The state has sold unused land from the former Rákosrendező railway yard of the national railway company MÁV to the UAE-based Eagle Hills Group. The company plans to develop the “Grand Budapest” mega-project on approximately 85 hectares, often referred to as a “Mini-Dubai.”
By spring 2039, Eagle Hills Group will implement a large-scale and complex development on the site with an investment volume exceeding EUR 12 billion. The plans include high-rise buildings between 250 and 500 meters tall, as well as extensive green park areas. The backbone of “Grand Budapest” is the smart city concept, featuring energy-efficient buildings, renewable energy use, and intelligent waste management solutions.
In parallel, the state will invest EUR 800 million in transport infrastructure developments, including the extension of the Millennium Metro (M1) and the “covering” of MÁV railway tracks, above which a new park will be created.