Hungary's new homes down 16.6% to record low in 2012.

By bne IntelliNews February 25, 2013
The number of newly-built housing units in Hungary declined by 16.6% y/y to a record low of 10,560 in 2012, the statistics office said in a statement. The contraction follows a 38.2% annual drop in 2011. Budapest saw the sharpest decrease of 48.4% y/y in newly-built units in 2012. The number of new homes in other towns and villages declined 11% y/y and 16.3% y/y, respectively. On the other hand, new units in county towns saw a 18.3% y/y increase, which only partly offset the drop in the former three categories. The number of construction permits for residential buildings fell by 12% y/y to 6,099 in 2012. They envisaged a total useful floor area of 1.15mn square meters, down by 11.8% y/y. In contrast, the number of permits for non-residential buildings increased by 17.3% y/y to 6,142 in 2012, while the aggregate useful floor area for this type of permits grew by 18.1% y/y to 2.71mn square meters.

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