“The real estate market remains one of the most dynamic sectors in the economy and since it’s a main development driver, especially in emerging economies, periods of turbulence tend to generate large opportunities. We believe 2021 will bring continued development in the residential market, with slight corrections on the retail and office property segments,” said Razvan Cuc, president of RE/MAX Romania.
Property expects think houses will remain a top preference among Romanians in terms of residential choices and most see a price growth or at least stagnation on this segment. Over one third (35%) of realtors polled think house prices will grow by as much as 10% in 2021, while 29% see prices stagnating, and just 20% expect house prices to decline.
One third of respondents also expect land prices to grow by as much as 10% this year.
On the apartment segment, opinions are mixed – while 32% expect apartment prices to remain unchanged this year, 24% expect prices to decline and another 24% expect prices to grow.
On the retail and office property segments, however, 30% of respondents expect price drops of 10% or more this year, as street retail has contracted amid restrictions and growing online commerce, while office occupancy has declined significantly as more employees work remotely.
In terms of rent levels, 35% of realtors expect residential rents to stagnate, while 26% see rents dropping by as much as 10%. On the office market, 32% of respondents expect rents will drop by as much as 10% this year, while another 32% expect rents to drop by more than 10%.