The apartment market is still far from a rebound as far asprices are concerned, with consultants saying the decline willprobably continue until the end of 2010, amid a weakened purchasingpower as a result of the salary cuts and VAT raise implemented bythe Government.
"Over the coming period, prices of old and new apartments areestimated to fall by 25-30%, while rent could see even moredramatic declines, of up to 50%. Under the most upbeat scenario thereal estate market could rebound in 2011-2012," reads thehalf-yearly survey conducted by valuator Darian, one of the leadingplayers on the market.
According to the real estate index calculated by ZF, average pricesof three-room Bucharest apartments dropped to 81,000 euros inmid-year, after a 160,000-euro high reached in the spring of 2008."When people see the new heat bills in autumn, prices will go evenfurther down," says Adrian Crivii, general manager of Darian.
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