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Permits for newly built homes drop 35% in Q1

The number of completed new homes in Hungary for which permits to use were issued declined 34.9% from a year earlier to 3,141 in the first quarter of 2011, the Central Statistics Office (KSH) said on Friday.

The number of building permits issued for homes fell 51.2% yr/yr to 2,398 in January-March 2011.

Permits issued in the first quarter for the construction of residential buildings were for a total useful space of 262,600 square meters, 44.2% 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.