"We have developed and adopted a 3 percent home creation loan program," Viktor Orbán announced in a uploaded to his social media page, in which he also presented the details of the measure.

The Prime Minister said that the measure was necessary because real estate prices in Hungary have skyrocketed in recent years, and there are many people who have not yet been able to buy their first home.

The new support is available to anyone who wants to buy their first apartment or house. The property can be located anywhere, from the smallest village to Budapest, and there is no age limit.

– he said.

He added that a maximum of 50 million forints can be borrowed at an interest rate of 3 percent for the entire term, which can be a maximum of 25 years, and the deductible is 10 percent.

According to Orbán, this represents serious support, as interest rates on the market are currently at 6.5-8 percent. He also announced that a new program will be launched on September 1st, which will provide assistance to home renovators.