Initial and final prices in a residential ensemble vary by 15-50%

Publish date: 12-11-2007
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Prices in a residential ensemble may change weekly, monthly, every few months or not at all, according to the developer's policy, and the differences between the initial and the final prices vary by 15-50%, declared for NewsIn Regatta's Residential Projects Manager, Sorin Lacusta.

According to real estate analysts, the prices of the dwellings in a residential ensemble may be modified by the developer, a contracted apartment amountingto a final cost higher by 50% than at the start of the works. Most developers provide these clauses in the contract, but there are cases when the buyers must borrow more money to pay the last installment and to receive the dwelling.

"The main market attacked by developers is the middle one. Next choices are for the upper middle class and, quite modest, the luxury segment, and the differences between the initial prices and those for which the apartments are sold at the end of the project, vary between 15% and 50%", said Lacusta, who asserts that the sought after and easy to buy apartments in residential ensembles are those with relatively small areas, and at this moment the product quality comes second.

"The first dwelling type that sells are one-room apartments. They lead by far. Then come the three- and two-room apartments, the four-room apartments coming on the last place. Low prices and lower floors are still prefered by Romanians", added Regatta's Residential Projects Manager.

The Regatta representative says that the income of those who buy medium class dwellings in residential ensembles varies between 1 000 and 3 000 euros/month/family, and, on the upper middle class population segment, the income exceeds 3 000 euros /month/family.

"The buyers may be atttached to the name of the project, but product quality and price, and the advantages it brings are the decisional elements. Around 80% of the offers in our portfolio have been sold by mortgage credit", Lacusta concluded.

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