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Budapest Property Market Index shows stagnating market

The Budapest Property Market Index, a measure of supply and demand as well as market players' plans and expectations compiled by economic think-tank GKI, measured 94.5 points in January, up just 0.4 point from three months earlier.

The results of the survey suggest the prices of new homes will remain unchanged in the next 12 months, while prices of resale homes are expected to decline a further 1.1-3%.

About 26% of top-category office space was vacant in Pest and 28% in Buda in January compared to 25% and 26%, respectively, in October.

The sub-indices for the retail space market and the warehouse space market improved in January, but the sub-index for the home market worsened 4 points to 90.

The measure of people's intent to build or buy homes stood at 4 points in January as against 32 points before the crisis. The gauge of intentions to renovate homes fell to 30 points from 84 points. (MTI – Econews)