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Differences minimal between rentals and home loan installments in Bucharest, agency argues

Differences between flat rentals and monthly installments on home loans in Bucharest City are minimal now, real estate agency Esop argues.

The computation drawn up by Esop takes into account monthly installments on home loans for a two-room flat in a new residential complex of average prices. The demand for housing units is still high, and although there are many housing developments in the making, the delivery time is quite far, says the agency. At the same time, most of the buyers are disposed to wait for between six months and one year to move house. The down payment requested by the developers upon pre-contacting is 25 percent of the price, which the buyers cover from other sources (own savings or loans). The remaining 75 percent of the price is to be paid out when the final contract is signed, usually by mortgage loans. The average selling price of a one-room flat in a new residential complex in downtown Bucharest ranges around 90,000 euros. Esop remarks that for a mortgage loan of 67,500 euros, the potential buyer will have to pay out 400-500 euros a month, while rentals for the same flat is 300-400 euros a month. Esop also argues rentals will be increased as a result of the demand generated by graduating students who want to stay and work in Bucharest, plus the new students that will come to Bucharest in the autumn and fail to secure accommodation with student hostels. Sursa: http://www.rompress.ro

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