ABOUT THE AUTHOR
János Gáspár
Buildecon
Janos Gaspar is the director of Buildecon, the Hungarian representative of EUROCONSTRUCT. And he has been coordinating the research work of the 8 EECFA countries outside EUROCONSTRUCT area since 2013.
“Hungary’s construction market to see a weak recovery on the forecast horizon.”
In Hungary the construction market recovery could start this year and could last until 2027. It is a quite weak recovery, though, and the market is not expected to go back to the 2022 level. The non-residential subsector is forecasted to shrink for two more years as none of the previous three pillars of the submarket – offices, industry and other non-residential – is expected to grow.
On the bright side, residential construction is foreseen to register a sizable expansion. The transfer of savings from bonds to dwellings has been effective, boosting project starts this year. The new rural renovation program and the changing energy saving obligations of the EKR system also support residential renovation works.
Civil engineering is set to see moderate growth with part of EU funds unblocked and other funds being secured instead of the part still blocked for Hungary. Railways will be helped by a €2B fund (half of which an EIB loan) and energy with an around €1B national source. Besides, the road concession holder has started the investment phase this year.
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ABOUT THE AUTHOR
János Gáspár
Buildecon
Janos Gaspar is the director of Buildecon, the Hungarian representative of EUROCONSTRUCT. And he has been coordinating the research work of the 8 EECFA countries outside EUROCONSTRUCT area since 2013.