Century 21 Study: Most Romanian families can afford houses of 38,000 euros

Considering the standard down payment of 25% requested by banks, the value of houses afforded by a family does not exceed 38,000 euros, a study made by Century 21 real estate agency shows.For Bucharest families who register average incomes a third larger than the rest of the country, the value of accessible houses is around 50,000 euros.
 
“We expect prices in the residential area of Bucharest to go down below 50,000 euros, three room apartments with an average of 670 euros/sq m. built,” said Gabriel Alexandru, vice-president of Century Romania.According to him, the people who afford buying more expensive houses work in the financial field where average accessibility is around 170,000 euros or in the tobacco industry and air transport with an average of 130,000 euros.

Based on this study Century 21 Romania estimates that the real estate market will continue the dropping tendency until the second part of 2010 when prices in this segment may stabilize.
Statistic data published by INS, the National Bank of Romania and the National Commission for Prognosis were used by the study.Century 21 Real Estate LLC is the largest world supplier in the real estate field, with complete training services, management administration and marketing for Century 21 system. The network is made of 8400 real estate agencies held and administered independently in 64 countries of the world. Century 21 Real Estate LLC is a branch of Realogy Corporation USA.