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Bucharest Apartment Prices Return To Falling As ‘First Home’ Boost Fades – Survey

Bucharest old apartment prices resumed falling in October, as the wave of increases following the government’s “First Home” stimulus program gradually faded away, Romanian realty web portal Imopedia said in a survey Thursday.
Bucharest Apartment Prices Return To Falling As ‘First Home’ Boost Fades - Survey
29 oct. 2009, 15:15, English

It said old apartments cost up to 12% less than they did in August, after the start of the stimulus program which offers first-time home buyers a series of facilities to mortgage loans.

„Neither homeowners nor realtors believe in the illusion of a turnaround in demand any more, at least not this year. The price increases due to the ‘First Home’ program over the summer have been wiped clean,” said Razban Muntean, general manager of Imopedia.

Muntean added the downfall on the real estate market seems to be „unstoppable”, as prices decreased at a faster pace in October compared with the month earlier.

„Starting with mid-September, newly uploaded offers on Imopedia.ro have been cheaper and they kept decreasing into October as well,” the survey noted.

Imopedia.ro web portal hosts over half a million offers uploaded by Romanian realtors.