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Real estate agencies: Real estate prices dropped 15-20% on all segments

de Radu Rizea
Joi, 13 noiembrie 2008, 14:45 English | Business

After the buyers on the market delayed their acquisition decision for quite a long time, blocking the market, the owners pressed to sell and the developers lacking cash decided that lowering the prices should be the best way to unblock the transactions. Real estate consultants from EuroMetropola declared on Thursday that the prices were lowered between 15 and 20% on all market segments, including villas and new apartments.

Agency representatives said that they had a central office building at sale for 1.7 million Euros for one year. Te owner decided recently to lower the price to 1.5 millions and got an offer for 1.3 million. "It is most likely for the transaction to take place for this price", EuroMetropola representatives said.

Rents are also free falling. An office building in a business area was opened for rent for 17,000 Euros per month, but the owner would now accept even 13,000 Euros.

In transactions, the fastest falling prices are in the coveted Northern area of Bucharest, where prices decreased up to 50%, from 900 to 450 and even 400 Euros per square meter.

The least affected areas are the central ones, where prices decreased 5-10%.

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