Bucharest New Housing Sales Fall On Low Consumer Confidence

Bucharest’s stockpile of newly-built housing stood at 10,000 units in the beginning of the year, with less than a quarter sold so far for prices below EUR90,000, the threshold applied for 5% VAT eligibility, according to a survey by real estate consultancy firm Real Time.

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The survey notes that in 2007 some 95% of dwellings were selling in the project phase, and there were also cases where units were sold before construction permits were obtained. However, only 5% of units were sold early in the construction phase this year.

Reasons for the downward evolution of sales on the segment analyzed include reduced consumer confidence and lowered job security, according to the document.

Real Time analysis also showed the prices fell by around 15% this year to an average of EUR1,158 per square meter.

The survey was presented within the tIMOn real estate fair held in Bucharest between December 2 and 5.

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