Three-room flats in Bucharest become increasingly harder to sell

Ziarul Financiar 16.07.2008
The average price of old flats in Bucharest fell 12% on the average in the second quarter of the year, due to the lack of interest in such homes, reveals an analysis by website, which brokers direct real estate deals. As a result of the decline in demand, it now takes up to sixty days to sell a three-room flat. The most severe decrease in prices was that of two-room flats, which became 13% cheaper compared with the first quarter and now cost less than 120,000 euros, down from 136,000 euros. The studios and three-room flats prices went down by 10%, according to the same source. Therefore the average price of a studio fell from 86,500 euros to 78,160 euros and a three-room flat from 177,000 euros to 159,800 euros. The supply of old homes increased significantly against the same period in 2007 (51%), but fell against the first quarter of the year, by 34%, mainly because of the seasonal nature of the market, which peaks in February-March and September-November.