Family-friendly looks different, MSZP says

‘Those who persistently save for 50 years and forgo all ‘luxuries’, i.e. do not spend money on pleasure and travelling, could end up with the keys to a new-build flat,’ said Benjámin Korózs, a member of the Socialist Party’s executive committee, at a press conference. However, if current trends continue, owning your own four walls will be a thing of the past.

As the MSZP calculated on the basis of current data, a Hungarian would now have to set aside almost 17 average annual wages to be able to afford an existing flat in Budapest. This is because property prices have almost tripled nationwide since 2010, while in Budapest the factor is 3.5. The wage increases only sound so great in the government’s propaganda; in reality, people would hardly feel them because inflation would eat up any positive effect.

According to the GKI research institute, young people would have to save for 29 years for an existing flat in Budapest and even 41 years for a new-build flat, assuming they can put 20% of their monthly salary on the high side. In view of such ratios, the opposition politician asked: ‘Is this the family-friendly policy of this government?’ Outside Budapest, the situation is better because young couples can ‘already’ afford their dream home after 13 years of hardship.