Colliers: "First House" Program Ups 2-Room Flat Prices In Bucharest By 15%

"July is the first month of this year when we can notice an obvious price increase trend. (…) It is very hard, even impossible, to find now two-room apartments below 60,000-62,000 euros in neighborhoods as Militari, Titan or Iancului. These are average-price areas that frame into the maximum ceiling of EUR57,000 imposed by the program," Colliers stated in a survey.

The government launched a program to grant up to EUR60,000 state guarantees for mortgage loans.

To buy a home via the “First House” program, interested people must pay a 5% downpayment of the purchase price for a house whose price is lower or equal to EUR60,000, or a down payment of EUR3,000 plus the difference between the purchase price of the respective house and EUR60,000, if the price is higher than EUR60,000.

The guarantee will be granted to the people buying their first home and who did not previously benefit from a mortgage loan.

In July, the average price of the old apartments in Bucharest stood at around EUR1,150 per square meter, according to Colliers.
 

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