Here is how Budapest will be developed in the near future

The city of Budapest is a landscape that is changing and evolving. The citizens of the capital will have great improvements to look forward to, but what effects will these have on the greater economy of the city? Read below to find out more.

Closure of Pest’s lower embankment

We reported back in April that the Lord Mayor of Budapest, Gergely Karácsony, announced his plans to permanently close the lower embankment of Pest. Karáncsony waited till the end of the elections to make his plans public. Here is how the situation moved forward. As Telex reported, the Budapest Chamber of Commerce and Industry (BKIK) is firmly against the plans to close the embankment. This sentiment is shared by the Hungarian Auto Club. Experts from BKIK say that the closure would make the city less travelable for cars. Furthermore, it is a necessity for most establishments located on the embankment to be accessible by car. For example, without access, essential goods could not be delivered to stores.

BKIK will host an online consultation with Budapest businesses to explore the issue further. Following that, the chamber will negotiate with the leaders of the capital.

Chain Bridge renovations continue

Back in April, Index published an article regarding the renovation of the Chain Bridge. According to the source, the work on the bridge is going according to plans. If all goes well, the bridge will open to the public sometime next year, in 2023. However, the bridge should be open for car transit by the end of 2022.

New urban green space in Budapest

Építészfórum wrote that a programme was started to build a park close to 5,000 square metres between Thurzó Street, Visegrádi Street, Ipoly Street, and Hegedűs Gyula Street. The space, currently functioning as a parking area, has been acquired by the district 13 municipality. Currently, the municipality is holding a public consultation on Facebook.

While new green spaces are unanimously agreed upon as welcome improvements, nearby residents are worried that parking will become even more difficult.

Government offices state that the real estate will transform into a public park by no later than 15 May 2023.

Apartment construction trends

According to the Hungarian Central Statistics Office (KSH), in 2021, the growth of the real estate market stopped. Data shows that the use of real estate in the city increased by 11 per cent compared to 2020. However, in different kinds of settlements, it has decreased severely.

In 2022, the number of new apartments built in the city (4,528) declined by 26 per cent compared to last year’s first quarter, describes Pénzcentrum. 74% were built for sale, 24% for personal use, while a measly 1.5% of apartments were built for rentals.

KSH also looked at the number of houses and multiple-storey apartment buildings built in the city compared to the rest of Pest County. In rural areas, 82% of housing are family homes, while only 10% of housing are apartment buildings. On the flipside, in Budapest, 85% of housing are apartment buildings, while family homes make up 10% of housing.