Boom in Budapest residential property market

More than five thousands new homes came on to the market in Budapest in the first half of this year and some 2,800 homes have been sold already.

One of the key Mortgage providers of Hungary confirmed that 7,500 home constructions have been announced in Budapest as part of 40 investment projects.

The reduction in VAT on new homes has boosted investment activity. Demand has been stoked by the government's family home creation subsidy. The possibility of re-claiming VAT on home construction expenses has increased people's willingness to finance their own construction projects.

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