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11. 01. 12. - 14:00

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11. 01. 12. - 14:00

Spectacular price drop for luxury properties

Romanian Times

Luxury real estate has become cheaper by as much as 1.2 million Euros, due to the economic crisis and low demand, a report by real estate website imobiliare.ro shows.

A villa in Constanta on the Black Sea coast, built in 2007, with three storeys, 699 square metres living space, with 14 rooms and 12 bathrooms, completely furnished and with a Black Sea panorama, including 577 square metres of garden, is for sale for 1.8 million Euros, down from 2.9 million Euros.

While real estate prices dropped by 4.1 per cent on average, luxury property prices suffered cuts of hundreds of thousands of Euros, the most spectacular being a 1.2 million Euro cut.

In 2011, property prices dropped on average by 16 per cent, compared to the previous year, and in 2010, by 21 per cent, compared to the boom prices back in 2009.

According to imobiliare.ro, hundreds of Romanian properties exceeding 1 million Euros were for sale, a maximum of luxury property ads being registered in April, when there were 331 ads posted online.

The most expensive property for sale in Romania in 2011 was the Stirbey Palace in Buftea, near Bucharest, for sale for 20.5 million Euros.

The website imobiliare.ro gathers real estate ads and it says it has over 30,000 unique visitors per day.

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