Delay with Corvinus Palace, District 1, Budapest...??

[Bop]

Hi, Does anyone know about Corvinus Palace in District 1, Budapest...I purchased there over a year ago and should have possession by now. I'm told that the developers (Irish) are having problems with the local mayor... I have been over twice and the development looked very impressive, however it should have been finished long ago.
Just wondering does anyone know more about this delay or have any thoughts on the Corvinus palace development.. Thanks.

 

[budapest]

Location is good and there are very few new-build/restoration projects in inner District I. What price per square metre did you pay?

The website would suggest that there is still good availability in this development, so perhaps that is the reason why it has not been completed yet.

 

[Bop]

Expensive for Budapest, but as you said, not much room for new build in District 1...3,500Euro per square meter. It will probably be a corporate let (hopefully) and if the figures stack up with regard to rental in the area, it should be ok. I'm not too worried about the delay as it has cost me no more than the deposit so far and hopefully there is some (limited,I know) capital appreciation by the time we exchange contracts.
Do you know anything about the rental market in this area at the moment