Colliers International to track Bucharest property prices

Newsroom 19/05/2008 | 15:37

According to the company, this would be the first real estate index conducted in Romania and is set to become an evaluating tool for the Bucharest property market. Released quarterly, the BREI will monitor the prices of apartments. It aims to be an objective tool in helping to reduce the confusion over the evolution of the Bucharest real estate market, according to Colliers representatives.
The BREI relies on eight secondary indicators which track the development of prices of apartments in the six districts of the capital, including both old apartments built before 1990 and the new units located in recently built or underway residential compounds. The Colliers consultants said that the BREI would use an algorithm based on different elements that contribute to the final sale price of an apartment, such as the percentage of sales registered in a specific area, and the differences in built areas within an apartment.
The Colliers index follows several similar initiatives from the National Agency for Cadastre and Land Registration (ANCPI), which was planning to draw up a report on the real estate market.
The Central Bank previously announced it was in discussions with the National Union of Public Notaries in Romania and the National Institute of Statistics in order to put together a similar database.

Magda Purice

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