The global economic crisis that spread in the Romanian real estate market, triggered price falls of even 50% in luxury residential properties segment, according to representatives of EuroMetropola.
According to the real estate advisor, the prices of real estate properties, with unique architecture registered a steep decline lately, even by 50%. However, insiders say the situation is not generalized.
“We cannot say there is a general price downtrend for premium residences. These are only opportunities. In general, those who hold this type of real estates expect a bid from the potential buyer, and given the amount of the bid, he will start negotiating. Everybody is aware of the poor market conditions and even if there is not quite the best moment for vendors, many of the operators refuse to lower the price, saying it is a sign of vulnerability”, EuroMetropola officials added.
For example, a mansion in Dorobanti area that was initially priced at 3.5 million euros, now it is worth only 1.7 million euros, namely 52% discount.
A mansion in Cismigiu area that was initially tagged with 1.25% is now costing 750,000 euros, with a 40% discount.
Article comments "EuroMetropola: financial crisis pushes prices for luxury residences and condos down 50%"
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