Hungarys housing permits down 35% in Jan-Sep.

By bne IntelliNews November 3, 2011
The number of new housing construction permits in Hungary dropped by 35% y/y to 8,869 in the first nine months of 2011, the statistics office reported. This contraction followed a substantial decline in interest towards new construction in towns, while that in villages edged down by 2%. New permits in the capital Budapest dropped at a rate above the average - 62%. The number of permits in the residential segment narrowed by 8.2% y/y in January-September. They envisaged a total useful floor area of 959,400 square meters, down by 26.6% y/y. Permits for non-residential buildings contracted at a slower pace 5.1% y/y in Q1-Q3. The aggregate useful floor area, allowed by this type of permits, was down by 36.3% y/y. At the same time, a total of 8,147 housing units were put on the market in January-September, down by 38.4y/y.

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