VSquare: Trump Tower can be built in Budapest!

According to sources close to journalist Szabolcs Panyi, investigative editor at VSquare, it appears plausible that Jared Kushner, Donald Trump’s son-in-law, may oversee the construction of a Trump Tower—or a skyscraper resembling one—in the heart of Budapest. The project would involve a partnership with Eagle Hills, a United Arab Emirates-based developer that recently acquired the Rákosrendező site from the Hungarian government. This would not be their first collaborative construction project.

Budapest leadership strongly oppose the Grand Budapest project

As we previously reported HERE, the Hungarian government recently sold 85 hectares of land near central Budapest. This area, surrounding the Rákosrendező train station, is a brownfield site viewed by the city’s leadership as a “golden reserve” for future housing developments. Mayor Karácsony argues that Budapest has pre-emption rights over the site and plans to assert these in court. Dávid Vitézy, a former rival for the mayoralty and a figure aligned with Prime Minister Viktor Orbán’s Fidesz party, had previously expressed support for the mayor’s stance on this issue.

Despite these objections, the Hungarian government has signed a deal with the UAE that reportedly grants the Emirati monarch exclusive rights to determine which companies and projects are permitted on the site. Critics argue this arrangement surrenders a portion of Hungary’s sovereignty. Karácsony has denounced the agreement as unacceptable and appears resolute in challenging it legally.

Minister of Construction János Lázár has previously assured the press that the government would not permit developments in Budapest that go against the will of its leadership or residents.

Trump Tower could be built in Rákosrendező

Media reports suggest the Grand Budapest project includes plans to construct skyscrapers similar to the Trump Tower. Minister Lázár, an enthusiastic supporter of the initiative, has stated that no building should exceed 120 metres in height. However, VSquare’s latest newsletter reveals that the contract between Hungary and the UAE allows for structures between 250 and 500 metres tall—far exceeding Lázár’s stated limit.

Notably, the Hungarian government retains veto rights over development proposals for the Rákosrendező site, which could theoretically prevent the construction of excessively tall buildings that might disrupt Budapest’s historic skyline. Nevertheless, visuals shared by Telex—which you can view HERE—suggest dramatic changes could lie ahead.

And here is an AI-generated depiction of Heroes’ Square with Trump Tower-style skyscrapers in the background:

While Budapest Mayor Gergely Karácsony and the city leadership envision a green, park-focused development for the Rákosrendező area, the Hungarian government appears steadfast in backing the claims of an Arab investor. Notably, the contract stipulates that the purchase price—widely criticized as unusually low at HUF 50 billion (around €122,000)—would only be paid after the Orbán administration completes a €762 million traffic and infrastructure overhaul in the area. However, VSquare has uncovered further details suggesting even more ambitious plans tied to the project.

Europe’s tallest skyscraper?

According to VSquare, the government’s ambition is to build Europe’s tallest skyscraper in Budapest, surpassing even London’s Shard. Rumours suggest that Jared Kushner and Eagle Hills could aim to replicate the grandeur of Trump Tower.

Panyi has noted that the contract with the UAE was signed on 20 January, the anniversary of Trump’s presidential inauguration. His sources allege that Jared Kushner is expected to join the project in a later phase, though rumours about his involvement have circulated for months. Panyi has now confirmed these claims in his latest report.

The new vision for Rákosrendező? Reports suggest that the Hungarian government has granted permission for the investor to construct buildings for religious purposes, fueling speculation about the potential addition of a mosque alongside Trump Tower-style skyscrapers at the Rákosrendező site.

Kushner and the Arab investor are collaborating on a project in Serbia

This would not be Kushner’s first joint venture with Eagle Hills. On 17 January, they announced plans for a Trump Hotel and luxury apartments in Belgrade. Kushner expressed optimism about pursuing further projects with Eagle Hills in Serbia.

Interestingly, one day after this announcement, PM Orbán made an urgent trip to Belgrade to meet Serbian President Aleksandar Vučić. Official statements indicated the discussions were centred on energy matters, but sources close to Panyi claim Orbán also provided Vučić with updates on the Grand Budapest project.

Panyi has suggested that Orbán may soon travel to Dubai to resolve outstanding issues related to the scheme.

Neither Eagle Hills, Affinity Partners (Kushner’s company), nor the Hungarian government responded to VSquare’s request for comment. The Budapest municipality stated that it had received no information on the matter, as the Hungarian government had not shared any details.

Read also:

• New airport in northeast Hungary could open this spring – read more HERE
• Another unexpected turn in the Grand Budapest project: here’s the National Asset Management’s reaction – details in THIS article