According to agency officials, there has been no drop in price since the property was put up for sale, despite the fluctuations generated by the financial crisis and registered by the local real estate market. The second-most expensive home is also part of the DTZ Echinox portfolio and is valued at €4.2 mln. “The decline in price since the property was put up for sale was in keeping with the market trend, namely 30-40 percent of prices posted in 2007,” said Mihaela Pana, Head of the Residential Department of DTZ Echinox.
Since the beginning of this year, DTZ Echinox sold two luxury homes, a villa worth €2.4 mln and a penthouse for €1 mln. According to real estate specialists, those who buy or sell luxury properties in Romania are experienced individual investors, part of a “high-level network of individuals,” and most of the time this is not their first acquisition or sale.
Buyers of luxury homes are not only looking for a place to live, but rather for locations which stand out because of their architecture or other esthetical values. The Romanian luxury home market was recently expanded through Willbrook Soho Residence, which has recently entered the portfolio of Coldwell Banker Opera.
