Cushman&Wakefield: Real estate property prices down 30% in 2009
24 February 2009
Romanian residential real estate prices are expected to fall 30% in 2009, Cushman & Wakefield said. The real estate consultant recommends investments in high-rent generating properties.
The prices of old apartments decreased by 15% in September to December period last year, while new apartments prices were down 5% or 10% in the same period. Since the beginning of 2009, residential prices lost another 10%.
"We are talking about a total price decrease by up to 35% from September until now," the director of the company's evaluation department Dan Ionascu said.
Most of the real estate constructions have been frozen and all the projects under design stage or subject to approval proceedings are put up for sale.
The small investors that purchased most of the dwellings under construction in Bucharest over the past two years are seen undergoing well the crisis period, as only 15% of those taking banking loans are seen facing problems during this period on being unable to pay back their loans, Cushman&Wakefield said.
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