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Real estate leasing market seen contracting 20-40% in 2009

  Hungary’s real estate leasing market is expected to contract 20pc in 2009, though the drop could reach 40% if things get worse, Júlia Gazsi, who chairs the Leasing Association Real Estate Committee, told MTI on Tuesday.

Hungary’s real estate leasing market contracted 38% in Q4 2008 compared to the same period a year earlier. For the full year, the market grew 2% to almost HUF 170 billion ($758 million), slowing from growth of 50% in 2007. The number of leases signed dropped 32% in Q4 and was down 11% for the full year. (MTI-Econews)