On Sustainable Property Development – The Case of Budapest

Sustainable development is conceptualised along three dimensions: environmental-ecologic, social-cultural and economic-financial. In this study sustainability is defined in terms of three specific evaluation criteria: quality, affordability and diversity. Evidence from Budapest suggests that quality varies (new versus old in particular), affordability is low and diversity, while high overall, is very limited within new developments. While the situation for property developments are weak, fortunately, amid an otherwise bleak situation, prospects for a minority of innovative and adaptable developers who operate in market niches are encouraging as these foster a relatively sustainable development in terms of one or more of the three dimensions. Moreover, in the longer term particular opportunities for sustainable development are likely to open as the maintenance of the new stock is more affordable and of better quality than the old stock.