Hungarian home construction costs climb almost 8 pc in 2017

Home construction costs rose by almost 8 percent last year, daily Magyar Idők said on Thursday, citing annual data compiled by statistics office KSH.

The data show

the average cost of building a family house reached 229,000 forints (EUR 704) per square metre last year.

The cost of building a multi-storey block of flats was 237,000 forints per square meter and the cost of building additions to existing homes was 195,000 forints.

In Budapest, the average cost of building a block of flats stood at 255,000 forints per square metre,

while the cost of building a house was 268,000 forints per square meter.

The costs exclude VAT.

Lawmakers lowered the VAT rate on home construction to 5 percent from 27 percent in 2016, but the rate is set to revert to the former level, which is Hungary’s main VAT rate, from the beginning of 2020.

As we wrote on August, construction of the House of Hungarian Music, an educational, museum and concert venue designed by the world-famous Japanese architect Sou Fujimoto, will soon start as part of the Liget Budapest project in the City Park, read more HERE.

Also we wrote on August, the Hungarian government has discussed a ban on skyscrapers to preserve the traditional profile of Budapest, Gergely Gulyás, who heads the Prime Minister’s Office, said at a regular press briefing, read more HERE.

Source: MTI/Magyar Idők