ybl, which was handed over on April 3rd. This includes the garden, the fountains, the multifunctional event hall, and the related traffic developments. The new harbour, underground garage and tram stop were only completed on the second stage on 29 August.

The refurbished building includes a 2500 square meter exhibition space and a 900 square meter event room, plus a garage for 300 cars for the visitors comfort.

4. Rác bath

The building of the Rác baths has long been a matter of concern. Renovation was the topic in 2003 for the first time, but they withdrawn the grants in 2004. In 2007, a plan was designed to transform the bath into a five-star hotel, but in 2009 they investigated the project due to suspicion of mismanagement by the BRFK, so it was postponed again.

The connection between the capital and the village of Rác has been a permanent topic since then, but the building has not yet opened. In February the capital accepted the motion in which he submitted his intention to acquire the full ownership of the spa and the hotel. According to the September 2018 information, the spa and hostel will be reopened by 2019 by the Budapest Spa and Héviz Zrt.

5. Gellérthegyi siklo - cable car

The developers of Gellert Hill did not comment of when the project will be finished, however we can already see he signs of construction at the Buda side of the Elizabeth Bridge. A contract in force, with plans and permits, was already in place in 2004 between the developer and the municipality of the glider project, but in the end due to the unresolved legal status of the adjacent Rác Bath, this project was also postponed.

Developers interviewed by said that:

  • The cable car starts at the beginning of Hegyalja Road and stop at the Citadella Promenade
  • Planning a course, going in the middle with a detour and heading underground to the Orom Street line, and then going above the surface
  • At the bottom of the mountain, a bus parking lot would be built
  • They plan to build smaller shops and cafes under the overpass from Erzsébet Bridge
  • According to previous plans, two cars would be purchased, that can fit 40 people at the same time
  • The trip would probably be 72 seconds




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