Hungary: No Good News For The Real-Estate Market

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Hungary: No Good News For The Real-Estate Market

The 2007 composite property index of Ecostat Ingatlan Barometer stood at 44.4%, 0.5 percentage point lower than in 2006, which suggests we can expect а stagnation on property market again, said Lenke Pólya, research leader at the Ecostat – Government Institute for Strategic Research of Economy and Society, cited by the Budapest Business Journal.

Last year the dynamism of the construction and trade of flats slackened, in Q4 the index was 43.9%, 0.3 percentage point lower than a year before. However, at least the refurbishment market will boost in 2008, forecasts Ecostat, in accordance with the tendency in West Europe.

Demands for new-built and other flats are likely to decrease, while the commercial building sector will continue to see a slight expansion. As to property investments in 2008, the municipalities are the most pessimistic, companies feel hesitant and households have cautious plans. Property investment companies expect a slightly decreasing building aptitude, but a 1.6 percentage point increase in the total turnover.

Households expect the price hike on the property market to exceed inflation, the Gazdasági Rádió reported.

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