The Hungarian government has sold a plot of land near the center of Budapest to the Emirati development company Eagle Hills Properties LLC for the construction of the tallest buildings in the EU. This is reported in a press release from the Hungarian government.
The 5 billion euro ($5.2 billion) project will allow Eagle Hills to build towers up to 500 meters (1,600 ft) tall, almost a third the size of the Empire State Building.
The value of the transaction amounted to 51 billion forints (128 million), which will be paid in three tranches. The last tranche will be conditional on the completion of infrastructure development works in the amount of 800 million euros, funded by the Hungarian government.
Construction is expected to begin by the end of 2025, taking into account high market demand. The project was agreed in 2024 and has been sharply criticized by the Hungarian opposition.
Eagle Hills Properties is a private investment and development company with headquarters in Abu Dhabi (UAE). The company is engaged in the construction of residential areas with the necessary infrastructure based on modern technologies and principles of sustainable development in Europe, Africa and the Middle East.