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Bucharest
July 31, 2021
BUSINESS

Crisis cuts deep into prices, at tIMOn real estate fair

The National Real Estate Fair (tIMOn) started with the smallest prices ever registered on the new dwellings market, with price cuts of up to 50 pc, adevarul.ro reports. Furthermore, some exhibitors came with promotions that would have seemed incredible in the past: fully-equipped houses that cost under EUR 30,000. If, in October 2011, prices at tIMOn went from EUR 31,000 to EUR 1.9 M, this year the offers start from EUR 25,000 and reach a maximum EUR 750,000. Although market experts hail the developers’ efforts to adapt themselves to customers’ demands, this is still a worrying evolution, in the long run. “We must be worried by the fact that no large-scale project has been achieved over the last three years, and the stock does not get renewed. We will reach the moment when we will enjoy small prices for old apartments: we will no longer have new dwellings at prices adapted to market needs and, instead, we will have old homes at whatever prices customers can pay,” said Vlad Vlasceanu, the director of tIMOn, in the opening conference of the fair. Housing demand halved since the advent of the economic crisis, at the end of 2007, although prices dropped by the same percentage meanwhile

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