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Hundreds of luxury flats poised for former Budapest presidential residence site
The government is auctioning off the Béla Király Street residence once home to Hungary’s presidents, a jewel nestled in Budapest’s priciest district—the 12th in Buda’s leafy hills, surrounded by wholesome forests. Press reports and local sources whisper of hundreds of luxury flats rising here, with experts already tipping a likely winner.
PM Orbán-close circles may acquire ownership
The auction has only just begun, yet deadlines are so tight that Miklós Ligeti, legal director at Transparency International, suspects the buyers are already lined up. The government told RTL HÃradó merely that the sale is proceeding “in line with regulations”.
Located in the 12th district, the site’s fate draws sharp words from mayor Gergely Kovács of the satirical Hungarian Two-tailed Dog Party. He predicts the victor will be one of those private equity funds close to István Tiborcz, son-in-law of Viktor Orbán. Kovács cited the BDPST Group, owned by Tiborcz himself, as a prime example—recalling its scoop on Budapest’s Pasaréti Street deals.
- Orbán’s son-in-law Tiborcz’s true wealth may be triple the official estimate
Hundreds of luxury flats can be built
This 13-hectare plot—mostly parkland now—was until recently the presidential digs. It was spruced up for ex-President Katalin Novák at a cost of some 278 million forints (EUR 725,000), complete with a music room. Novák later stumbled over a pardon scandal; her successor, former constitutional court head Tamás Sulyok, never even moved in. Novák and family lingered for months post-resignation. Only after they decamped did sale rumours surface. The starting bid? A cool 28 billion forints.
- Budapest’s iconic Marriott Hotel comes under the ownership of PM Orbán’s son-in-law, István Tiborcz
With a 10% build limit, Kovács reckons 100-200 flats could materialise. HVG reported on luxury homes in the offing two years back.
Local developments may follow
The mayor adds that before any bulldozers roll, the council can strike a town-planning deal, imposing conditions like sprucing up Béla Király Street and/or Zugligeti Road as prerequisites.
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The way it works with Fidesz is you give all of the details of the offering for sale ahead of time to your preferred buyer or buyers. They already know everything about what it is worth and how much to offer. You then make the sale public with a ridiculously short time to auction in which no one else has time to bid. It goes to your friends every time and they get rich in Orbanistan.