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Three-room flats in Bucharest become increasingly harder to sell

Three-room flats in Bucharest become increasingly harder to sell
16.07.2008, 18:01 8

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 magazinuldecase.ro 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.

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