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Hungary to become the first non-smoking country in the EU?
Last year, an approximate 20-22 thousand people died because of smoking in Hungary. Each year, 30-35 thousand Hungarian people are diagnosed with cancer and 10,000 of them suffer from lung cancer. Currently, there are 2.5 million smokers in the country which means 7.6 billion cigarettes. This amount equals 700 billion HUF (2 million EUR).
Austrian giant Strabag faces fallout over massive construction failure
Photo: Facebook/Lázár János. According to Telex, Strabag accepted duty and committed to covering the reconstruction costs, estimated at HUF 4-5 billion (EUR 9.7-12.1 million), under their warranty. Originally slated for completion by January 2023, the reconstruction has faced multiple delays, first to the summer, then the…
János Lázár: Hungarians in the 21st Century Must Remain Independent
The Hungarians of the 21st century must maintain independence, defending the nation’s values and interests in a global competition, said János Lázár, Minister of Construction and Transport, during a commemoration in Debrecen (eastern Hungary). The National Assembly,which fled from Budapest to Debrecen,met for the first…
One of the largest real estate developers in the world would have built a new city quarter under the name Grand Budapest in the area worth HUF 4,700 billion, and the project was known as mini and maxi duba before the official name was announced.
Since then the government unexpectedly made a back face and indicated that he accepts that the capital has a pre-emptive right to the area. Shortly later, a signature of a Viktor Orban a decision was allowed to purchase the area to the company. About why there was a serious difference in view between the Hungarian National Asset Management (MNV) and the NEW, in this article we wrote in more detail.
The Shifting Sands of Budapest Real Estate: An Interview with a Hungarian Property Expert
The Hungarian capital is abuzz with discussions about a potential major real estate project that ignited controversy: the Grand Budapest, reminiscent of Dubai with its ambitious scale.However, just when things seemed to be moving forward, the government suddenly intervened, asserting the city’s pre-emptive right over the land. We sat down with Zsuzsanna Nagy, a renowned Hungarian real estate analyst, to understand these twists and turns.
Senior editor: Zsuzsanna, thank you for joining us. The Grand Budapest project stirred up quite a debate. Could you tell us more about the original plans and why it was touted as “mini Dubai”?
Zsuzsanna Nagy: The Grand Budapest, developed by one of the world’s largest real estate companies, was envisioned as a monumental project, retaining the cosmopolitan allure of Dubai. The initial concept included a vast city quarter worth a whopping HUF 4,700 billion, featuring high-rise buildings, luxury residences, commercial spaces, and extensive entertainment facilities.The ambitious scope is what led many to compare it to dubai’s unwavering growth and extravagant growth.
Senior Editor: So, what led to the government’s sudden shift in stance and their claim on the land?
Zsuzsanna Nagy: It’s a complex situation. Initially, the Hungarian National Asset Management (MNV) seemed open to the project, but then the government declared that Budapest had a pre-emptive right to purchase the land. While the reasons weren’t explicitly stated, some analysts speculate that it could be related to concerns about the development’s scale, potential impact on local infrastructure, or the government’s desire for greater control over such a large-scale project.
Senior Editor: The involvement of Viktor Orban and the company’s right to purchase the land further muddied the waters. Could you elaborate on that?
Zsuzsanna Nagy: Yes, after the government’s decision, Viktor Orban personally signed an order allowing the company to buy the land.This move raised eyebrows, leading to accusations of favoritism and a lack of transparency in the decision-making process.
Senior editor: Our article highlights the potential conflict of interest between the MNV and the NEW, the company involved. Could you explain how this conflict might have influenced the situation?
Zsuzsanna Nagy: This is a crucial point. The MNV, entrusted with managing national assets, seemed to support the project initially, but the government’s intervention suggests a different narrative. The article casts light on the NEW’s close ties to powerful figures in the government, raising concerns about favoritism and potential undue influence. This conflict creates a murky landscape where the interest of the state and private interests appear intertwined.
Senior Editor: Looking ahead, what are the possible ramifications of this situation for Budapest’s real estate market?
Zsuzsanna Nagy: This entire episode has undoubtedly shaken investor confidence and created uncertainty in the market. The Grand Budapest, if it ever materializes, will likely face more public scrutiny and government oversight. The situation also highlights the need for greater transparency and accountability in real estate development, especially when involving meaningful public lands.
Closing Thoughts:**
Zsuzsanna’s insights shed light on the intricate web of power, politics, and development interests at play in budapest’s real estate scene. The Grand Budapest saga serves as a reminder that even seemingly transformative projects can face unforeseen hurdles and political maneuvering. It also underscores the importance of transparency and public dialog in shaping the future of a city.