Industry insiders press for extension of home renovation subs

Residential

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Construction industry association ÉVOSZ on Tuesday called for an extension of government home renovation subsidies that are set to expire at the end of the year, according to a report by Hungarian news agency MTI.

ÉVOSZ also urged the government to make the temporary 5% VAT rate on home construction permanent. The measures would create a level playing field for home construction and home renovation, as well as support, continued momentum in the sector in 2022-2025, in spite of the unexpected increase in building materials prices and overall inflation, the association said.

The association pushed for a decision on the matter as soon as possible, "in the interest of predictability".

ÉVOSZ noted that one in four new homes are now built with some form of state support, while one in five home renovations are paid for with the help of government subsidies.

The association also recommended freezing home loan rates at 5%, adding that demand dries up if credit is dearer.

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