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New Apartments Price To Hike By 15% In 4Q In Bucharest – Report

The prices of new apartments in the capital city, Bucharest, will continue to grow by 10-15% by yearend while old apartments prices will hike by 5-10%, depending on the zone, according to a study conducted by real estate brokerage company Coldwell Banker.
New Apartments Price To Hike By 15% In 4Q In Bucharest - Report
01 oct. 2008, 13:50, English

Developers will hike prices due to the higher costs of construction materials, lands, workforce and utilities, the report of Coldwell Banker Affiliates of Romania reads.

Old apartments, whose price dropped in the first half of the year, will be 5-10% more expensive, as a result of higher construction costs and higher demand.

New apartments, located in the central and northern zone of Bucharest, continue to register the highest prices while all old apartments registered price decreases.

According to the report, apartments priced between EUR100,000 and EUR200,000 represent 92% of the demand in Bucharest.

Coldwell analysts identified 70 residential projects, delivering 24,200 apartments in Bucharest by the end of 2009, if finalized.

This year, developers will provide 8,000 new apartments, three-fold higher compared with 2007, and 16,200 apartments in 2009.

Coldwell Banker Affiliates of Romania, a unit of Coldwell Banker, provides consultancy and brokerage services in the real estate sector.

Coldwell Banker entered the Romanian market in 2007.