Property index rises slightly in second quarter


Market research firm Ecostat's property index went up to 46.9 at the end of the second quarter from 46.5 in the first, the company's head Pál Belyó said on Tuesday.

The index rose in spite of the announcement of government austerity measures during the period, he added.
The market for new property has been following two distinct trends. The price of up-market homes is expected to go up by more than the rate of inflation (2.8% in June), while competition pressure is keeping a lid on the lower end of the market. The price of resale homes with high utility costs, mainly high-rise blocks, is expected to fall, while the cost of homes in prime locations is forecast to rise, Belyó said. Retail home loans stayed level in March-May, with foreign currency-denominated constructions becoming more popular and the share of state-subsidized home loans falling, Belyó said.
Ecostat expects 40,000 homes to be built in 2006, although the number of building permits issued this year is expected to decline. The index peaked in 2002 at 56.8.


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