Residential Housing
There are more then 824,000 apartments in the capital city, Budapest, 316,000 of which are in desperate need of renovation.
We can distinguish 3 main construction periods in Budapest:
- 1873-1920 - the classical old turn-of-the-century so-called tenement apartments, typical Austro-Hungarian monarchy style
- 1920-1948 - typical 3-storey long houses
- 1948-1989 - the blocks of pre-fab flats of the Communist era
- 2000 - Modern apartment bulidings and condominiums
Private ownership of residential properties in Hungary has historically been high. Even during the communist era it was around 65%. The remaining 35% belonged to the state and was rented with a lifetime lease (which could be passed on to relatives at the death of the leaseholder) at a price, which did not cover the cost of the needed maintenance. Due to the low rental fee and state ownership, maintenance was neglected and most of these homes are in very bad condition. Still, by the end of the privatization in this sector, the share of privately owned residential properties has reached 90-92%. This ratio is the highest in Europe and perhaps the world.
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