Published: May 04 2023
Hungary has seen a major drop in the number of home completion in the first three months of the year, along with a steep decline in home building permits issued.
Decrease in Home Completions
The number of home completions fell by 20% to 3,613 in Q1, with a significant 42% drop in Budapest to 1,404 homes.
Drop in Home Building Permits Issued
The number of home building permit issued also fell, down by 38% to 4,989.
61% of the total completed homes were built outside of Budapest, with a 0.6% drop in the number completed in county seats and cities with populations of over 50,000. Smaller cities saw a larger decrease, with a 4.2% drop in completions. However, Hungary's smallest settlements saw a 29% increase in the number of homes constructed.
The statistics indicate a significant decline in home building activities in Hungary at the beginning of the year, which could have several effects on the country's housing market and the economy in general.
Questions & Answers
What is the recent trend in home building permits in Hungary? The number of home building permits issued in Hungary fell by 38 percent in the first quarter of the year.
What is the recent trend in home completions in Hungary? The number of home completions in Hungary fell by an annual 20 percent in the first quarter of the year.
Where were most of the completed homes located in Hungary in the first quarter of the year? Fully 61 percent of the 3,613 homes completed were built outside the capital.
How many homes were completed in Budapest in the first quarter of the year? Home completions in Budapest dropped by 42 percent to 1,404.
Did the number of home completions decrease in other cities in Hungary? The number of home completions in cities with populations over 50,000 edged down by 0.6 percent and fell by 4.2 percent in smaller cities.
Did the number of home completions increase in any part of Hungary in the first quarter of the year? In Hungary’s smallest settlements, the number increased by 29 percent to 721.