Romania Old Apt Prices Seen Dn 30% By '09

Old apartments in Romania are seen 30% cheaper by the end of 2009, on higher supply, officials of realtor Neocasa Real Estate said Thursday.

According to Georgiana Sandu, head of Neocasa residential department, new apartment prices will see a 5% increase during the mentioned interval.

"Transactions on the residential segment decreased to 3,000 units sold in the first half of the year. The number of new projects was also down compared to 2007, mostly due to a decrease in the number of investors," Sandu said.

She said old apartment prices dropped following the new lending measures introduced by the central bank.

Some 44 residential complexes included 8,000 houses total are due for completion in 2008, excepting the projects that should have been finalized in 2007, Sandu mentioned.

Mediafax