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Real estate transactions fall four times since beginning of 2008

The number of real estate transactions made by agencies in Bucharest have fallen four times since the beginning of this year.

Gabriel Dragomir, senior broker at Indoors Estates Group agency, quoted on Friday by the Ziarul Finaciar daily, said that this July the number of transactions was a quarter compared with the beginning of the year, and it has decreased now even below this level, because August is a vacation month.

The downward trend, noticed since the beginning of this year, comes both against the background of an international financial crisis, which has led to a drop in the number of transactions, on the local market included, and because of a rise in the reference interest by Romania's Central Bank (BNR).

The real estate index of Ziarul Financiar shows a five percent fall in the prices of old apartments in Bucharest January-June, while the site magazinuldecase.ro said the prices went down 13 percent from Jan. 2008.

According to the index, the prices of three-room apartments in Bucharest built between 1980 and 1990 have fallen by a three percent average this July, with the average price per sq m reaching 1,920 euros, compared with 1,976 euros this June. After a high rise in prices in the past two years, 2008 began with minor rises, of two or three percent monthly, and July and June brought drops between three and five percent.

Magazinuldecase site shows January-July a 13 percent drop in the average price of old apartments in Bucharest, to 116,999 euros. In Jan. 2008, an old apartment was put at 133,628 euros.

Compared with the previous month, this July, the average price dropped around three percent, according to magazinuldecase.ro.

Sursa: http://www.rompress.ro

Tags: percent three estate beginning transactions since bnr