Prices of new dwellings not in Bucharest to rise 25 percent

For the first time, the prices of new dwellings in the country will go up more than those of dwellings in Bucharest. A market study of real estate consultancy company CB Richard Ellis Eurisko says that, if in Bucharest prices will rise 15 percent, on the average, in cities such as Cluj-Napoca, center of Romania, Sibiu, center, Constanta, south-east, or Iasi, east, the rise in price will reach 25 percent.

The prices of apartments will not rise this year as much as in 2007. "In comparison with 2006, in 2007, the prices of new dwellings rose 20-50 percent, on the average, in most areas. The price per built sq m will increase 10-30 percent, because of the rise in the prices of lands, utilities, building materials and work force, and, in all, the final price will rise 5-15 percent, the study also says.
The higher and higher investment in the country, such as the decision of Ford Co. to open a factory in Craiova, that of Siemens to go to Iasi and Nokia to Cluj-Napoca, have decisively contributed to the rise in the price of land in these areas. So, the price of land in Craiova increased 100 percent in 2007. The prices in the real estate market in Brasov (center), increased up to 50 percent last year. But the prices of land in Bucharest went down up to 20 percent in the past six months, in some areas, a sign that developers are more and more distrustful in Bucharest.
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