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Housing construction slows down in Hungary
Housing construction slows down in Hungary
March 02, 2010The number of homes built in the country over the last year has decreased by 11%, compared to 2008.
That said, over 2009’s first half the figure has increased by 15-18%, while plummeted by 23-24% during the second half of the year, reports citing official statistics.
The number of permits issued for Hungarian housing construction in 2009, has nose-dived by 35%, year-on-year. The number of permits issued in the segment of non-residential facilities has plummeted by 35.5%.
Such dynamics indicates that the pace of local construction downturn is steadily increasing. This, in turn, can speak for the weakness of both the Hungarian economy as a whole and the housing market in particular. According to the forecasts of local realtors, the key market indicators will restore not earlier than by 2011-2012.
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