The sales volume on the luxury housing unit market will halve to some 100 million euros in 2009, one tenth of the entire residential market, due to the low number of deliveries expected this year, of about 100 units, according to Bogdan Voica, Managing Partner of John Taylor, a company which brokers the sale of luxury properties, and which has recently entered the local market, Business Standard reported.

Last year, some 200 luxury housing units were delivered on the market, most of which have been sold. Those which have not been sold were leased," Voica said, adding that most housing units sold last year were bought by Romanians, whose standard of living has increased in the past five-seven years, and who are not as affected by the crisis as the rest of the clients.

The price of luxury homes ranges between 600,000 euros and 1.3 mln euros, and these are usually built in 10-15 unit buildings or as penthouses within residential complexes.

Monthly rents amount to 3,500-5,000 euros, and can even reach 7,000 euros for villas rented by companies.

Source: Business Standard