Number Of Home Construction Permits in Hungary Go Up

According to the Hungarian Central Stastical Office, the number of construction permits and simple declaration of  new residential buildings have doubled in the first quarter of year compared to the same period in 2015. This further proves the outstanding optimism Hungarians have about the property market. 

Number Of Home Construction Permits in Hungary Go Up

However, actual new home construction is down: 1,407 new dwellings were built, 10% less than a year earlier.


In the first quarter of 2016, compared to the same period of the previous year:


- the number of dwellings built decreased by 19% in Budapest and by 41% in villages, while it increased by 37% in the towns of county rank;

- the proportion of dwellings built by individuals fell from 56% to 49%, that of dwellings built by enterprises increased from 44% to 50%;

- among the newly built residential buildings, the proportion of detached houses fell from 54% to 45%, that of multi-storey and multi-dwelling buildings increased from 25% to 48%,

- the average floor-area of homes put to use decreased by 4m2 to 96m2;

- the total number of declarations submitted for the construction of residential - buildings smaller than 300 m2 and building permits issued was 4,765, double that of the previous year, and there was a nearly two and a half fold increase in towns of county rank;



Based on new construction permits (declarations), 39% more, i.e. a total of 1,715 residential buildings are planned to be built, while the number of permits issued (1,266 units) for non-residential buildings increased by 46% compared to the previous year's low base, showing a strong interest to build and develop this year, most probably motivated by the government’s home buying scheme, CSOK. 



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