New Apartments in Bucharest Unaffordable for Many Romanians

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New Apartments in Bucharest Unaffordable for Many Romanians

For the vast majority of Bucharest residents the purchase of a new apartment remains an almost impossible mission, considering that for projects within the city limits, studio prices start from around 60,000 euros, shows a ZF analysis.

In other words, unless you make at least 600 euros a month, it is almost impossible to afford an around 350-euro instalment for a 57,000-euro loan through the First home scheme, through which one can buy a studio in Bucureştii Noi or Obor.

According to the latest data from the National Statistics Institute, the average net salary in Bucharest is 1,864 lei (440 euros), which could barely cover the monthly instalment for a studio in an old block on the outskirts of Bucharest. How much do new apartments cost now?

For instance real estate consultancy Real Time has apartments for sale in seven new housing complexes in Bucharest, with the cheapest one being a studio whose starting price is 57,000 euros, VAT included, in the Armonia project of the Titan district.

In the Metropolis Residence project in the Bucureştii Noi area, studio prices start from 62,000 euros plus VAT, i.e. slightly over 65,000 euros VAT included, while in the Obor Towers complex near the 2nd district's city hall, studio prices start from 63,800 euros plus VAT. Obor studios cost as much as a two-room apartment in Titan's Optima complex.

Source: Ziarul Financiar

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