Most Hungarians Ready to Make Sacrifices to Own Home

  • 25 May 2021 10:56 AM
  • Hungary Matters
Most Hungarians Ready to Make Sacrifices to Own Home
The majority of people in Hungary want to own their own home and are prepared to make sacrifices to do so, according to an economist of the think tank Századvég Gazdaságkutató.

The government’s home-creation support scheme forms a part of wider measures to help young families with children afford their own homes, István Loránd Szakali said in an interview to the daily Magyar Nemzet.

The scheme launched in July 2015 has had a big impact on new housing construction, he said in the interview published on Saturday.

In 2015, 7,612 new housing units were built, while in 2020 this numbered 28,208, giving a boost to the construction, real estate and credit markets, he noted.

He said that if the scheme were suspended or even scrapped, there’d be serious economic and even psychological effects.

Hungarians, he added, considered owning their own property to be vitally important and even heavily determined their identity.

The economist said the left-wing opposition promises to expand the municipal rental housing stock in the past had remained largely unfulfilled, as it was expensive and unprofitable to build and maintain properties.

Also, some surveys show that in certain Budapest districts, the accumulated debts of tenants rack up total losses of up to 150 million forints each year.

He argued that the state was right to help aspiring young people by supporting jobs and by creating credit schemes.


 

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.

Explore More Reports

  • Cheaper Real Estate Drying Up in Hungary

    Cheaper Real Estate Drying Up in Hungary

    • 22 Apr 2022 2:03 PM

    Some 16% of residential properties offered for sale nationwide were under HUF 25 million in mid-April this year, compared to 26% last year, according to profitline.hu.

  • Rising Interest Rates Curb Demand for Homes in Hungary

    Rising Interest Rates Curb Demand for Homes in Hungary

    • 15 Apr 2022 5:41 PM

    Demand for homes in Hungary has "fallen significantly," mainly because of the increased cost of taking out a mortgage as interest rates rise amid climbing inflation, according to an analysis by listings site ingatlan.com.

  • Insider Report: Panel Apartment Prices Skyrocket in Budapest

    Insider Report: Panel Apartment Prices Skyrocket in Budapest

    • 11 Apr 2022 2:54 PM

    According to big real estate firm Duna House's first quarter transaction data, the average price per square meter of apartments in panel buildings in the capital has risen by HUF 100,000 compared to sales data from a year ago.

  • Home Sales Here Down 7% Last Month

    Home Sales Here Down 7% Last Month

    • 4 Apr 2022 7:17 AM

    The number of home sales was down 7% year-on-year to 14,548 in March, but rose by 5.5% from February, according to estimates by real estate broker Duna House.