Record number of Hungarians plan home renovation

Residential

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Hungarians have firm or probable plans to renovate 570,000 homes over the next 12 months, state news wire MTI reports citing a quarterly, representative survey by economic research institute GKI and building materials company Masterplast.

The number is up by 80,000 from Q3 and the highest since GKI started conducting the survey in 2007.

GKI noted that the government announced plans in the autumn to subsidize half of home renovation costs - up to HUF 3 million - for families with one or more children from the start of 2021. From February, applicants for the subsidies can apply for preferential loans to cover the other half of their home renovation projects.

In relative terms, a little more than 14% of all homes in Hungary could be renovated in 2021. That proportion includes close to 18% of all detached homes and around 10%-12% of flats.

Hungarians with "certain" plans to renovate account for 3.5% of homes. Those who will "probably' renovate account for 10.6% of the total.
 

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