House building permit issues up more than 20 pc in 2017

The number of house building permits issued in Hungary in 2017 rose by an annual 20.4 percent to 37,997, the Central Statistical Office (KSH) said on Friday.

The number of house building permits issued in Budapest increased by 56.3 percent to 14,632. In small towns and villages, the number climbed by 26.6 percent to 5,487. In county seats and cities with over 50,000 residents, the number of building permits was down 9 percent from a high base, at 8,151.

Late 2015, Hungarian lawmakers lowered the VAT rate on home construction from 27 percent to 5 percent and eased rules for obtaining building permits.

Around the same time, the government launched a home purchase subsidy scheme for families with children.

The number of completed houses rose by 44 percent to 14,389 for the whole country and was down 0.6 percent from a high base of 2,761 in Budapest.

Source: MTI