Eleven-Year Record: Hungary Adds 28,208 Housing Units in 2020

2021. február 24.

Daily News Hungary

Housing completions in Hungary rose by 33.5 percent to 28,208 in 2020, an eleven-year record, the Central Statistical Office (KSH) said on Wednesday. But the number of home-building permits issued dropped by 35.8 percent to 22,556, continuing a decline started after the phase-out of a preferential VAT rate in force between 2016 and 2019. Meanwhile, lawmakers have approved a two-year reduction in the home construction VAT rate to 5 percent from 27 percent from the start of 2021 as part of government measures to aid the economic recovery from the coronavirus crisis.