Évosz Puts Home Completions Around 15,000 in 2024

Construction

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The number of homes completed in 2024 could approach 15,000, construction industry association Évosz said on Tuesday, state news wire MTI reports.

Évosz noted that around 20,000 homes were under construction at present. 

The association projected that some 180,000 homes could be renovated during the year.

Évosz chairman László Koji said both segments were underperforming, adding that 35,000 home completions a year would be "optimal", while the sector had the capacity to renovate 200,000 homes annually.

The association noted that construction sector order stock was down 23.5% and that some of those orders were for projects after 2024. It added that high lending rates, a shortage of skilled labor and higher building material prices were also holding back the sector's performance. Évosz acknowledged a drop in state and local council orders but said that would free up capacity for private sector work.

Évosz is pressing for the relaunch of the National Bank of Hungary's Green Home Program and urges a home renovation program that would contain a subsidized credit element.

Évosz said the number of workers retiring in the sector exceeded the number of career-starters by about 20,000, adding that the number of guest workers could rise. It said that competition from companies based outside of the European Union was expected to rise and called for stricter market regulation to ensure a level playing field.

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