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According to the survey, these expectations not only reached the peak of last year, but are also reminiscent of the times before the 2008 crisis. Survey data in the second and third quarters of 2020 clearly show that the impact of the coronavirus in the home renovation market was not negative at all.
In the new home renovation program announced last year, a maximum of HUF 3 million per family can be achieved for a HUF 6 million renovation. The amount is also sufficient to finance more serious and comprehensive renovation and modernization works, so it can be of significant help to affected households. The measurements are described in detail in our article below:
Next year, about 14 percent of Hungarian households plan to spend more on their home.
If the plans are implemented, they will be able to carry out more or less works in around 570 thousand homes in a year, which is 80 thousand more than the result of the third quarter survey.
According to the research, intent to renovate remains the strongest among single-family home residents, at nearly 18 percent. The least willingness to modernize was measured among those living in paneled flats, with a rate of 9.6%. Plans for residents in brick-built condominiums fall in between the two, with a rate of 12 percent.
In Budapest, 12 percent of the surveyed households, 13 and 14 percent in the county seats and other cities, and 18 percent in the villages are preparing for renovation. In the latter case, the village CSOK in force since the beginning of 2020 can also be an incentive. Among the regions, the highest activity can be felt in Western Transdanubia, where 16% of households are preparing for some kind of renovation, but in the northern regions of Hungary and the northern Great Plain, a renovation and modernization activity higher than the national average, 15-15%.
The increasing renovation intention is also timely for the current state of the housing stock. According to a survey conducted by the Lechner Knowledge Center last year, more than half of the national housing stock can be classified as FF or worse. Therefore, renovations are effectively justified in many cases, but their timely implementation may be hampered by growing labor shortages.
The sample of the surveyed population is representative of 1000 people by gender, age, place of residence and education.
Cover Image Source: Shutterstock
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