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Number of newly built homes to fall to 1953 level

Economic research institute GKI projects 16,000-18,000 homes will be built in Hungary this year, a low not seen since 1953, managing director Raymund Petz said on Friday, after the Central Statistics Office (KSH) published fresh data.

The number of new homes completed in Hungary fell 35% to 3,140 in Q1 from the same period a year earlier, KSH said in the morning.

The decline in the number of new homes completed in Budapest was down just 15% at 1,300 in Q1, but there are still about 2,800 unsold homes in the capital, Petz said.