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1 in 8 Hungarians could renovate in coming year

Residential

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Close to 13% of Hungarian households say they are "certain to" or will "probably" renovate their homes in the coming year, a joint survey conducted by economic research institute GKI and building materials maker Masterplast shows, according to a report by state news wire MTI.

The representative survey, conducted in April, shows 3.2% of Hungarians have firm plans to renovate over the next twelve months, while 9.6% say they will probably upgrade their homes.

Masterplast noted that fewer households plan to renovate than when the survey was conducted in January, the month the government rolled out a home renovation subsidy program. It added that one-third of Hungarians who have plans to renovate will avail of the state subsidy scheme.

The state is offering to subsidize half of home renovation costs - up to HUF 3 miliion - for families with one or more children and is making preferential loans available to cover the other half of projects to upgrade.

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