You wouldn’t even think how much the address of an estate tells about its value. According to portfolio.hu, the importance of the location is mentioned quite frequently, but there’s also an interesting connection between the type of the public place and the prices of estates. Because the name of certain public places signify a surplus value.
It was first noticed in the USA that street names referring to the closeness of water – like Ocean or Lake-shore – actually portray the margin. Similarly, due to the closeness of water, estates at the quay of the Danube cost 77% more than properties in other streets.
The type of public place may also indicate the characteristics of the district or residential area, this is why the American ways and places suggesting elite districts cost much more than cliché streets. Just like in Hungary, where houses and apartments on avenues or promenades are 46% and 14% more expensive than in “normal” streets.
However, there are several connections that can’t be explained by this logic of naming. It is strange how streets named Kond and Töhötöm are so rare compared to streets named after the other members of the seven chieftains (they were the leaders of the seven tribes at the time of the Hungarian conquest). Comparing the prices of streets named after the other five chieftains, it’s probably no surprise that the monarch is also in the lead on the estate market: the streets of Chieftain Álmos cost 37% more than the others’. The streets of Huba and Tas are the cheapest. Did they play a less important role in history?
But the theory about heroes goes down like ninepins if we take a look at streets named after kings. Saint Ladislaus, Louis the Great and Charles Robert are worth 32%, 21% and 11% more than the most important Hungarian king, Saint Stephen. The names of Matthias the Just and Coloman the Book-Lover also sound good, but it might put you on guard that estates in the streets named after them cost 25% less even compared to Saint Stephen.
Flower names are also an interesting topic. Why do properties in Daffodil, Viola and Lily streets cost more than in Rose, Pink and Violet streets? And why are Spring streets 37% less expensive than streets named after the other three seasons? Naturally, there’s no logical answer to these questions.
When parceling new streets, the developers first size up how the already existing streets were named in the neighbourhood, and then choose a theme for the new streets. They send in the list of names to the municipality, where the similarities and conformities with already existing streets are checked. This is how they want to avoid the ambulance, police or firefighters mistaking the street in case of emergency. Good examples of this are the settlements in the agglomeration of Budapest, where several thematic streets were created at the turn of the century.