Construction permits for new residential schemes in Hungary rose 30.4 percent over the first nine months of 2014 to a total of 6,947, according to the country’s central statistics office. The BBJ reported that the number of new home completions jumped 26.8 percent over the same time, reaching 5,168. The number of non-residential permits rose 26.8 percent.
The residential sector nosedived after the financial crisis as thousands of families ran into difficulties meeting the payment schedule for their foreign currency mortgages. Consumer confidence has been returning as the economy shows signs of improvement and the government has pursued a solution to help home owners, at the expense of the country’s banking sector. This appears to be translating into demand for new residential projects.
