KSH: Slow recovery in the housing sector

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Both the number of dwellings built and dwelling construction permits rose by a respective 22% and 18% in the first half of 2014 as compared with a year ago, a report published by Central Statistics Office (KSH) revealed today.

The growth of dwelling construction in H1 resulted from the high values of Q1 as Q2 showed only a slight growth of 1% y.o.y. , while building permits saw the growth of Q1 continue in Q2, KSH reported.

Despite the increase, the number of dwellings built was low and it made up only 29% of the dwellings put to use during the first half of the last pre-crisis year, 2008.

The data also revealed considerable regional differences in the number of dwellings, as more than half of all dwellings were built in Central Hungary,

New permits were issued for a total area of 453,000sqm, up 13.9%. The number of new home completions increased by 21.8% in H1. KSH noted that this number was still very low, remaining well below pre-crisis levels.

The number of permits issued for non-residential buildings rose by 10.3% as compared to a year earlier. The permits issued for 235 industrial buildings accounted for 21% of the total of non-residential permits. Farm buildings made up 21% and commercial buildings made up just 4%.

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