Price declines after tree years of crisis: almost none in lei for new apartments - financiare.ro
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News » April, 2011 » 18 April 2011

Price declines after tree years of crisis: almost none in lei for new apartments
18.04.2011, 23:54 | Real Estate | 909 views



The prices of new Bucharest apartments have dropped, almost three years since the onset of the real estate crisis, by just 15-17% in a series of housing complexes, a "discount" that for potential buyers is practically cancelled out by the 13% leu depreciation.

Over 90% of Romanian employees are paid in lei, without taking into account the trend of the national currency against the euro.

In April 2008, when Bucharest apartment prices started going down, the euro/leu exchange rate stood at 3.64 lei, while in March 2011 it reached 4.16 lei. During the same interval, average salaries nationwide remained constant, with increases in certain sectors being offset by budgetary system cuts.

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