New House Prices in Romania to Increase by 20% Next Three Years

New House Prices in Romania to Increase by 20% Next Three Years

According to the latest report by Colliers International, the price of housing units built in new residential complexes in Bucharest will continue to increase in the next two-three years, by an average 15-20 per cent per year, and the demand will reach 10,000 units a year by 2010.

“High quality projects will witness a more significant increase, while the others, e.g. those in less attractive areas, stand sound chances to keep their initial prices,” Colliers analysts state.

Last year prices of new flats rose by an average 20 per cent, though rates varied with the particular project. “Developers raised prices on a quarterly basis, as the sales volume increased and the project grew better known in the market,” reads the report.

Colliers analysts expect a steady rise in demand in the next three years, up to 10,000 units per year, due to the increase in salaries, to the EU accession and the rise in foreign investments, as well as to the improvement and diversification of mortgage products in the banking sector.

According to Colliers, if all the projects announced so far are finalised, the demand will be met by the supply. “We can see that the total supply by 2010 is close to 20,000 units. If we add the 10,000 units in the projects most likely to be launched in the next three years, we have a potential supply of approx. 30,000 units,” reads the report.

Colliers officials estimate however that less than half of the announced projects will actually be developed, which points to a likely supply of 15,000 new flats in the market by 2010. For this year, real estate analysts believe approx. 5,000 units will be available.

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