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More homes completed in 2005 than statistics show

There were probably far more new homes completed in Hungary in 2005 than the 41,000 registered by the Central Statistics Office (KSH), László Borsi, head of the Home and Building Office, told a conference on Friday. Borsi explained that home builders probably delayed putting homes onto the market until after the reduction in Hungary's main VAT rate at the start of the year. There were 41,084 new homes that came on the market in 2005, KSH reported on Thursday. It said there were 51,490 new home building permits issued during the same year. Statistics from the first quarter of 2006 will give a more accurate picture of the actual number of homes completed at the end of last year, Borsi said. According to building companies' figures, about 500 new homes were sold in Budapest in Q4 2005, reducing the total number of unsold flats to 2,000, Tibor Nagygyörgy, president-CEO of real estate company Otthon Centrum, told the conference. He added that 80% of new homes were sold when finished.