According to the report released by the Hungarian National Bank (MNB), the Hungarian housing market continued to intensify in the first half of 2018, which in addition to the dynamic rise in the apartment prices, was reflected in the increase in the sales volume.

According to the summer announcement, the government does not intend to extend the validity period of the 5% VAT on new residential properties which is in effect until December 31, 2019.

In Budapest there are currently 20 000 apartments being built or planned to be built.

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 1^st January, 2016.