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Budapest Property Market Index falls further

The Budapest Property Market Index, a measure of supply and demand on the market as well as market players' plans and expectations, dropped 4.4 points from April to -33.4 in July, the lowest level since 2002, László Akar, head of market research company GKI, which prepares the index, said on Tuesday.

The home market index dropped 2 points from April to -48 in July.

The survey shows 29,000-31,000 new homes will be built in Budapest in 2009. GKI projects new home prices will stagnate and resale home prices will fall 3.5% in the coming twelve months.

The office index decreased five points from April to -40 in July. The commercial property index fell five points to -30, and the warehouse index dropped two points to -17.

Prices on the new office, business and warehouse market are expected to stagnate in the coming twelve months. Prices on the resale market are seen falling as much as 7%. (MTI-ECONEWS)