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Buyers offer prices even 70% lower than those demanded by real estate market


 
17.03.2009

Buyers offer prices even 70% lower than those demanded by real estate market


 

Кyiv, 17 march - SV Development. The prices offered by potential buyers on the real estate market are even 70% lower than those demanded by the owners and, under these circumstances, the offer of apartments put up for rent has increased by 40 since the beginning of the year, EuroMetropola estimates.

"Most of the buyers or those who are shopping the real estate market focused only to opportunities now. Nobody wants to buy at the "price of the area", but only at "crisis prices", which translates into a sharply negotiated price, sometimes almost up to the cost price ", reads a release of real estate company EuroMetropola.

The consultants of the company estimate that whether it is a matter of residential, industrial, land sales or residential, office or commercial space rentals, under the pretext that "there is a crisis", all customers negotiate very tough and make price offers even 70% lower than the initial demand. "As the waiting period from the listing of a property to its sale or rent increased considerably, as compared to 2007-2008, the owners accept negotiation more easily, sometimes up to even half the price asked, forced by other financial obligations. Under these circumstances, no wonder that the number of apartments put up for sale has increased by 40% from the beginning of the year, and the ranks of those who refuse to sell grow more and more," the release mentions.

The consultants of the company say that, in other market conditions, negotiations would go up to 20%, but since there is no market price anymore, buyers try to force the owners' hand even more. "Prices are calming down, but will not decrease very much. Unfortunately, those who want dramatic price drops, driven by personal interests, do not imagine that this could lead to a collapse of the construction and financial markets. Prices should stagnate at a certain level, which would reveal the quality of the building, the year of construction, finishing, location and other advantages", the release mentions. Real estate consultants estimate there are properties in Bucharest that, even before the crisis, would stay 1-2 years on the market without selling, because the price requested was not justified even in a period when nothing seemed hard to sell. It is the case of some land in areas such as Victoria, Floreasca, Dorobanţi, but also of some inter-war villas in Primăverii and Dorobanţi whose owners were refusing any form of negotiation.

SV Development