Budapest District VIII - citycentre park development

Re: budapest - citycentre park development

budapest said:
It's very difficult to predict what will happen with the Corvin area of District VIII. Neither is it obvious whether or not renters will want to live in this area in the same numbers as the investors´
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I think that is a valid point. Frankly I purchased a two bed apt in the project, but I have big doubts, because I have another flat in district IX and when I tried to let to expats, they were keen to avoid that district. They have a clear vision on which districts they are not "supposed" to rent or go. On the other hand there are very few places in Budapest, where you have shopping, leisure, underground and green area in one so close to the city centre. This is my hope.
 
Re: budapest - citycentre park development

Dodala said:
budapest said:
It's very difficult to predict what will happen with the Corvin area of District VIII. Neither is it obvious whether or not renters will want to live in this area in the same numbers as the investors´]

I think that is a valid point. Frankly I purchased a two bed apt in the project, but I have big doubts, because I have another flat in district IX and when I tried to let to expats, they were keen to avoid that district. They have a clear vision on which districts they are not "supposed" to rent or go. On the other hand there are very few places in Budapest, where you have shopping, leisure, underground and green area in one so close to the city centre. This is my hope.
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If you surf on overseas property investment sites, you can see an impressing number of cheap real estate offers in Budapest. It's gonna be a tough learning process for many investors to find out why buying on the bottom of the market ends up to be an expensive joke: bad location, awful finishings and high expenses due to the little sense of communal propriety.

This WE I visited the new shopping mall Aréna Plaza. What looks great on first sight has all the defaults of nowadays Hungarian development. Everywhere you look a bit closer, the finishings are completely crap. At least 30% of the tiles are already broken, walls are coming down, pipes are leaking... and this 4 months after hand-over!

The crazy thing is that the development is at one hand still under construction (what is crazy as well), at the other hand already detoriating very fast.
When I checked on the net, I was glad that a few other 'observers' shared my opinion.

Let's face it, this wouldn't pass any decent health and safety or fire tests. This place shouldn't be open to the public without at least these 'glitches' clearly marked and cordened off.

Which raises the question of who or which authority thinks its OK to let the general public Beta Test a shoping centre whilst the developers continue to work on the product.

This just stinks of backhanders and payoffs. For non Hungarian speakers there are a few useful verbs just for this purpose like 'lekenyerezni' (sort of like 'greasing someone's palm') and 'mutyizni' (derives from a french term in card playing when two players secretly gang up on others to rip them off).
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Fact is: this is what nowadays development is about in Hungary: take the money and run - don't care about quality or safety.
Chances are big that the Corvin Promenade project will be the same story...
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In my opinion too, Arena Plaza is horrendous. It was supposed to add to the ambience of the Keleti area, which truthfully would not have been that difficult!

In general, trying to create localised sub-cities within cities is a terrible idea. There are new more interesting ways of doing it, with more amenities, green areas, etc. than for example in the sixties, but it's pretty much the same old idea. Things are definitely not all bad, but in general, Hungary is decades behind in terms of the way it thinks about the renovation and development of Budapest. These sub cities such as Corvin Promenade, Blaha City Centre Park, etc. only serve to make the developer richer and add absolutely nothing to the city they are situated in.
 
I visited Arena Plaza recently and liked it! (although I wasn't looking at it from the viewpoint of a construction expert). It frankly isn't a whole lot different than similar places in Ireland. It seems to be attracting decent quality commercial tenants and I thought it was pleasant enough.
 
ubiquitous said:
I visited Arena Plaza recently and liked it! (although I wasn't looking at it from the viewpoint of a construction expert). It frankly isn't a whole lot different than similar places in Ireland. It seems to be attracting decent quality commercial tenants and I thought it was pleasant enough.
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Don't get me wrong - I like it as well. Arena has some cool flagship stores and cozy restaurants (ok, the ones you also find in Mammut etc.) and the only IMAX theatre in town.
But construction wise, it's a big joke. I couldn't believe my eyes when I read that they were able to open in November - I passed by a few weeks earlier and it was still one big construction mess. Now I've seen the project in the flesh I understand it better :rolleyes:
 
Here some updates on the Corvin project from our friends on SSC.

The almost finished office building:
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Around West Balkan 2:
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First apartment building:
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The direct neighbourhood:
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Near Ulloi road:
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Did you really have to post these photos here. They're not exactly easy on the eye. Could you not have posted them elsewhere and linked from here.
 
we are from Spain, and we are interesting to buy an apartment in budapest dist.8 called citycenterpark, it's costing 45,000 euro, and it ready in 2 year.

we are concerned about what we have read here. The works are started? The neighborhood is good? the area is well communicated?

Do you know if there are other promotions best for sale?

we look forward to hearing.
 
The area is not very nice. Blaha Lujza Ter is one of the most unpleasant squares in the city. However, it is getting better very slowly. Like most of central Pest, transport links are good.
 
Hi all,
I fired up a forum to share the information about the state of the CityCenterPark project. As we know the investor (Coral Holding) is not too generous telling details like the _real_ date of giving into posession.
I'll upload images of the building as well translate any useful info to English (if there's need). The site is generally Hungarian but we welcome any English speaking person to join our discussion!

The forum: [broken link removed]
 
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