Housing

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In November 2022 construction permits for 15% larger floor space have been issued in Hungary, year-on-year. Planned floor space increased by 18% for residential buildings and overall by 15% for non-residential ones. In the case of the former, by a decreasing number of permits, floor space enlargement at multi-dwelling buildings stood in the background of the building revival. Among non-residential buildings basically the industrial ones registered a significant growth, compared to the low base of the previous year.

The stock of housing loans was HUF 4.8 thousand billion at the end of the first half of 2022, 4.8% higher than at the end of 2021, and accounted for 4.7% of the market value of housing assets. Both the number and the amount of approved loans increased, while the number of disbursed loans decreased. Within disbursements, the weight of lending for new housing increased this half-year. The number and amount of CSOK disbursements also increased compared to the same period last year.

Rising material and labour costs pushed up housing construction costs by 23% in Q3 2022 compared to a year earlier. The rise in material costs (27%) continued to play a major role in the increase, which was also influenced by a 26% rise in domestic building material prices, in addition to global trends. Labour costs were also significantly higher than in the same period of the previous year, rising by 17%.

After the stagnation of the previous months, rents started to rise slightly in November: by 0.8% in Hungary and 1.0% in Budapest in one month. On a year-on-year basis, prices continued to increase considerably. In real terms, however, rents still showed a decreasing trend. In the capital city, the largest increase could still be observed in the inner districts of Pest, but rents also rose in the other district groups, compared to the same period of the previous year.

13,617 new homes were built in the first three quarters of 2022, 7.7% more than a year earlier. The number of dwellings to be built under construction permits issued and simple declarations was 25,984, 16% more than in the same period of 2021.

The approximately 500 tables, graphs and maps and tens of thousands of data the Statistical Yearbook of Hungary contains give, for almost one and a half century, an overview of the social and economic processes of the country in the given year. Besides paying attention to the ever changing socio-economic environment and user demands we always strive to share new information: the health chapter broadened this year with indices regarding outpatient care, time series of healthcare expenses, life expectancy in good health and the number of Covid19 infected people.

After a fall in 2020, linked to the Covid19 pandemic, the number and price of homes sold rose rapidly in 2021. In the first quarter of 2022, sales stopped growing, but the price of second-hand housing increased by 7.3% and new housing by 4.8%. The aggregate housing price index was 234% and price growth in real terms was 185% compared to the 2015 base year, making the Hungarian housing price increase the highest among the European countries reporting data.

2021 was the recovery year from the COVID-19 pandemic, the economy restarted, its performance –following the 2020 setback – surpassed the previous year’s by 7.1%. The pocketbook, published every spring, offers through its tables an insight into the 2021 developments of Hungary’s social, economic processes.