• Home
• Channel: Property
• Home Building in Hungary Sees Steep Decline

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.

• How does this content make you feel?
• I love it
• I like it
• I dislike it

• Home Building Property Real Estate

XpatLoop Media Partner

Hungary Around the Clock

Since 1995 Hungary Around the Clock has proven to be one of the most comprehensive sources of daily English-language news about Hungary. It covers ongoing domestic politics and foreign relations, as well as business and economic matters. For a free trial of HATC visit www.hatc.hu and click on 'Free Trial Subscription’.

Explore More Reports

2025 Forecast: Demand & Sales to Pick Up On Real Estate Market in Hungary

• 21 Dec 2024 5:45 AM

After this year's reversal of trends, a strengthening real estate market in terms of transaction numbers and prices, an ever-widening customer base, and a further 10pc expansion of the credit market are expected next year, listed real estate broker Duna House said in its forecast for 2025.



Mega Real-Estate Deal Planned at Budapest's Largest Train Stations

• 10 Dec 2024 6:16 AM

A mega real estate deal is being planned whereby the landholdings of Budapest's four major train stations would be leased out for 99 years and developers would be able to commercialise the stations and their surroundings "for free", David Vitezy, the leader of the Podmaniczky Movement in the city assembly, has said.



Westend Shopping Center Budapest Celebrates 25th Birthday, Retail Development in Hungary Now Dominated by Strip Malls

• 3 Dec 2024 5:47 AM

Known as the largest modern shopping center in Central Europe when it opened, the Westend Shopping Center has reached its 25th Anniversary.



Home Prices Rise 10% in Hungary this October

• 15 Nov 2024 12:20 PM

Home prices in Hungary rose 10pc year-on-year in October, listings site ingatlan.com said.