Budapest District Council Sold Store Cheaply

  • 7 Jan 2015 8:00 AM
Budapest District Council Sold Store Cheaply
The Fifth District council sold retail space in a prime downtown location for a relatively inexpensive Ft 154,000 per square metre last month, Népszabadság reports.

The 24-hour variety store that had rented the space on Oktober 6 utca, one of the busiest shops in the area, closed down at the end of the month.

The property had been rented by K.Kert 2000, but the council sold the property to a company called Helping Hungary.

By comparison, one real estate agency advertises residential units for Ft 340,000 per square metre in the neighbourhood, but the typical price is Ft 450,000-600,000, Népszabadság observes.

The district council told Népszabadság that it based the sale price on the professional opinion of a property appraiser.

Together councillor Péter Juhász alleged that the district’s new Fidesz mayor Péter Szentgyörgyi is continuing where his predecessor Antal Rogán left off, in selling downtown properties at far below their market value.

Source: Hungary Around the Clock

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