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Estimates on Romanian real estate market

The prices of housing units will remain steady because of the rise in competition, say representatives of the real estate consulting company Coldwell Banker Affiliates of Romania.

The period of two-digit rises in the prices of housing units in Bucharest is over, according to real estate consultants, considering the competition on the residential market intensifies and the purchasing power did not followed the prices over the past years. According to officials of Coldwell, because of the rise in competition, developers will have to stop increasing the prices f buildings and allow for the financial possibilities of their customers and conclude special agreements with banks in order to streamline the acquisition process of a new housing unit and find the adequate financing solution. The prices of the dwellings in Bucharest grew last year some 50 percent, reaching an average level of 2,000 euros per square metre. However, according to the real estate index compiled by daily Ziarul Financiar, the prices remained steady at the beginning of this year, allowing for harsher conditions for getting a mortgage caused by the world mortgage crisis. Given a low level of apartments finalized over the past years, developers announced over 100 projects of residential complexes in Bucharest and its surroundings which will poise the demand/offer balance over the next years. Sursa: http://www.rompress.ro

Tags: prices estate

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