No malls please, we're Hungarian

At the beginning of the year a new law - dubbed by local media as the plaza ban - came into effect in Hungary. It requires all retail developments of above 300 sqm to be personally approved prior to planning permission by György Matolcsy, the minister for national economy. The moratorium is to last until the end of 2014. The legislation was purportedly introduced in order to maintain the stability of the market, however opinions differ widely. Developers voice their opinionsAs for developers they are unsurprisingly frustrated. "The law is vague. The procedures aren't clear at this stage. And we don't see the need for it," says Árpád Török, CEO of TriGranit. He concurs with TriGranit president Sándor Demján, who was reported by local media as describing the law as "dumb." According to Árpád Török, the ban affects not only retail developments, but also office and residential projects, because most of such projects reserv