Prices on the real estate market in Romania to grow at a 5% pace every three months, analysts sayPublish date: 21-02-2008
The real estate market in Romania will continue its ascending trend this year with prices for dwellings going up 5 percent every three-four months, real estate consultants present at the National Real Estate Fair said.
Prices for some dwellings hiked 5 to 20 percent from the beginning of the year to present, fair organizer Vlad Vlasceanu said.
The first months of 2008 continue the tendencies seen at the end of 2007, Vlasceanu said. The progress of the real estates is a proof the market will keep developing towards maturity and not a sign of collapsing, Vlasceanu noticed.
There is a 30,000-dwelling deficit in Bucharest and some 3,000 dwellings are delivered each year, therefore the market will be effervescent at least ten years from now, consultants with Media City real estate agency deem.
Developers are also convinced the market will continue growing and warned about the harsh competition. Prices for old apartments hiked exaggeratedly and will soon be "suffocated" by the outgrowing number of new ones, real estate consultants deem.
The spring edition of the National Real Estate Fair debuted today at World Trade Center in Bucharest. Its first exhibition will bring together 35 developers and some 10,000 dwellings. The program starts at 10 a.m. until 7 p.m. during the week and closes at 4 p.m. on Sundays. Access is free.
The spring edition will continue with exhibitions from March 19 to 23 and April 9 to 13. A second edition of the fair will be organized in May in Constanta followed by territorial exhibitions in Brasov, Iasi, Timisoara, Cluj and Sibiu.
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