Budapest, May 5 (MTI) – The number of permits issued for new home construction rose an annual 19.6 percent to 1,654 in the first quarter of 2014, fresh data from the Central Statistical Office (KSH) show.
The permits were issued for a total area of 185,200 square metres, up 13.6 percent.
The number of new home completions jumped 50.7 percent to 1,692 in the first quarter of this year, though KSH notes that this number is still very low, remaining well below pre-crisis levels.
The number of permits issued for non-residential buildings rose by 29.4 percent to 1,145. Industrial buildings accounted for about 25 percent of the total. Farm buildings made up 21 percent and commercial buildings made up just 4 percent.
Hungary’s home construction market had contracted since around 2008. The number of home building permits issued in 2013 was just 17.2 percent of the level in 2008.
The number of homes built by families to dwell in accounted for 54 percent of the total in Q1 2014. Homes built for sale made up 45 percent of the total. Just 1.5 percent of new homes were built to rent.
Eighty-three percent of homes in Budapest were built by contractors in the period. Only 14 homes were built by local governments.