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Budapest Property Market Index falls in October

The Budapest Property Market Index, a quarterly measure of supply and demand as well as market players’ expectations, measured 92 points in October, down 10.8 points from July, but 8.2 points higher than its low point reached in July 2009, CEO of economic think-tank GKI László Akar said on Thursday.

The index is compiled quarterly by economic think-tank GKI and professional journal Ingatlan és Befektetés.

The CEO said he could see no positive turnaround in 2012 on the property market.

With regard to prices, market players surveyed said they expected prices of residential properties to rise 1.5%, prices of offices to increase 0.5% and prices of commercial properties to fall 1% in Hungary over the next 12 months, while prices of warehouse space are expected to remain stable during the period.