Romanians Start Preferring Homes Under Construction Or Finished

In capital Bucharest, for instance, only 65-70% of apartments in the project stage have found buyers this year compared to 90-95% last year, Andrei Marinescu, broker/owner RE/MAX Magnum, an agency part of the RE/MAX network, said in a press release.

In 2005-2007, most apartments in residential ensembles sold during the project stage and developers would start construction woks only after they reached a high percentage in sales. Many of large projects launched last year – some with hundreds and even thousands of homes – were sold last year before any construction even began. However, this year, although prices rose at a lower rate, sales for new apartments, as well as old, remained were slower.

"Sales of new homes had a downward trend this year, seeing rates even 30% lower than last year," Marinescu said.

RE/MAX Romania is part of the international real estate network RE/MAX, founded in the U.S.A. in 1973 and franchised in 65 states.

In Romania, RE/MAX started operations end 2006 and currently employs 115 real estate agents in 25 offices.