Apartment Rental Prices Evolution in Romania
Since 1990, prices for renting or buying real estate properties in Romania has been constantly growing, knowing even an explosive stage, when they doubled at a few months interval, making investors consider investing even more, because the forecast profits were really mind blowing. This is how “inchirieri apartamente Ploiesti” has become a term that’s seeing a lot of searches on the internet lately.
Home rental prices evolution in Ploiesti and all over Romania was steep. If in 2006 and even in early 2007 there were lots of offers for as little as 100 Eur – 150 Eur for 1-2 rooms apartments, in 2008 it was really difficult to find something decent under 400 Eur – 500 Eur per month. There were situations in which prices were higher than in Austria, Spain or Italy, although Romania is far behind those countries when it comes to the purchasing power of the average people. By the middle of 2008 and mostly in the beginning of 2009, the crisis that was already affecting the US real estate landed in Romania, causing a real crash of the local real estate market mainly in the segment of apartments in old buildings. A study done by Colliers has shown that in 2006 there were 17780 such apartments sold, while in 2007 there were only 16700, which means a 6% decrease. There were voices, in early 2008, who predicted a severe real estate crisis, but not many listened. As those voices belonged to important business people, there were rumors that they wanted only to influence the prices, so they can make even more profitable investments. When times proved those persons were right, the crisis was already affecting the financial and economic life of Romania. Anyway, for many developers it was already too late to stop their real estate projects which had already consumed huge budgets by that time, so they needed to be finished.
Speaking of Ploiesti or of Prahova in general, prices followed the overall trend: rental and sale prices for old apartments went on a steep descendant path, while newer buildings also decreased but not as dramatically. With banks becoming more severe when lending money to the population, developers had trouble in finding customers for their new dwellings, despite the fact that they tried to make them smaller, in order for the total price to be more accessible to a wider category of buyers.
Like other cities in Romania, Ploiesti has a wide offer of apartment rentals. One can find a nice place to stay for as little as 300 Eur per month, but if luxury and excellent area are a must, prices can go as high as 1500 Eur per month for the same number or rooms. Of course, comfort is much better, but if money is an issue, there are also cheaper apartments for rent which feature modern renovations and new furniture.
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