The asking price for a one-bedroom apartment with a surface of 55 usable square meters in an old building is currently €58,000-62,000. At a price of €700-800/usable square meters, its price could drop to €38,500-44,000.
“It is difficult to anticipate the moment when the residential market will rebound. We are talking about a complex situation, which is far beyond the real estate segment. This situation will certainly improve when all the other economic sectors show positive signs of rebounding. The market will probably level off in the second part of next year,” the Head of Residential Department DTZ Echinox, Mihaela Pana, said.
“There is a theory that has been circulating for the past few years, which states that you should be able to purchase one square meter of apartment with two average monthly salaries. It is an issue of accessibility. In Romania, where the average income is slightly above €300, this means it [the price] should be somewhere around €600-700/square meter, whether the apartment is new or older. This is the total price, VAT [value-added tax] included,” real estate analyst Ion Radu Zilisteanu said.
