| Peer-Reviewed

An Unused Opportunity: The Activity of National Asset Managing Shared Company in Hungary

Received: 28 March 2022     Accepted: 14 April 2022     Published: 28 April 2022
Views:       Downloads:
Abstract

The main purpose of the paper was to analyse the effect of a specific governmental programme using the different statistical levels and hierarchical classes, to identify the main focus, of spending public sources (Home Protection Action Plan). The paper suggest, that the settlement hierarchical focus of National Asset Managing Shared Company (NET) turned to small and medium sized towns. The spatial focus of NET followed the economic and social crisis regions (on NUTS2 and 3 levels) quite well, these units concentrated a high number of bought flats/houses and high level of NET’s investments. The activity of NET in the late crisis period (2013-2015) played crucial role in stabilising the activity of housing markets in villages and small towns in the Eastern regions. The NET bought appr. 36.000 appartments, family houses and all these stock went under direct state ownership. The former owners used their flats s renters, with a highly reduced fee. This legal form offered an opportunity to began redirecting the very weak social rental housing sector in Hungary, which became marginal after the mass privatisation of flats in the 1990s. As we try to point out, this unique opportunity was missed by the national government, when after a few years of global fiscal crisis the dominant share of these flats were offered to rebuy by the former owners. This decision strengthen the ownership based housing regime in Hungary and make the housing affordability much difficult for the younger generation a poorer families.

Published in International Journal of Science, Technology and Society (Volume 10, Issue 2)
DOI 10.11648/j.ijsts.20221002.15
Page(s) 66-71
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2022. Published by Science Publishing Group

Keywords

Housing Markets, Spatial Inequalities, Global Crisis, Cycles in Real Estate Markets, National Asset Company

References
[1] Aalbers, M. 2016. ’The financialization of housing: A political economy approach.’ Routledge, Taylor & Francis Group, London and New York.
[2] Bohle, D., Greskovits B. 2012. Capitalist Diversity on Europe’s Periphery. Cornell Studies in Political Economy, Cornell University Press, Ithaca, New York.
[3] Brenner, N. 2009. What is critical urban theory? City 13 (2-3): 198-207.
[4] Fernandez R., Aalbers M. 2016. Financialization and housing: Between globalization and Varieties of Capitalism. Competition and Change 20 (2): 71-88.
[5] Hadjimichalis C., Hudson R. 2015. Contemporary Crisis Across Europe and the Crisis of Regional Development Theories. Regional Studies 48 (1): 208-218.
[6] Harvey, D. 2001. ’Spaces of Capital. Towards a critical geography.’ Routledge, London and New York.
[7] Hegedüs J., Horváth V. 2018. Central and East European housing regimes in the light of private rental sector development. In: Schmid, C. (ed.): Tenancy Law and Housing Policy in Europe. Edward Elgar, Cheltenham, UK, pp. 39−66.
[8] Lang, Th. 2015. Socio-economic and political responses to regional polarisation and socio-spatial peripheralisation in Central and Eastern Europe: a research agenda. HunGeoBull 64 (3): 171-185.
[9] Lefebvre H. 1991. The Production of Space. Blackwell, Oxford UK and Cambridge USA.
[10] Nagy E. 2017. Az állam változó szerepe – gazdaságföldrajzi értelmezések. Földrajzi Közlemények 141 (3): 226–234. (The Changing Role of the State – Understanding from the point of an Economic Geographer).
[11] Nagy G. 2017. ’Az állami beavatkozások lakáspiaci és területi hatásai a lakásszektorban.’ Földrajzi Közlemények 141 (3): 235-245.
[12] Pálné Kovács I. (ed.) 2016. A magyar decentralizáció kudarca nyomában. Budapest; Pécs: Dialóg Campus Kiadó. (Understanding the Failure of Hungarian Decentralisation Process).
[13] Peck, J. Theodore, N., Brenner N. 2009. Neoliberal urbanism: models, moments, mutations. SAIS Review 29 (1): 49-66.
[14] Pósfai Zs. 2018. Reproducing uneven development on the Hungarian housing market. PhD Dissertation. Szegedi Tudományegyetem, Földtudományok Doktori Iskola.
[15] Pósfai Zs., E. Nagy, Z. Gál 2017. ’Financialisation and Inequalities: The uneven development of the housing market on the eastern periphery of Europe.’ pp. 167-190. in: Fadda S., P. Tridico (eds.) Inequality and Uneven Development in the Post-Crisis World. Abingdon: Routledge Taylor & Francis Group, (Routledge Advances in Heterodox Economics Series).
[16] Pósfai Zs., G. Nagy 2017. ’Crisis and the Reproduction of Core-Periphery Relations on the Hungarian Housing Market.’ European Spatial Research and Policy 24 (2): 17-38.
[17] Smith, N. 2010. ’Uneven Development. Nature, Capital and the Production of Space.’ Third Edition. The University of Georgia Press, Athens and London.
[18] Szalai E. 2006. Az újkapitalizmus és ami utána jöhet… Új Mandátum Könyvkiadó, Budapest (The New Capitalism and Beyond …).
[19] Vastagh Z. 2017. Társadalmi struktúra és állami redisztribúció. Társadalomelméleti Műhely, Budapest. (Social Structure and State Redistribution).
[20] Willett, J., Lang Th. 2017. Peripheralisation: A Politics of Place, Affect, Perception and Representation. Sociologia Ruralis 58 (2): 258-275.
[21] Zhukin, Sh. 1998. Urban Lifestyles: Diversity and Standardisation in Spaces of Consumption. Urban Studies 35 (5-6.): 825-839.
Cite This Article
  • APA Style

    Gabor Nagy. (2022). An Unused Opportunity: The Activity of National Asset Managing Shared Company in Hungary. International Journal of Science, Technology and Society, 10(2), 66-71. https://doi.org/10.11648/j.ijsts.20221002.15

    Copy | Download

    ACS Style

    Gabor Nagy. An Unused Opportunity: The Activity of National Asset Managing Shared Company in Hungary. Int. J. Sci. Technol. Soc. 2022, 10(2), 66-71. doi: 10.11648/j.ijsts.20221002.15

    Copy | Download

    AMA Style

    Gabor Nagy. An Unused Opportunity: The Activity of National Asset Managing Shared Company in Hungary. Int J Sci Technol Soc. 2022;10(2):66-71. doi: 10.11648/j.ijsts.20221002.15

    Copy | Download

  • @article{10.11648/j.ijsts.20221002.15,
      author = {Gabor Nagy},
      title = {An Unused Opportunity: The Activity of National Asset Managing Shared Company in Hungary},
      journal = {International Journal of Science, Technology and Society},
      volume = {10},
      number = {2},
      pages = {66-71},
      doi = {10.11648/j.ijsts.20221002.15},
      url = {https://doi.org/10.11648/j.ijsts.20221002.15},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijsts.20221002.15},
      abstract = {The main purpose of the paper was to analyse the effect of a specific governmental programme using the different statistical levels and hierarchical classes, to identify the main focus, of spending public sources (Home Protection Action Plan). The paper suggest, that the settlement hierarchical focus of National Asset Managing Shared Company (NET) turned to small and medium sized towns. The spatial focus of NET followed the economic and social crisis regions (on NUTS2 and 3 levels) quite well, these units concentrated a high number of bought flats/houses and high level of NET’s investments. The activity of NET in the late crisis period (2013-2015) played crucial role in stabilising the activity of housing markets in villages and small towns in the Eastern regions. The NET bought appr. 36.000 appartments, family houses and all these stock went under direct state ownership. The former owners used their flats s renters, with a highly reduced fee. This legal form offered an opportunity to began redirecting the very weak social rental housing sector in Hungary, which became marginal after the mass privatisation of flats in the 1990s. As we try to point out, this unique opportunity was missed by the national government, when after a few years of global fiscal crisis the dominant share of these flats were offered to rebuy by the former owners. This decision strengthen the ownership based housing regime in Hungary and make the housing affordability much difficult for the younger generation a poorer families.},
     year = {2022}
    }
    

    Copy | Download

  • TY  - JOUR
    T1  - An Unused Opportunity: The Activity of National Asset Managing Shared Company in Hungary
    AU  - Gabor Nagy
    Y1  - 2022/04/28
    PY  - 2022
    N1  - https://doi.org/10.11648/j.ijsts.20221002.15
    DO  - 10.11648/j.ijsts.20221002.15
    T2  - International Journal of Science, Technology and Society
    JF  - International Journal of Science, Technology and Society
    JO  - International Journal of Science, Technology and Society
    SP  - 66
    EP  - 71
    PB  - Science Publishing Group
    SN  - 2330-7420
    UR  - https://doi.org/10.11648/j.ijsts.20221002.15
    AB  - The main purpose of the paper was to analyse the effect of a specific governmental programme using the different statistical levels and hierarchical classes, to identify the main focus, of spending public sources (Home Protection Action Plan). The paper suggest, that the settlement hierarchical focus of National Asset Managing Shared Company (NET) turned to small and medium sized towns. The spatial focus of NET followed the economic and social crisis regions (on NUTS2 and 3 levels) quite well, these units concentrated a high number of bought flats/houses and high level of NET’s investments. The activity of NET in the late crisis period (2013-2015) played crucial role in stabilising the activity of housing markets in villages and small towns in the Eastern regions. The NET bought appr. 36.000 appartments, family houses and all these stock went under direct state ownership. The former owners used their flats s renters, with a highly reduced fee. This legal form offered an opportunity to began redirecting the very weak social rental housing sector in Hungary, which became marginal after the mass privatisation of flats in the 1990s. As we try to point out, this unique opportunity was missed by the national government, when after a few years of global fiscal crisis the dominant share of these flats were offered to rebuy by the former owners. This decision strengthen the ownership based housing regime in Hungary and make the housing affordability much difficult for the younger generation a poorer families.
    VL  - 10
    IS  - 2
    ER  - 

    Copy | Download

Author Information
  • Békéscsaba Department, Research Centre for Economic and Regional Science Regional Studies Institute, Békéscsaba, Hungary

  • Sections