Sales Of New Apartments In Cap City Dn 6-Fold In 1H - Colliers

The number of new apartments sold in the capital city Bucharest was almost six-fold lower in the first semester, at 515 units, from 3,000 units in the same period a year ago, according to a survey of Colliers real estate consultancy company.

A number of over 11,000 apartments were put up for sale end-June, the survey also read.

The sales of new apartments were down 15% in the first half of 2009, compared with the second half of 2008.

"The sales decrease had been higher without the inflow of some projects that registered record values, with an average of 10 units per month, enforcing attractive price policies and payment methods," the survey read.

According to Colliers, the real estate market “was affected by the financial crisis in a moment in which the developers should have taken advantage from the record high number of projects started in 2006 and 2007”.

Hence, there are a number of 37 projects left on the market, with a total 14,500 apartments.

As regards the prices, the report said the prices decreased by 12% in the first semester of 2009, compared with the end of 2008.

The price cuts ranged between 4% and 32%, as a reaction of the lack of transactions.

The real estate consultants forecast that at the end of 2009 there is not seen any launching or postponement of projects. Hence, they forecast a slight increase in the sales as a result of price decrease and the launching of the “First House” program.

mediafax.ro