Rents reach historic minimum in last 3 years

The average rental fee for Bucharest apartments reached a historic minimum for the last 3 years in October, according to a survey conducted by the web site AnunturiParticulari.ro, quoted by Agerpres. Thus in October, the average rent charged by owners for a studio fell to EUR 279, i.e. 4 pc lower than in September. For 2-room suites, the average rental fee was EUR 390, down 3 pc from the previous month. For 3-room suites, rents lost an average 1.3 pc last month, to EUR 533.

The only increase was registered in the 4-room category, with an average EUR 860, accounting for an 11 pc increase over September's level. A total 2,850 apartments were put out for rent in October, half of them being studios - a total 1,220 units, down 23 pc from the previous month.

Another study, carried by BNP Paribas, shows the residential market is favourable to buyers, due to price cuts and the increased flexibility of developers. According to the same source, potential customers are almost exclusively interested by housing units that are almost completed.

In general, sale prices for the apartments aimed at the average and above-average segments oscillated between 1,100 and 1,500 EUR/sq m, with lower prices for those located on town outskirts. The office segment is favorable to tenants and there is an obvious imbalance between demand and offer. Furthermore, in commercial centers, rental fees registered a downward trend, especially in the case of projects with a high availability of commercial areas.

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