Home construction up 20 pc, new building permits down in 2019

The number of completed homes increased by 20 percent in 2019 from the previous year while the number of new building permits dropped by 4.3 percent from 2018, the Central Statistical Office (KSH) said on Tuesday.

Last year, a total of 35,123 home building permits were issued in Hungary.

The number of home building permits issued in Budapest rose by 1.1 percent to 12,158.

The number issued in county seats and cities with over 50,000 residents fell by 11.9 percent to 7,200. The number in other cities was down 10.2 percent at 9,434, and the number in smaller communities was up 4.7 percent at 6,331.

The number of completed homes increased by a fifth to 21,127 in 2019.

The number of completed homes in Budapest jumped 50.7 percent to 5,838. In county seats the number rose by 11.5 percent to 4,563 and in other cities it was up 3.7 percent at 5,726. Smaller communities saw a 21.3 percent rise to 4,269.

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Finance Minister Mihály Varga said more homes were built in Hungary last year than in any of the previous ten years. The number of new homes completed in Budapest last year was 51 percent up compared with 2018 and the increase was 21 percent in municipalities around Hungary, he told a press conference. The boom is thanks to an increase in real wages, low interest rates and the government’s family support scheme, he said.

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Source: MTI