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New Home Builds Decline 29% in Hungary

• 21 Feb 2025 10:40 AM

The number of new homes handed over in Hungary fell 28.7pc to 13,295 in 2024, data released by the Central Statistics Office (KSH) on show.

Home completions in the capital dropped 27.6pc to 4,607. The number declined 26.1pc to 2,557 in county seats and cities with populations over 50,000 and was down 36.5pc at 3,143 in smaller cities. In Hungary's smallest settlements, the number decreased 22.9pc to 2,988.

Detached homes accounted for 50pc of completions. Homes in multi-storey buildings with multiple dwellings made up 44pc of the total and homes in residential parks 3.4pc.

The average new home size was 97sqm.

The share of homes built by businesses stood at 61pc.

The data show 1,617 homes were demolished or condemned.

The number of home building permits issued dropped 4.7pc to 20,494. The number of permits issued for homes in the capital slipped 11.7pc to 7,027 while the number issued for homes in county seats and cities with populations over 50,000 dropped 5.6pc to 3,809.

The number issued in smaller cities edged up 2.0pc to 5,347. In the country's smallest settlements, the number of home building permits issued inched up 1.1pc to 4,311.

In a statement issued after the release of the data, construction association EVOSZ said the market had not bottomed out yet and projected around 12,000 new home builds for 2025. It added that the effect of government measures to stimulate the housing market were unlikely to show up in home builds statistics until 2026.
 

EVOSZ pressed for a subsidised home renovation scheme to be expanded and for the relaunch of the National Bank of Hungary's Green Home Creation Programme. It proposed the government draft a long-term housing market strategy and a plan to implement it.

Full report available here

Source: 
MTI - The Hungarian News Agency, founded in 1881.

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