{"id":3401,"date":"2017-05-11T09:05:37","date_gmt":"2017-05-11T09:05:37","guid":{"rendered":"http:\/\/www.futureal.hu\/?p=3401\/"},"modified":"2017-06-07T12:26:27","modified_gmt":"2017-06-07T12:26:27","slug":"realista-hu-new-residential-property-boom-may-lure-hungarians-working-abroad-back-home","status":"publish","type":"post","link":"https:\/\/www.futurealgroup.com\/en\/news\/realista-hu-new-residential-property-boom-may-lure-hungarians-working-abroad-back-home","title":{"rendered":"Realista.hu: New residential property boom may lure Hungarians working abroad back home"},"content":{"rendered":"<p><strong>Now is the time to work in construction! Orders in the building industry are experiencing continuous growth and construction capacity is struggling to keep up with demand. As a result, both contractor rates and wages are rising on a monthly basis.<\/strong><\/p>\n<p>\u201cProduction volume for the construction industry for March 2017 is 33% higher than a year ago, while it is up by 24.7% on last year\u2019s low base for the first quarter of the year. By the end of March, the volume of building contracts for construction companies was up 50.2%,\u201d reported Tibor F\u00f6ldi, CEO of Cordia Zrt, a Futureal Group company, commenting on the construction industry data published on Thursday by the CSO (the Hungarian Central Statistics Office).<\/p>\n<p>Cordia\u2019s experiences show consistently growing demand from buyers. This has in turn resulted in a rise in orders for the construction industry, with the capacity of contractors unable to keep pace. On one hand, this restricted capacity hinders the growth potential of the construction industry as a whole. On the other, it has resulted in monthly increases in contractor rates in keeping with the laws of supply and demand, and notable increases in the wages of workers. \u201cThis rise, which is also affected by the increase in the minimum wage, could slowly lead to a situation where Hungarian workers currently employed in the construction industry in Western Europe start returning home,\u201d argued Tibor F\u00f6ldi. <\/p>\n<p>The property expert also believes that recent CSO statistics for residential real estate construction in the first quarter confirm the legitimacy and usefulness of home-building initiatives. \u201cWe hope that these data and trends will help convince the government to keep the reduced 5% rate of VAT, which has played a key role in the growth in the market, beyond 2019,\u201d said the Cordia CEO. He also added that \u201ca permanent 5% VAT rate would also alleviate the problem of lack of capacity in the sector, as constructors would not need to rush to finish their developments by the end of 2019.\u201d<\/p>\n<p><a href=\"http:\/\/realista.hu\/ingatlanpiac\/az-ujlakaspiaci-boom-csabithatja-haza-a-kulfoldon-dolgozokat\/132827\" target=\"_blank\">The original report can be found (in Hungarian) at realista.hu.<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Now is the time to work in construction! Orders in the building industry are experiencing continuous growth and construction capacity [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[219],"tags":[],"class_list":["post-3401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Realista.hu: New residential property boom may lure Hungarians working abroad back home - Futureal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.futurealgroup.com\/hu\/hirek\/realista-hu-new-residential-property-boom-may-lure-hungarians-working-abroad-back-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Realista.hu: New residential property boom may lure Hungarians working abroad back home - Futureal\" \/>\n<meta property=\"og:description\" content=\"Now is the time to work in construction! 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