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Real estate: Expert: We estimate stagnation of prices and demand in Bucharest
Apartment prices in Bucharest are now 40% lower than before the economic crisis, Adrian Stanescu, project manager of Imobiliarium Fair declared for News.ro. The fourth edition of Imobiliarium will be held between October 12 and 14, in Bucharest. The edition will host 62 developers presenting and offer of 88 residential ensembles.
Stanescu estimates a price and demand stagnation in the Capital in the future and an increase of smart homes and extension of the search period for buyers. At the same time, Stanescu considers that “First Home”program will disappear. “Prices will stagnate for Bucharest. The market has reached a nature level, with a significant offer to be delivered, if not affected by changes of credit offers, political conditions or various events,” Stanescu declared.
Asked about the tendencies of the Romanians’ options when they are looking for homes, Stanescu says the two-room variant is still in the top, while homes are slowly growing in preferences.
“a niche is developing - passive, active, smart homes - with low energy consumption and losses. The average budget has grown - at Imobiliarium it is around 80,000 euro. But it gre at the same time with the buyer’s education and a higher living standard,” Stanescu pointed out.
The real estate expert considers that “First Home” program is slowly dying and will disappear.
“The continuation of the program will be short and will disappear. The difference against mortgage credits is low and its limits are many, compared to mortgage credits. The only reason it still exists is the low down payment, which is a so-called advantage,” Stanescu mentions.