The latest EBI Construction Activity Report found that although the expansion of M1 motorway caused a surge in the value of started construction projects in Q3 2025, the last three months of the year brought very low activity-start. Even at current price, such a low number of construction projects did not start in a quarter in the past nine years.
However, thanks to the high numbers in Q3, annual activity-start only slightly sank against 2024. The drop was about 9%, only 2% below the 2023 value. In total, projects worth nearly HUF 2,900 billion entered construction phase in 2025.
In Q4 2025, activity-start in building construction decreased compared to previous quarters. However, due to the higher first quarter value, the full-year decline remained 10% compared to 2024, while the decrease was 8% over 2023. Overall, construction works started in the segment last year were worth slightly less than HUF 2,000 billion, the lowest level between 2021 and 2025. Due to the increase in multi-unit residential construction in 2025 and the few construction starts in non-residential buildings, multi-unit residential construction accounted for almost half of building construction activity-start, which has not been the case since the first half of the 2000s.
Non-residential construction was characterised by a decline in Q4, and the value of started construction works was roughly at the same level as in Q2, which was also modest. For the year as a whole, non-residential activity-start was around HUF 1,000 billion, the lowest value in the period between 2018 and 2025. It also shows a 37.5% decline compared to 2024 at current price, and a 43% drop over 2023. The largest non-residential projects entering construction phase in Q4 2025 included the construction of several logistics centres, such as CATL warehouse in Debrecen, Porsche Parts Center logistics-warehouse centre in Budaörs, and Building C of VGP Park Budapest Aerozone. Several hotel projects began, too, including the construction of Mama Shelter Hotel and Ruby Hotel in Budapest, and Danubius Hotel Annabella in Balatonfüred.
Following Q3 2025, which registered high activity-start due to the expansion of M1 motorway (M0-Concó rest area), Q4 2025 saw a very low value of started civil engineering works in Hungary. Few projects started not only in value, but also in number. Thanks to the motorway project, annual figures tell an improved story with projects starting in the value of nearly HUF 1,000 billion in 2025. It did not differ much from 2024, although the figures then were also boosted by the start of one large project, the construction of the Mohács Danube Bridge and related road network.
Budapest had the highest share, 31%, within total activity-start in the last four quarters. Central Transdanubia also had a high proportion, more than 27%, primarily due to the M1 highway expansion. Together, more than 40% of works started in Central Hungary, 36.4% were related to Western Transdanubia, while the share of Eastern Hungary was 23%.
