Low cost house expo. How Romanians fought over the 25,000 Euro studio apartmentPublish date: 20-07-2010
Developers and real estate agencies present at the "Low Cost" Real Estate Expo in Bucharest signed 17 pre-contracts after three days. Hundreds of viewings have been scheduled
They don't waste time in interminable discussions with real estate agents or developers, they know what they want their dream home to look like, and when they find it they pay for it, in cash. That's what the few home buyers that exist today look like, as opposed to the time period before the crisis, when apartments would be paid with money borrowed from banks and real estate deals had record profits.
This could be seen over the past three days at the "Low Cost" Real Estate Expo in Bucharest, at Palatul Copiilor, where according to estimates some 4000 visitors came between Friday and Sunday, to see how much an apartment or a holiday house cost. Some even made purchases: by noon Sunday, 17 pre-contracts had been signed, most paid in cash, of which one was for a Brasov holiday house, explains for Gandul Adina Patilea, PR Coordinator for Project Expo Real Estate Expo, the event organizer.
The 25,000 Euro studio apartments, the cheapest at the expo, were by far the most successful: the real estate agency sold all five. It's true that they're only 30 square meters in size, but they're close to the subway, somewhere in a house near the IMGB subway station.
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