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Real estate market expands in Q1 on sales of office, retail and warehouse space

The Budapest real estate market improved in the first quarter of 2006, due to an expanding market for office, retail and warehouse space, while the home market stagnated, according to a survey by market research company GKI and real estate developer Angyalföldi Lakásépítő.

An index compiled by the two companies gauging the real estate market measured 13.8 in Q1 2006, up 7 points from the end of 2005. The survey shows 40,000 homes are expected to be built in 2006. Prices of new homes are expected to rise 2% in Budapest and 1.5% outside of the capital.