The most obvious price decreases were registered in the western and southern parts of Bucharest. In these areas the price of a square meter of land fell by 77% and 75%, respectively, compared with 2008, imopedia.ro said in a press release Monday.
Land has been the most affected real estate segment since the beginning of the crisis. Sales have been severely impacted, which triggered significant price decreases, reads the press release.
In northern Bucharest, land prices have dropped by as much as 65% since the beginning of the crisis, while the price of land outside Bucharest has fallen by as much as 94%.
About 77% of prospective land buyers are interested in inner city land.
Most buyers prefer plots of land of 250-500 square meters at prices ranging between EUR15,000 and EUR50,000. Land at prices ranging between EUR50,000 and EUR150,000 attracts only 19% of the portal’s visitors. Only 5% of them are interested in land of over EUR150,000 and 21% look for land at prices below EUR15,000.