Foreign Affairs and Trade Minister Peter Szijjarto and his counterpart from the United Arab Emirates signed the contract for the euro 5 billion investment in Budapest on Wednesday.

Investors plan to build a new urban centre of high-rise buildings, offices and luxury apartments in the area of the disused Rakosrendezo train station.

The families to be evicted live in apartments provided by state railway company MAV, which has terminated their contracts.

The residents, some of whom have been in place for 30 years, have no idea of where to move at such short notice, according to Blikk. MAV has said it will try to help them by offering them other apartments commensurate with its abilities.

Local government representative Laszlo Varnai said the short notice is incomprehensible, as construction will not begin for years, even according to the most optimistic scenarios.

Budapest mayor Gergely Karacsony commented on Facebook on Wednesday that the essence of the development of publicly owned brown areas should be to have more affordable housing, not less.

He objected to the eviction of local residents before the people of Budapest have had a chance to say what should be built in Rakosrendezo.

Karacsony also protested against the construction of a luxury quarter serving the interests of Middle East investors instead of Budapest.

Former transport state secretary David Vitezy, a potential challenger to Karacsony, also called the proceedings unacceptable in a Facebook post.

He wrote that it is inhumane to give local residents 30 days to leave their home, particularly as nothing will happen on the site for years.

The case clearly shows that affordable apartments are needed in Budapest rather than luxury flats and shopping malls.

Govt to spend Ft 300bn on UAE development

Foreign Trade Ministers Peter Szijjarto of Hungary and Thani bin Ahmed Al Zeyoudi of the United Arab Emirates signed the contract on the property development project known as Mini-Dubai in Budapest.

According to the agreement, Eagle Hills Properties will build a new luxury residential area on 300 hectares in the 14th District, a project that will include a 220-240m skyscraper nearly 100 metres higher than the MOL tower.

Before construction can begin, however, the state must carry out a Ft 300 billion infrastructure project.

Szijjarto said the new development will give Budapest a new quality and will put the city on the map of global cities.

The two parties also signed related contracts in January.

Jobbik Calls for Eviction Moratorium on Site of Rákosrendező Investment

The opposition Jobbik – Conservatives have called for halting the 30-day eviction notice issued to residents living on the site of an investment project in Rákosrendező, in Budapest.

The 5 billion euro rehabilitation project planned by UAE developer Eagle Hills would bring about the eviction from some 25 flats in the area, lawmaker Daniel Z Kárpát said, and called for a moratorium until residents can be offered flats “equivalent or of higher quality” than their present apartments.

“The procedure may be lawful but it is unacceptable that the interests of foreign investors should precede those of the Hungarian residents”, he said.

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