Bucharest: New apartments sales dropped more than five times in Q3 + Q4 2008

The number of new apartments sold within residential projects in Bucharest decreased 50% in 2008, compared to 2007, the rough fall taking place during the second half of the year, when the number of transactions dropped to some 600 units, from the 3300 units sold during the second half of 2007, a study by Colliers International reveals.

The buyers are mainly people that already have the cash and don’t have to appeal to credits.

Colliers International, a real estate consultancy partnership gathering companies active in 51 countries, saw a 15% decrease of the business in Romania in 2008.