It’s obvious that the value of real estate is dependent on its location, but it may come as a surprise that the name of the street itself influences property prices a great deal as well. The Hungarian appendix of Zillow Talk: The New Rules of Real Estate, a book examining the American real estate market, investigates the value of street names in Hungary, penzcentrum.hu writes.
In the US, street names referring to the proximity of water, such as ‘ocean’ or ‘lake shore’ can significantly increase property prices. For the same reason, real estate on a Hungarian ‘rakpart’ (embankment) is 77pc higher than in a street.
Street names can indicate the atmosphere and quality of certain neighbourhood. The American ‘way’ or ‘place’ is suggestive of a more sophisticated environment and therefore these are more expensive than a simple ‘street’. In Hungary, ‘fasor’ (referring to a street lined with trees) is 46pc more expensive, while ‘sétány’ (walkway) in the name can increase prices by 14pc.
However, the distinction between street names is less straightforward when it comes to the origin of the names, the Hungarian researchers found out. Out of the seven Hungarian chieftains, the leaders of the seven tribes of the Hungarians at the time of their arrival in the Carpathian Basin, Kond and Töhötöm appear much less frequently in street names than the other chieftains. Among the others, the head of the seven tribes, Álmos is also the leader among the most expensive streets. The Álmos vezér streets in Hungary are 37pc more expensive than streets named after the other chieftains. The cheapest ones are the streets named after Huba and Tas.
The leader Álmos is the first among the chieftains when it comes to prices but Szent István (Saint Stephen), the first king of Hungary is behind Szent László (Ladislaus I) by 32pc, Nagy Lajos (Louis I) by 21pc, and Károly Róbert (Charles I) by 11pc. Hunyadi Mátyás (Matthias Corvinus) and Könyves Kálmán (Coloman the Learned) are also famous in Hungarian history but less successful on the real estate market. Homes on their streets are 25pc less expensive than in Szent István streets.
There is also a hierarchy in streets named after flowers. Nárcisz (daffodil), Viola (hoary stock), and Liliom (lily) streets are more expensive than Rózsa (rose), Szegfű (carnation), and Ibolya (violet) streets. Among the seasons, Tavasz (spring) streets are 37pc cheaper than the other three seasons.