Colliers: Bucharest Apartment Prices Slightly Dn M-M In MayPublish date: 02-06-2009
The prices of both old and new apartments in Romania's capital city, Bucharest, fell by an average 1% on the month in May, and they were down 10% compared with the beginning of the year, according to a report of real estate company Colliers International.
Apartment prices were 28% lower compared with the maximum value touched in April 2008.
According to Colliers, in May, the average price of new apartments reached EUR1,772/square meter, while the old apartment price was at EUR1,131/square meter on average.
According to the report, the market will not adopt a clear move in the upcoming period, thus keeping its irregular oscillations, without a certain tendency. In case of a steady general economic activity, a stable trend might occur in the autumn months.
Colliers representatives said that the buyer's selection criteria have changed lately, so that the elements that used to hike the price six months ago, have lost part of their value.
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