Hungary’s so-called Family Home Creation Discount (CSOK) housing subsidy scheme introduced in July 2015 is proving to be very popular. Napi.hu reports that to date some 25,000 individuals applied for grants and loans in the total amount of HUF 76 billion (USD 262.7 million), of which some 23,000 contracts have been signed to date in the amount of HUF 66 billion (USD 228 million).
Of this HUF 76 billion, HUF 42 billion (56 percent) went to some 4,800 families with three or more children who applied for the HUF 10 million grant for the purpose of acquiring a new home.
Although originally intended to stimulate new home construction, in fact two-thirds of the applicants used the grant to acquire a used flat, with just 30 percent of applicants purchasing new homes. Three percent of applicants are using the funds to expand their current homes.
Since its introduction in July 2015, some HUF 87 billion (USD 300 million) has been paid out to some 36,000 families for average housing support of HUF 2.4 million (USD 8,300) per family.