The total value of construction works was below HUF 470 billion at current prices. This performance is even more pronounced when adjusted for price changes, making Q2 2025 the second-worst quarter for new construction starts since 2015.

H1 2025 saw projects entering the construction phase valued at around HUF 1,200 billion. This figure is far below the previous years and close to H1 2020 when the pandemic hit.

The building construction segment was particularly hard-hit. The value of new projects started in Q2 2025 fell below HUF 400 billion, barely half of the value from the previous quarter. The decline was even more drastic in the non-residential sector, where the Activity-Start fell to a critically low level not seen since Q1 2015, dropping below HUF 120 billion.

Despite the overall decline, multi-unit housing construction remains a strong outlier. The value of new multi-unit housing projects starting in Q2 2025 reached an absolute record of HUF 250 billion at current prices. This marks the second consecutive quarter that this segment's Activity-Start has exceeded HUF 200 billion. This momentum is expected to continue, fuelled by maturing government bonds and new initiatives like the Home Start Program.

In the hotel segment, following a decline in 2024 and a sluggish start to 2025, Q2 brought an expansion with over HUF 20 billion in new construction starts. This represents a major improvement over the previous quarter and aligns with the median value for the 2023-2025 period.

The civil engineering segment also saw a slight improvement over the first quarter, with projects starting at a value of around HUF 100 billion, though this is still considered a low level.

In terms of regional activity, Budapest holds the highest share of total construction starts over the last four quarters, at 34%. The Northern Great Plain follows with 16%, and Southern Transdanubia with 15%.