Recession weighs on luxury apartment rents

Rental levels for luxury apartment fell between 30 and 70% since the onset of the financial crisis, the location of the apartments being the most important factor in the end-rent, representatives of Regatta real estate consultant said.

Luxury apartment rental levels dropped 30% - 70% since fall 2008 to date, the biggest decline being observed in spaces that were overpriced before the recession. Today, landlords seem to be more open for negotiation and are willing to accept a lower rent than what they had initially asked.

“90% of those who want to rent a luxury apartment are expatriates working in large multinational companies. The remaining 10% are businessmen, Romanians usually”, said Eduard Uzunov (photo), chairman of Regatta Real Estate.

A 120-sqm apartment in Dorobanti is put up for rent for €1,500/month, according to postings on Regatta’s web postings. In Herastrau, a 350sqm villa with 200-sqm backyard is available for rent at €3,500/month.

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