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Real Estate: Coldwell Banker: the selling prices for apartments will not be modified in the next months
Selling prices of the apartments in Bucharest will not be modified in the next months, neither upwards nor downwards, the present level being a correct reflection of the reality, Alexandru Pricop, managing partner of Coldwell Banker considers.
‘An average correct price should not go over 1,000 euro per square metre’ he said.
At present, the real estate market is on stand-by, the buyers and sellers waiting for the clarification of the effects of the commissioning pay law, the decision of the banks with regards to deposit for loans and the resumption of the programme Prima Casa. Even so, there are developers who sell off plan, as they have construction authorisation for residences.
‘There are developers who sell off plan, directly from the paper, after getting construction authorisation. There are investors who buy to hire later and then get yields of 5-6%,better than the interest with a bank deposit’ Pricop said.
Practically, there are buyers for all kinds of residences, in old and new buildings. For the old buildings, the sellers are families with 3-4 room apartments who sell to get two smaller ones, or people who want an upgrade and move in a house or a new building. In exchange, the new buildings are preferred by young families with income of over 1,500 euro, employed in corporations and who choose the residence either close to their job or to the underground.
‘There are many who have bought in the southern part, as the prices are lower but they benefit from the underground to Pipera. Usually people move in the same areas where they lived before, as it is a matter of habit as well as of prices with differences between the neighbourhoods’ Pricop said.
At present, the new real estate market has a value of 500 million euro in Bucharest and a billion euro in Romania.