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Housing demands and prices reduced by half since 2007: Romanians looking for houses adapted to needs and budget
The housing demand dropped by half since the beginning of the economic crisis at the end of 2007 although prices have dropped by the same percentage in this interval and the people interested are no longer looking for “dreams” but houses adapted to their needs and budget, real estate consultants say.
“Owners have been selling 15% more houses in Bucharest than the overall offer promoted in 2007 and by 24% more than in 2006, although prices requested today are over 50% lower than prices at the highest moment registered at the end of 2007. Statistically speaking, the volume of demand is less than 50% the one of 2006-2007. These figure show we are in a market of buyers, who are favored during the process of negotiation and purchase,” a study made by homefinders.ro, launched at the National Real estate Faird shows.
According to it, 2012 is the year with the highest number of apartments for sale at half price, considering that the eligible demand is on the drop because of the credit conditions imposed by BNR and the market is flooded by offers, which is a good moment for buying houses.
On the other hand, Ion Catutoiu, the general manager of Real Time company says that after a period in which the Romanians wanted a dreamland house now they have adapted their demand to the present situation: good prices, good location and a decent size.
Clients of the 2007 residential market has grown up in 2012. Now they analyse and compare options, considering them according to their needs and find the best solution.