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Budapest's new home market contracts in H1

Budapest's home market contracted in the first half of 2006, according to figures published by the Central Statistics Office (KSH). The number of new homes put on the market in the capital in H1 fell 21% to 3,635 compared to the same period a year earlier, KSH said in a report today. In H1 2005, the number of new homes put on the market in Budapest rose 15.5% yr/yr. Most of the homes that were put on the market in H1 2006 were small or mid-size, however the number of homes with four or more rooms rose 28% from H1 2005 to account for one-fifth of the total. The number of home building permits issued for Budapest was 5,167 in the first half of 2006, 32% fewer than in the same period a year earlier. The number of new homes put on the market in the communities surrounding Budapest fell by a lesser extent than in the capital, slipping 11% to 2,291 during the period. In these communities, homes with four or more rooms accounted for 58% of all new homes coming onto the market. The number of home building permits issued in these communities during the period rose 2.1% to 4,274. (Econews)