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Real Estate: Prices of Bucharest flats have decreased in the past year by 4%
The prices of Bucharest flats have decreased in the past year by 4%, with the largest decline having been recorded for 4-room flats, which had an average price of 88,731 euros in November 2014, by some 4,000 euros less than 12 months ago, reads a survey issued on Tuesday .
Studio flats and 3-room ones were cheaper by 3% compared to November 2013, with the only relatively constant prices being those for 2-room flats, which went down by only 1%. An analysis based on statistics generated by the website anunturiparticulari.ro shows that in Bucharest, a 2-room flat was put up for sale in November 2014 for an average price of 50,155 euros, compared to 50,692 euros in November 2013. Compared to two years ago, the price is by 8% lower and versus the same month in 2007, the price is half.
Approximately the same situation is met in the case of studio flats, with an average sale price asked by owners of 31,454 euros in November, compared to 32,268 euros in November a year earlier. Compared to two years ago, the price is by 10% lower, and versus November 2007, it is around 54% lower.
The average price for which a 3-room flat was put up for sale in Bucharest, in November 2014, was 69,320 euros, compared to 71,310 euros in the same month of 2013. But versus November 2012, the price is by 10% lower this year, and compared to the same month of 2007, it is almost twice lower. The 4-room flats have had the lowest variation in the past two years, with their average price having decreased from 91,357 euros in November 2012 to 88,731 euros in the same month of 2014, but compared to 2007, their price has almost halved (181,022 euros).
Even if the number of sale offers on the market is growing, the continuation of the First Home programme, along with the relaxation shown by banks regarding lending and the low interest rates on the mortgage loans in lei, encourages the home buying and leads to a balance on the market and stability of prices.