Lenders' Home Loan Outlays at HUF 344 bln in H2 2023
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Hungarian lenders' outlays of home loans reached HUF 344 billion in the second half of 2023 after falling to HUF 294 bln in H1 as high mortgage rates weighed, according to data released by the Central Statistical Office (KSH).
About 72% of outlays were for the purchase of resale homes, up from 62% in H1.
Around 13% of outlays were for new homes, and 9% were for home construction. The average loan amount for resale homes rose to HUF 15.2 million from HUF 13.6 mln during the period.
Data from the National Bank of Hungary shows the average annual percentage rate for home loans from Hungarian banks climbed as high as 11.67% at the start of 2023.
Home loan outlays dropped 40% for the full year to HUF 639 bln.
Outlays for purchases of resale homes accounted for 67% of the total. Outlays for home renovations plunged 69% to HUF 30 bln.
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