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HOME CONSTRUCTION UP 20%, NEW BUILDING PERMITS DOWN IN 2019

 

The number of completed homes increased by 20% in 2019 from the previous year, while the number of new building permits dropped by 4.3% from 2018, the Central Statistical Office (KSH) said. Last year, a total of 35,123 home building permits were issued in Hungary. The number of home building permits issued in Budapest rose by 1.1% to 12,158. The number issued in county seats and cities with over 50,000 residents fell by 11.9% to 7,200. The number in other cities was down 10.2% at 9,434, and the number in smaller communities was up 4.7% at 6,331. The number of completed homes increased by a fifth to 21,127 in 2019. The number of completed homes in Budapest jumped 50.7% to 5,838. In county seats the number rose by 11.5% to 4,563 and in other cities it was up 3.7% at 5,726. Smaller communities saw a 21.3% rise to 4,269.
Finance Minister Mihály Varga said more homes were built in Hungary last year than in any of the previous ten years. The number of new homes completed in Budapest last year was 51% up compared with 2018 and the increase was 21% in municipalities around Hungary, he told a press conference. The boom is thanks to an increase in real wages, low interest rates and the government’s family support scheme, he said.