According to data released by the Hungarian Central Statistical Office (KSH), the number of new flats built in Hungary in the first three quarters of 2024 decreased by 19% compared to the same period in 2023, with a total of 8,709 new flats constructed. Furthermore, the number of building permits issued for new flats decreased by 2.3% to 14,551.
Budapest saw a 15% decrease in new flats built, with a total of 2,761 units completed. Other county seats experienced a 15% decline, while smaller towns saw a 30% decrease, and villages a 16% decrease compared to the same period in 2023.
The Pest region experienced a 29% decrease in new housing construction compared to the same period last year. Most regions saw a decline in construction, with the exception of the Southern Great Plain, which saw a 16% increase.
In Budapest, the 11th district saw the most new flats completed, with around 1,200 units. Among provincial cities, Kecskemét stood out with over 300 completed flats.
Individuals built 40% of the new flats, while companies built 58%.
The KSH report also noted that 53% of the new flats were in detached houses, 42% in multi-story apartment buildings, and 2.1% in housing estates.
The average size of new flats increased by 1 square meter to 99 square meters compared to the first three quarters of 2023.
57% of the newly built flats were intended for sale, while 40% were for the builder’s own use. Very few flats were built for rental purposes (2.3%).
Nationwide, the number of building permits issued for new flats was 14,551, 2.3% less than a year earlier. While the number of permits for single-family houses increased by 14%, the number of permits for buildings with three or more flats decreased by 18%.
Compared to the same period in 2023, the number of building permits issued decreased in the Southern Great Plain (-14%) and Central Transdanubia (-12%) regions, excluding Budapest. The largest increases were registered in Southern Transdanubia (52%) and Northern Great Plain (51%). These increases were mainly due to housing developments related to investments in Pak and Debrecen.
In Budapest, 3,391 building permits were issued, a 34% decrease compared to the same period last year. In most districts, the number of permits did not reach 100, but nearly 1,400 permits were issued for new flats in the 10th district.
In county seats, the number of permits increased by 7.1%, in other towns by 15%, and in villages by 20% compared to the first nine months of 2023. A significant number of building permits were issued in Debrecen (936), Paks (380), and Győr (332).
In 54% of cases, builders used the simplified notification procedure.
Based on the issued building permits, the construction of 7,173 residential buildings was authorized in the country, 14% more than in the January-September period of 2023. The number of non-residential buildings to be constructed was 2,659 – according to the KSH report.
