Although home demand has picked up traction this year compared to 2009, buyers’ appetite for old apartments has remained unchanged. Thus, only 30% of Coldwell Banker’s customers are searching for a new home but a mere 10% are actually buying the property.
Real estate adviser Coldwell Banker Affiliates of Romania recorded an increase in house hunting tours by 200% in January-May period this year compared to the same period of 2009.
The structure of clients’ applications has changed, as the demand for commercial spaces, land and real estate projects have had a lower growth rate than the demand for apartments and villas.
“The structure of demand for old apartments versus new apartments remained relatively unchanged in 2010 compared to 2009, namely 70% for old properties and 30% for new ones. In terms of completed deals, the ratio is 90% to 10%”, Coldwell Banker said.
As for apartment prices, the residential market suffered a 30% decline in October 2008 – June 2009, but the launch of the First Home scheme slowed down the price decline.
Coldwell Banker Affiliates of Romania has eleven branches in Romania: eight in Bucharest and three in secondary cities in the country: Campulung, Brasov and Piatra Neamt. The latest unit opened by the real estate adviser is located on Ferdinand boulevard near Obor park and represented a total investment of €25,000.
