House Prices In Romania To Lower In The Upcoming Period

Prices on the Romanian residential market could lower in the upcoming period and will be regulated by homes' degree of accessibility instead of the balance between supply and demand, according to real estate network RE/MAX.

"In the following five years, the Romanian market will be healthier. We'll see price adjustments both for old homes and new, as prices shouldn't be regulated by the supply and demand ratio. On a healthy market, prices depend on the degree of accessibility upon acquiring a home," Charles Lemire, managing director of RE/MAX Europe, told MEDIAFAX.

He also added that the time required to sell a home in Romania will increase.

"In other western states, a home may be up for sale for an entire year, which is normal. The fact that a home is sold within five days indicates a market dysfunction that will lead to artificially increased prices. In Romania, the time required for a home to sell will increase in the following period," Lemire said.

Mediafax