Apartment Prices In Romania Dn 15-35% In Last 5 Mos

The negotiation margin, which is the discrepancy between the initial price asked by the apartment owner, or the listed price, and the final sale price, reached 10% in September in most cities in the country, indicating the declining tendency of the real estate market.

"Compared to June, both parties involved have become more open to negotiations, thus the final sale price was below the listed one, even by over 10%,” Mihaela Alexandroiu, broker and owner of RE/MAX Bastion in Bucharest said in a statement.

She added listed prices for new apartments dropped by 5-10%, while the one for old apartments fell by 15%. Final sale prices decreased by 10-20%.

"This leads to a general fall of prices between 15% and 35%. As for Bucharest, I estimate prices will fall up to 25% in the case of new projects which sold less than half of the built units,” Alexandroiu said.

The situation is similar in other cities, the RE/MAX analysis showed.

RE/MAX analysts say the central bank’s new household lending rules and the increase in interest rates will bring realty deals down.

RE/MAX Romania is part of the franchise RE/MAX, present in 65 countries, via 120,000 agencies.

In Romania, RE/MAX began its activity at the end of 2006 and currently owns 25 offices and 115 agencies.