Residential sales in the Bucharest and Ilfov area were only 3.8% smaller in Q3 2023 than those registered in Q3 2022, which was a record year, according to a SVN Romania report.
SVN’s estimate shows that 2023 could close with a total home sales result which will be about 25% higher than the one registered in 2020
”Most of the banks have lending offers with fixed interest rates below the IRCC level, which denotes confidence in the evolution of the local residential market, in a context in which over 60% of home deals are concluded exclusively with cash,” stated Andrei Sarbu, CEO of SVN Romania. The agency points out that 86 average wages (or 7.2 years) at a national level are needed today for buying a one-bedroom new apartment in Bucharest, with a net surface of 50 sqm.
Moreover, the number of residential transactions closed in Bucharest and its surroundings in the first ten months of 2023 was 17.5% smaller than the one registered in the similar period from 2022.
All these developments were registered in a context in which the number of home deliveries registered in Bucharest and Ilfov county fell by an annual rate of 5,3% in the first six months of 2023.
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