Grand Budapest in Rákosrendező is one of the largest domestic investments of the last decades

The property purchase agreement was signed by the Eagle Hills Group signed a property purchase agreement with the Hungarian State for the Rákosrendező area of the capital, where Grand Budapest is building a new city district, one of the world's largest real estate developers – writes vg.hu, citing a press release issued by the investor's Abu Dhabi office.

The project represents an investment of €12 billion (close to HUF 5,000 billion at today's mid-market value), and before the official name was announced, it was known as Mini Dubai and Maxi Dubai, thanks to an investor from the United Arab Emirates, they summarise.

The Eagle Hills Group has already proven itself in a similarly significant development: as investors in the Waterfront City project in Belgaard, in a country neighbouring Hungary (we have already reported on this project in our newspaper, in connection with the development carried out by the STRABAG Group).

Investment will contribute 2 percent to domestic GDP growth

"The Grand Budapest project will transform an area abandoned for decades into a new world-class green district. The development reflects our vision to create spaces that support the everyday lives of city dwellers in all aspects of their lives, prioritising sustainability and the importance of communities," said Mohamed Alabbar, the project leader, in a statement quoted by VG.

With a development cost of more than €12 billion, Grand Budapest will contribute around 2 percent to GDP growth, create thousands of jobs both during construction and operation, support local businesses, boost tourism and property values

- stressed the Arab real estate development group

From ruin to smart city

The Grand Budapest mixed-use development aims to revitalise a neighbourhood that has been abandoned for decades.

The project is built on the principle of sustainability: the backbone of the plans is the smart city concept, which

• in energy efficient buildings,
• renewable energy systems
• and smart waste management solutions.

A series of investments in leisure, sport and education are also coming

Grand Budapest covers the development of a wide range of sports, education and leisure facilities:

The planned development of the 100-hectare site will include 35-40 hectares of parkland and public space.

The Eagle Hills Group has started the process of obtaining the necessary naming rights from the competent authorities. The project was made possible with the support of the Hungarian Government and the Government of the United Arab Emirates.