The latest study released by the real estate platform imobiliare.ro shows that demand for property has decreased by 15%, if comparing the first trimester of last year with the same period of this year.
However, for luxury and premium projects, there is still consistent demand, according to Andreea Comsa, Managing Director Premier Estate.
On the one hand, there are clients who can afford to buy a property, but are postponing the decision due to economic uncertainty and high inflation, and on the other there are those who want to invest in a luxury apartment in order to avoid inflation and protect their money.
“The most affected segment is affordable housing, where people buy to live and need a loan from the bank. As we know, the residential market is the one most influenced by current events: it booms when the news is good, and it’s affected when people receive bad news and there is uncertainty,” she added.
Andreea believes we are witnessing a correction in the market, where “many people, who are not professional, will disappear for sure”, and only those who are serious will remain: “those who want to make professional projects from the beginning to the end.”
She also thinks buyers are more educated by the new era of sustainability, they know about heating pumps and solar panels. The only reason buyers went for the cheaper properties is because they couldn’t afford to invest in apartments with better technology.
“In the future, we’ll see more built-to-let apartments, clients going towards rental instead of buying in projects developed overnight, which are very questionable,” she believes.
