Average Romanian earner takes 60 years to buy a new apartment, PwC

Newsroom 03/11/2008 | 16:38

On other markets, this can happen in 20 years, but ideally it happens in 10 to 15 years,” says Speranta Munteanu, head of the real estate department at PwC. The average salary in Romania used in the calculation is RON 1,728, the equivalent of about EUR 470. The figure represents Romanians' declared earnings, but the picture may be skewed by the fact that many people still receive their salaries under the table. According to specialists, developers will try to increase the weight of the construction and financing costs in the final price, which will push up the sum paid by the final buyer.
Deals with new apartments dropped this year, due to fears of price corrections following the international financial crisis. Buyers currently prefer to wait for the market to stabilize, but a new impediment to buying new apartments came in the form of the new Central Bank lending regulations. Pundits expect the new rules, which will prevent many from accessing loans and reduce the sums borrowers can access, to lead to a drop in transactions as well.
Corina Saceanu

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