Housing

In the first quarter of 2025, the expansion of the domestic housing market observed in 2024 did not continue, with a tenth fewer dwellings changing hands than a year earlier. The first period of the year was characterised by accelerating housing price growth. Second-hand dwellings, which account for the vast majority of sales, rose in price by 5.7%, while new dwellings gained 2.3%. The overall housing price index rose by 12.5% year-on-year, which represents a 6.9% increase in real terms.

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In the first half of 2025, 5,129 new dwellings were built, 15% fewer than a year earlier. The number of dwellings to be built based on issued construction permits and simple declarations was 12,830, 43% more than in the same period of 2024.

In June 2025, rental prices increased by 1.3% nationwide and by 1.4% in Budapest compared to the previous month. The nominal rent index for June exceeded the 2015 base level by 123% nationwide and by 112% in the capital, while in real terms the increases were 30% and 23%, respectively. Over the past year, nominal rents rose by an average of 7% nationwide, while real rents increased by around 3%.

The performance of the Hungarian economy in the 1st quarter of 2025 was identical with the same period of the previous year’s level. Increasing performance in the service sector as well as the growth in consumption had a positive impact on the GDP. The continuing setback of the industry and construction, a subdued investment activity, the deterioration in the balance of the external trade counterbalanced this trend. Regarding the labour market, employment rate – considering the 1st quarters’ values – was the highest ever, while the unemployment rate lessened.

Hungary’s GDP increased by 0.5% amid global challenges in 2024. The performance of goods-producing industries lessened, while that of service-providing ones rose, which shows the duality of economic trends. Household consumption picked up, which was considerably encouraged by the purchasing power of earnings growing again with the inflationary wave calming down. Besides, the data series reveal that the level of employment reached another peak.

The tables and charts in the latest edition of the Statistical Pocketbook of Hungary provide a comprehensive insight into the development of social and economic trends in Hungary during the year 2024. It aims to provide a summary picture of the country's situation in all possible areas based on preliminary indicators. Within the number of employees, this year's pocketbook also includes employed persons working less than 60 hours, and the gross revenues at tourist accommodation establishments.

After a slowdown in the previous year, the amount of housing loans in Hungary increased by 13% in 2024, reaching 6.9% of GDP. Compared to the low base, the amount of both subsidised and unsubsidised housing loans increased significantly. Overall, loans for the purchase of second-hand dwellings continued to dominate within the housing loan flows, which doubled from a year earlier. However, in line with the decline in housing starts, the share of loans for new housing decreased significantly.

The number of housing units built fell by nearly a tenth, reaching a five-year low in 2023. Housing construction costs continued to rise at a slower pace, but still at double-digit rates. In addition to the rising cost of home building, the sharp fall in construction sentiment was also influenced by higher interest rates on housing loans. Both the number and the amount of loans disbursed fell sharply. Housing market turnover fell by almost a quarter and home price growth slowed significantly compared to a year earlier.