Apartment prices drop by one fourth in three years

The FHB Apartmentindex shows that the real estate prices decreased by 5,7 per cent last year, compared to 2009, in real terms meaning a 9,7 percent drop.  Since the start of the “financial crisis” (in three years) the prices of real estate has dropped nominally with 15, and in real terms 26 percent.

The transactions of apartments are at a decade low, with numbers of transactions dropped with one third.  While during the peak times in the first five years of this century, 200 thousand real estates traded owners, the number today is around 72 thousand, beeing at a worse level than expected.

Zöld Pardon and Rio buildings continue to function as warehouse.

The contracts for the two open air clubs located near the water and Petöfi bridge on the Buda side has ended, still the 11th District authorities don’t know what the destiny of Rio and Zöld Pardon will be.  The two clubs have earlier got billion dollar fines, but the exact amount was failed to be specified, and now the demand from the local 11th district authorities is only in the ten millions.  The pubs do not pay rent any more, yet the buildings still occupt space on public ground.

Since December 31, 2011 neither of the clubs, Zöld Pardon or Café del Rio has contracts, and it’s uncertain if there will be any new seasons for the highly crowded party scene during the spring and summer months.

When asked by Hungarian internet site index . hu, the 11th districts local mayor’s office states that: “In regards of a possible re-opening of the clubs we see it that, only payment of the outstanding debt can make a base for negotiations possible from the local government side.

Source: Index.hu