Several years ago, when apartments under construction now werejust scale models, developers and consultants said prices wouldrise as the delivery date drew near. However, the crisis came withfinished apartments at lower prices, BUSINESS Magazin says.
Finished studios at 40,000 euros and apartments fit even for the"First Home" programme that set a loan cap of 60,000 euros. Twoyears ago, such prices seemed almost impossible, especially incomplexes with several hundreds of housing units generallyincluding facilities such as retail space. The only options werehomes at the outskirts of the city, which is valid now, too, butcurrent offers include finished homes, or homes that will befinalised this year.
"It's very difficult to find such offers in semi-central areas orthat are not at the outskirts of Bucharest. Land acquisition costswere higher when projects were started, construction costs werehigher and the developers of projects in better areas are not yetwilling to cut prices, either," comments Valentin Ilie, CEO ofColdwell Banker Affiliates of Romania, a real estate companybrokering the biggest portfolio of both new and oldapartments.
The cheapest studio and two-room apartment offers are indeed forhousing projects located in the outskirts such as PrelungireaGhencea, the exit to Autostrada Soarelui or Titan. The cheapeststudio for instance is in Rasarit de Soare project developed byConarg in Titan district. The studio has a 47 square metre builtarea and a price of 40,900 euros, followed in BUSINESS Magazin'sranking by a studio in Confort City project at a price of 41,475euros. The situation is similar in the case of two-roomapartments.
Can a two-room apartment be built in a better area and sold for60,000 euros? Valentin Ilie makes some calculations. "Yes, this ispossible, but works should start now, when construction costs arelower and one stands the chance of finding a plot of land at theprice of a distressed asset".
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