The shortage of housing on the local market, which has led to a significant price jump in Bucharest, is surprising even for foreign officials. Prices of real estate properties in Romania are much higher than those in other European states, the IMF representative for Romania and Bulgaria, Juan Jose Fernandez Ansola, was quoted as saying by Mediafax. "I compared prices in Romania with prices in other neighbouring countries, and I was surprised to see that real estate prices in Bucharest are twice as high as in Sofia," stated the representative of the International Monetary Fund. Ansola spoke of a friend who was looking to rent a property in Paris, at the same time when Ansola was looking for a home in Bucharest. "My friend rented a property at the same time as me, but in Paris, near the Arc de Triomphe, and rented for a lower price than my property," said Ansola. Rent for homes in Paris starts from 300 euros, for a nine square-metre home, an offer which does not exist on the local market, whilst a six-room, 170 square-metre apartment in a semi-central area in the French capital exceeds 5,000 euros. On the other hand, a six-room duplex in the Dorobantilor area in Bucharest can be rented for 2,500 euros plus VAT, shows data from real estate consulting firms on the market. "The number of available homes is a lot smaller than the market demand. Our colleagues from the residential sales department say that there is demand for 300,000 homes in Bucharest, according to the latest studies, but the ongoing projects, to be completed within the next two or three years, won't make more than 50,000 homes available," said Liliana Vasile, Residential Rental & Relocation Department Manager of the real estate consulting company Regatta.
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