Close to 1/3 of home construction, renovation projects overbudget

Residential

Image by Pixabay

Around 32% of Hungarians building or renovating homes have had to pay more than planned because of the shortage of materials and labor, as well as rising prices, state news wire MTI reports, citing a survey by building materials seller Újház Centrum shows.

The representative survey conducted early in May shows 28% of Hungarians undertaking building and renovation projects had to postpone work, while 27% said their projects were on schedule.

Around 17% of respondents said they were availing of state subsidies for home renovation, while 11% were using grants available in the Home Purchase Subsidy Scheme for Families (CSOK) and 9% were taking out subsidized prenatal baby support loans.

With 80 locations around the country, Újház Centrum has around a 12% market share of Hungary's building materials trade.

ADVERTISEMENT

World Hurtling Towards Recession and Possible Financial Cris... Analysis

World Hurtling Towards Recession and Possible Financial Cris...

Lawmakers postpone expanded data provision for tourism secto... Parliament

Lawmakers postpone expanded data provision for tourism secto...

Dóra Petrányi to co-head CMS Tech, Media, and Comms Group Appointments

Dóra Petrányi to co-head CMS Tech, Media, and Comms Group

Budapest targets tourists with public transport fare hikes City

Budapest targets tourists with public transport fare hikes

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.