Ways of Increasing Property Values in Degraded Urban Areas: Projects Implemented in Pécs, Hungary

Abstract

Property prices are extremely low in extensive degraded urban areas. Enhancing property values in these areas is a foremost concern for both property owners and for the town as a whole. The aim is to transform isolated, disadvantaged urban areas; to increase property prices so that they reach the level of average property prices in the town, thus giving way to the development and revitalization of these deprived neighborhoods. The paper will describe the urban areas in question (housing estates, industrial areas, underused urban areas) and the methods used by the local government. They include strategically located important public buildings, renewing public spaces and parks, regenerating derelict industrial sites. Most of these projects have been implemented within the Pécs 2010 European Capital of Culture programs.