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Renovations planned for 450,000 homes in Hungary

About 450,000 homes in Hungary could undergo some degree of renovation in the coming year, state news wire MTI reports, citing a quarterly gauge of the market by economic research company GKI and building materials maker Masterplast.

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In relative terms, renovation work is planned at around 14% of single-family detached homes and at almost 10% of homes in blocks of flats.

Almost three-quarters of homeowners who plan renovation work will pay for projects with savings, with one-quarter using savings from home savings banks.

One-fifth of homeowners planning renovation work will take out credit, and one in seven will get some form of state subsidy.