UPDATE - Completed homes drop 35%, home building permits down 36% in January-June

The number of completed new homes in Hungary for which permits to use were issued declined 35.2% to 5,585 in the first half of 2011, the Central Statistics Office (KSH) said on Friday.

The number of building permits issued for homes fell 35.9% from a year earlier to 5,877 in January-June 2011.

The number of completed homes fell at a similar rate than between the first half of 2009 and 2010 while the drop of newly issued building permits slowed, KSH noted.

Permits issued in the first half for the construction of residential buildings were for a total useful space of 625,000 square meters, 30.8% less than a year earlier, KSH said.

The number of completed new homes in Hungary with permits issued dropped 35% to 20,823 in 2010. The number of building permits issued for homes fell 39% to 17,353 in 2010, earlier KSH figures show.

The average area of completed homes for which utilization permits were issued in January-June was 100.3 square meters, up from 92.5 the same period last year.

The number of construction permits issued for non-residential buildings fell 13% to 2,169 from 2,494 in first half of 2010. These permits were for a total useful space of 968,900 square meters, 37.9% under the 1,559,300 a year earlier.

The number of permits issued for industrial buildings rose 10% to 433 in H1 2011 from 393 a year earlier, but that for commercial use dropped 26% to 124. The number of permits for agricultural buildings declined 21% to 590 from a year earlier. The useful floor space fell in every segment.

The number of new home building permits issued fell in most region of the country in January-June, with the steepest drop of almost 50% in Central Hungary, including a 77% drop in Budapest. The number rose in Central and Western Transdanubia, by 6% and 16%, respectively. Southern Hungary registered the second biggest drop, of 35%.