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Ruin Pubs in Budapest: Blessing or Curse?

Author

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  • Hajnal István

    (University of Technology, Department of Construction Technology & Management,Budapest Műegyetem, Hungary)

Abstract

One of the most prominent tourist attractions in Budapest is the ruin pub district. Here, in ruined, rundown buildings, clubs that are mainly aimed at young foreigners, participants in party tourism, have sprung up like mushrooms. In Inner Erzsébetváros, the housing prices have significantly risen, since investors see the short- or long-term renting of the apartments as a good opportunity. Those who live in the district, however, find the noise of parties to be too loud, while the crowd and the dirt reduces their quality of life. The apartments located near these pubs are so-called “stigmatized properties”, since their value is shaped by the - positive or negative - opinion of the community. Using the method of hedonic analysis, this article examines the question of whether ruin pubs are a blessing or a curse to surrounding apartments, whether their effect increases or, on the contrary, decreases the apartments’ values.

Suggested Citation

  • Hajnal István, 2018. "Ruin Pubs in Budapest: Blessing or Curse?," Real Estate Management and Valuation, Sciendo, vol. 26(3), pages 51-59, September.
    • Handle: RePEc:vrs:remava:v:26:y:2018:i:3:p:51-59:n:4
    DOI: 10.2478/remav-2018-0024
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    References listed on IDEAS

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    1. Dávid Kutasi & Milán Csaba Badics, 2016. "Valuation Methods for the Housing Market: Evidence from Budapest," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 66(3), pages 527-546, September.
    2. Bruno S. Frey & Simon Luechinger & Alois Stutzer, 2010. "The Life Satisfaction Approach to Environmental Valuation," Annual Review of Resource Economics, Annual Reviews, vol. 2(1), pages 139-160, October.
    3. Stephen Gibbons & Susana Mourato & Guilherme Resende, 2014. "The Amenity Value of English Nature: A Hedonic Price Approach," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 57(2), pages 175-196, February.
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