2017 will be dominated by new home constructions, with an estimated total of 14,000-15,000 homes expected to be buitl this year.
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.
Most certainly the biggest news this week in real estate was Hungarian Parliament passing the bill to reduce the currently 27% VAT on construction on new residential properties to 5% from 1st January, 2016.
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