Real estate consultants are hoping for a year with nosignificant changes in Bucharest apartment prices and believe thefirst half of the year can only bring downward adjustments as theeconomic context remains unfavourable.
Seven consultants, real estate managers or representatives ofthe most visited websites, were asked by ZF about the trend ofapartment prices this year, and the only conclusions that can bedrawn are that the first half may bring price drops, but not at thesame level of the past two years, while consultants are reluctantto make projections for the second half of the year.
Extreme "bets" came from Regatta agency consultants (an increaseof between 10% and 20% for the yearend) and by the representativesof Magazinuldecase.ro website (a decline by 10-15%).
Consultants are reluctant about making too precise projectionsin the context where there are many questions still hovering withregard to the housing market: how will the "First Home" programmebe modified, how long are banks still going to wait to get theirmoney from developers and when are foreclosures going to start,what will be the trend of the economy, will there be another yearof recession?
To conduct this survey, ZF requested information from thebiggest real estate consultancies operating on the residentialsegment (Coldwell Banker, CBRE Eurisko, DTZ Echinox, Regatta andNeocasa), as well as two of the most visited real estate adswebsites.
While most consultants believe the market may still go down,Regatta representatives say starting this summer, provided that nofurther "disruptions" occurred, prices would go up slightly, withvalues ranging between 10 and 20%.
The real estate consulting services and brokerage market wasestimated to be worth 50m euros in 2008, but in 2008 plummeted byapproximately 50% amid the falling number of transactions.
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