Housing

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In the first three quarters of 2024, 8,709 new dwellings were built, 19% fewer than a year earlier. The number of dwellings to be built on the basis of issued construction permits and simple declarations was 14 551, 2.3% lower than in the first three quarters of 2023.

Compared to the previous month, asking rents were virtually stagnant nationally, while in the capital they rose by 0.4% in September 2024. The nominal rent index in September was 112% higher than the base in 2015 nationally, 102% higher in the capital, and 28% and 22% higher in real terms. Over a year, nominal rents increased by around 10% and real rents by around 6-7%.

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.

The yearbook provides an overview of Hungary's demographic, social and economic processes, environmental characteristics and their changes over time, with the help of tens of thousands of data of 500 tables, graphs and maps. Innovatively, the Tourism, catering chapter in the volume includes the gross receipts of tourist accommodation establishments by type of accommodation. Another change is that this year the Regional data chapter already presents territorial data by tourism area, giving greater emphasis to tourist destinations.

In the first quarter of 2024, the housing market in most of the country already showed signs of recovery from the previous downturn. Following a 23% decline in 2023, the number of homes sold rose by 36% compared to the same quarter of the previous year. Housing prices have also risen, with second-hand prices up 5.3% and new prices up 4.6% compared to the previous quarter. Prices rose in most parts of the country, with the exception of detached houses in the eastern part of the country.

Geopolitical tensions continued to overshadow economic developments in 2023, with the gross domestic product falling by 0.9%. Inflationary pressures gradually eased, but the 17.6% annual increase in consumer prices led to a decline in real earnings and consumption, and negatively affected investment decisions. Despite the economic difficulties, employment has reached a record high. In 2023, the number of deaths and births continued to fall, in addition to the decrease in the number of women of childbearing age.

The tables and graphs in the latest edition of the Statistical Pocketbook of Hungary provide a comprehensive insight into the evolution of social and economic trends in Hungary in 2023. Its international chapter allows for comparisons of major data primarily on member states of the European Union. The publication amasses, starting this year, commercial, private and other accommodation establishments in one unit.

The housing loan stock in Hungary stood at HUF 5,003 billion at the end of 2023, which was 1.5% higher than at the end of 2022. The growth rate of the housing loan stock slowed down compared to the annual growth rate of 7.5% in 2022 and between 9% and 15% in the four preceding years. The ratio of housing loans to GDP declined from 7.5% at end-2022 to 6.7%.