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A village inundated with "red sludge" has been declared a write-off by Hungary's Prime Minister as fears grow about permanent ecological damage...
After visiting some of the villages hit by the "red sludge" in Hungary this week, Prime Minister Viktor Orban has declared that he sees "no sense" in attempting to renovate the many houses made uninhabitable by the poisonous chemicals.
The disaster happened on Monday when a reservoir burst at an alumina factory in Western Hungary, spilling thick red sludge in a poisonous torrent that has claimed several lives and injuring hundreds of people.
Local government officials said that 5% to 10% of the 800 or so houses in the village of Kolontar were so badly damaged that it would not be possible to refurbish them. Residents in the villages are demanding compensation, claiming that all real estate there is now effectively worthless.
Investment activity in the core Eastern Europe property markets of Poland, Czech, Slovakia, Hungary and Romania increased in 2011, according to global property consultant Cushman & Wakefield.
National Economy Minister György Matolcsy submitted to Parliament a raft of legislation that aims to help Hungarians with foreign currency-denominated mortgage loans.
Hungary's parliament has voted in favour of a new constitution which ends the transition from a totalitarian to a democratic system, its authors claim.
The RICS' latest Global Distressed Property Monitor suggests Germany, Hungary, Ireland and the UK will see large spikes of distressed property coming onto the market this year.
The Royal Institute of Chartered Surveyors latest European Property Review indicates many of the Eurozone's major markets, including the Nordic countries, Germany and France, are coming out of the recession-era slump.
Industrial property firm Segro reported a 2.5 per cent gain in net asset value, whilst reporting it would quit several of its key markets in 2011.
Despite the growing affluence of the Eurozone, a large percentage of families across the continent are still stuffed into overcrowded homes.
The commercial real estate market in Hungary has reached the bottom of the cycle but recovery is expected to be long and slow, according to analysts...
The worst of the Hungary property market downturn is now over, according to Ecostat's Real Estate Barometer - the gauge shows that the latest measure of sentiment on the Hungarian property market measured 35.4% in Q3 2009, up 1.54% quarter-on-quarter, the first quarterly rise recorded this year...
Current economic events provide both high risks and potentially high rewards for investors in the Central and Eastern European property market, claims one expert...