“The drop in prices in the first half of this year varied between 15 percent and 40 percent compared to the same period in 2008, depending on location, completion stage, and features, as well as the strategy of developers. At present, sale prices expressed in euro are at the 2005 levels. Expressed in the national currency, they did not register the same reduction due to the depreciation of the leu against the euro by some 17 percent between September 2008 and June 2009,” according to the latest report by CB Richard Ellis (CBRE).
The authors of the study expect prices will continue to drop in the near future, due to the shortage of cash of potential clients. Rents also fell in the first six months of 2009 by 10-30 percent year-on-year. One-bedroom apartments are the most sought-after properties for lease, compared to two-bedroom apartments in 2008.
