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Real Estate: Average price in residential sector may rise by 5-10% in 2021
The average price in residential sector in Romania may go up by 5-10% this year, the key factors that influence the market being accessibility, the labor force occupation rate, interest rates, according to a study made by a real estate company.
“Apartments and duplexes are properties most looked for in Romania and the luxury market remained constant, families and couples making up the majority of buyers in Romania. Key factors that influence the market are mainly: accessibility, labor force occupation rate and interest rates,” a study made by RE/MAX Romania study shows.
Since the beginning of Covid 19 pandemic, sellers in Romania have been reticent in placing their properties in the market, waiting to see the development of the economic situation, determined by the crisis. Specialists estimate that the trend will continue throughout 2021.
According to the source quoted, in 2020 the average sale price for non family houses was 182,500 euros in urban areas and 116,250 euros in rural areas, on the rise compared to 2019, when the indicator was 175,000 euros for urban areas and 90,000 euros for rural ones.
For apartments, the average sale price was, last year, 67,250 euros in the urban area and 45,000 euros in the rural one, while in 2019 it was 65,000 euros and 42,500 euros respectively.
In Romania, RE/MAX is the biggest franchised real estate office network, with the highest number of real estate agents. It has now over 50 franchises and 600 members, and is considered the most powerful national real estate brand. The RE/MAX Romania extension plan at national level has in view 110 franchised offices and over 1,000 real estate agents by 2023.
At world level, RE/MAX is a leader in real estate, being the number one franchise at global level in this segment. The company set up in Denver in 1973, has now over 125,000 affiliated agents in 8,000 offices in 110 countries worldwide. In Europe, RE/MAX is now present in 40 countries, with over 2,000 offices and 26,000 agents and continues to expand.