Due to its amenities and its reputation as a safe neighbourhood, it is the single most popular panel housing estate of the city.
The excavation also found a rectangular, pit-house type home and other buildings from the Middle Ages, when the area was the property of the Pécsvárad Abbey.
After the Mongol invasion (1241–42) it became a part of Nevegy, a village known from contemporary documents, and during the reign of Charles Robert, the abbey made an unsuccessful attempt to gain it back.
Gazdagrét, a translation of Reiche Ried, refers to the rich harvest the orchards brought due to the rainfalls coming from Western Hungary.
Between 1987 and 1999 the popular TV series Szomszédok was shot on location in Gazdagrét, making the neighbourhood widely known in the country.
A continuing problem is the small number of parking lots in front of the houses, as the neighbourhood wasn't planned to have any garages (which is surprising given the time period when it was built); instead, small shops and cafés use the ground floors, where other housing estate buildings typically have garages.
In a 2010 survey, when 500 Budapest residents were asked to name the panel neighbourhood in which they would choose to live, Gazdagrét finished first.