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Housing subsidiary - the Hungarian CSOK Program

At the end of 2015, the Hungarian government decided to allocate money towards a new subsidy purchase program for young families with children. The minister has set a budget of HUF 40 billion but has said that this could be increase if the demand is high enough. It is important to note that over 80% of the Hungarian population are in favor of this government action. The minister has said that the government is willing to help several hundred thousand families.

Housing subsidiary - the Hungarian CSOK Program

There is a twofold purpose to this subsidy program. First, Hungary has long been experiencing a population decline. Since there were little opportunities, the young people were leaving the country in droves. One of the hopes of this program is that young families will opt to stay in the country and continue to bear children. Second, the government hopes to encourage families to move out of the densely populated cities in favor of a more rural setting. There are not many open homes available in these areas in Hungary, so the demand for skill construction workers is at an all-time high.

One might wonder what the consequences this is going to bring to the real estate market in Hungary. The introduction of the subsidies have driven prices up; sellers are attempting to price their real estate at the highest possible price. January saw a 6% price rise in the cities; the rural areas are experiencing a smaller price rise, around 1-2%. Also, the prices of empty lots available to build upon are increasing. Buyers should attempt to purchase a lot now because the demand will be increasing soon.

Another consequence is that the demand for used homes is expected to drop because of the aid given to the families to build or purchase new homes. In the current market, it is better for young families to buy, not rent. The government has reduced the tax rate on newly built homes to just 5%. During the real estate market crisis, construction numbers dramatically decreased, but this new subsidy is expected to double the amount of new homes constructed in 2016.

The new CSOK program in Hungary will further drive the rising real estate market as well as the prices of homes. 

 

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