District VII Council Assembly set the referendum about the opening hours of clubs for 18 February. The poll concerns the so-called party quarter of Budapest, the area of Erzsébetváros, surrounded by Erzsébet Boulevard, Király Street, Károly Boulevard and Rákóczi Road. If people vote yes, bars and nightclubs will have to be closed from midnight to 6 a.m., Portfolio.hu reports.
People’s decision will have serious consequences regarding not only the retail sales, but in the long run it will probably influence the real estate market as well.
The referendum inquires whether residents agree that the local body of representatives of District VII, Erzsébetváros should regulate the opening hours of shops within the area surrounded by Károly Boulevard, Király Street, Erzsébet Boulevard and Rákóczi Road. Businesses within this area would have to be closed between midnight and 6 a.m.
The possible restriction would affect the smaller retail outlets which make most of their profits in the period mentioned above (0 – 6 a.m.).
The party quarter (as the name might suggest) is the area where there are more ruin pubs and clubs than in anywhere else in the city.
If the majority of people vote yes and the opening hours will be restricted, Budapest’s party tourism will be significantly pushed back which will have both positive and negative consequences. If the number of tourists decreases, that will affect the market of Airbnb as well. The restriction of the opening hours would negatively influence the profits made by the renting of apartments. This would mean that it would be no longer beneficial to rent apartments for short periods of time (which Airbnb is about).
If you are considering buying an apartment in the party quarter to rent in Airbnb, it might be advisable to wait and see the referendum’s results before making any serious investments.
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