Owners of luxury properties opt to rent rather than sell, says DTX Echinox

Newsroom 08/12/2008 | 16:05

The current state of the market has slowed sales on the luxury segment, persuading owners to rent out their property rather than slashing the sales price on a falling market. The availability of high-end rental property has increased due to homes being taken off the sales market and put up for rent, as well as with the completion of several residential complexes whose owners have also decided to rent out their spaces as a result of the lack of buyers. DTZ Echinox said that this trend would continue while buyers remained unable to get credit from banks.
Falling demand on the market has also reduced the price of flats in old blocks. This is due in part to the increasing number of new apartments coming onto the market, with finished developments having started to pop up in semi-central Bucharest areas such as Colentina, Drumul Taberei, Grozavesti, Titan, Vitan and Vacaresti, DTX Echinox specialists said.
Northern Bucharest remains one of the main areas for mid-market and luxury residential compounds, and also a popular area for tenants, the agency found. Reasons include the easy access to Bucharest's commercial districts, the vicinity of business centers and less traffic, according to Oana Lungu, a consultant in the residential department of DTX Echinox.
Magda Purice

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