Home Building in Hungary Sees Steep Decline
- 7 Nov 2023 1:13 PM
- Hungary Around the Clock
Housing construction remains in a slump, as only 10,808 homes were completed in the first nine months of 2023, down 21% year-on-year, the statistics office KSH reported.
The future also looks bleak, as the number of home building permits issued fell by 43% to 14,984 in the same period.
New permits issued declined by 39% in Budapest, by 43% in county seats, and by close to 50% in villages.
The number of homes completed shrank in all regions. Budapest registered a 29% drop with 3,234 home completions, while the decline was 37% in county capitals.
The number of dwellings built by businesses fell by 22% and those built by natural persons sank by 16% compared to the base period.
Most homes erected in the period, 60%, were built to be sold.
The number of new home permits in the third quarter reached a 7.5-year low, which suggests that the quarterly figures for new home completion could be below 4,000 in 2024, according to Portfolio.
The figure has averaged 4,000-6,000 units in recent quarters.
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