Sellers knock up to 50 percent off price of luxury homes as market sours

However, some owners are still refusing to lower their asking prices, preferring to take the property off the market rather than adapt to the new conditions. Such sellers wait for the buyer to make an offer and then negotiate from there. According to Eurometropola, many owners refuse to lower their prices due to a general feeling that this would be a sign of vulnerability.
A villa in Dorobanti of 450 built sqm with 380 sqm of land had a starting price of EUR 3.5 million and is now on the market for EUR 1.7 million, a deduction of 52 percent. Analyzing this case, Eurometropola consultants said that the major deduction was not due to the effects of the crisis, but because the owners are eager to sell the villa for personal reasons. Generally, owners will not admit to needing cash, fearing that potential buyers will take advantage. In Dorobanti, the average land sale price is estimated at EUR 5,000 per sqm.
Another example cited is a villa in Cismigiu, delivering 540 sqm of built area and 250 sqm land, which has seen 40 percent off the initial asking price of EUR 1.25 million, taking it down to EUR 750,000. A similar case is a de luxe four-room flat in Primaverii whose starting price of EUR 2.2 million was slashed 25 percent to EUR 1.65 million.
Overall, Eurometropola consultants think that such price cuts happen because the owners need to sell their properties as quickly as possible for various reasons, rather than as part of a general trend.
Magda Purice