Drop in Hungarian Home Construction Permits during Q1
Hungary’s construction industry has experienced a sharp decline in the first quarter of 2021, with the number of home completions falling by 20 percent to 3,613, according to data released by the Central Statistical Office (KSH) on Thursday. This is coupled with a 38 percent drop in the number of home building permits issued, which totalled 4,989 over the same period. The numbers show that 61 percent of the homes built were outside of the capital, with Budapest seeing a 42 percent drop in new homes, reflecting a trend seen across all cities in the country. Though the number of home completions increased by 29 percent in Hungary’s smaller settlements, the overall decline in construction mirrors the turbulent year that the country has experienced, with the COVID-19 pandemic causing many issues across the industry.
