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Home building permits down 18.6% in Q1-Q3 2006

Hungary's building market continued to show signs of a slowdown in January-September 2006, with the number of new home building permits issued in the period decreasing 18.6%, and the number of new homes down 19.1% from a year earlier, the Central Statistics Office (KSH) reported on Friday.

There were 31,232 new home building permits in January-September 2006, and 18,800 new homes came onto the market. Alone in Budapest, the number of home building permits issued decreased 35.5% to 7,381 during the period, and the number of completed homes fell 34.6% to 4,756. The number of building permits has declined since late 2003 when the government placed restrictions on state-subsidized home loans. Observers add, however, that the home market has started showing signs of saturation.