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Open access

István Hajnal

Abstract

Stigmatized property is real estate burdened with an external negative effect. Individual cases are spread along a broad spectrum, along many dimensions that include the rational and the irrational, the acute and the chronic. Examples for the stigmatizing effect are a nearby airport, ground water contaminated by chemicals, presence of a high-voltage power line, and so on. Eval­uation of these properties needs special methodology. Stigma can reduce the property’s market value through a particular, multi-layered filter. The author systematically examines the professional literature’s cases of evaluation of stigmatized properties. The research aims to organize and compare the cases in order to calculate the market value of stigmatized properties. Based on the analysis, six significant dimensions are identified. A focus group of 19 experts examined and individually evaluated the stigma­tizing effects along these different dimensions. The author suggests that it is possible to estimate the stigma’s effect and compare different cases to one another effectively. The results allow the international methodology of valu­ation to be processed.

Open access

István Hajnal

Abstract

One of the most prominent tourist attractions in Budapest is the ruin pub district. Here, in ruined, rundown buildings, clubs that are mainly aimed at young foreigners, participants in party tourism, have sprung up like mushrooms. In Inner Erzsébetváros, the housing prices have significantly risen, since investors see the short- or long-term renting of the apartments as a good opportunity. Those who live in the district, however, find the noise of parties to be too loud, while the crowd and the dirt reduces their quality of life. The apartments located near these pubs are so-called “stigmatized properties”, since their value is shaped by the - positive or negative - opinion of the community. Using the method of hedonic analysis, this article examines the question of whether ruin pubs are a blessing or a curse to surrounding apartments, whether their effect increases or, on the contrary, decreases the apartments’ values.