"As in all other industries, the effects of the period of social isolation were felt in real estate. Although there is a moderation in purchases, buyers eventually choose larger spaces and we notice mainly a bias towards the segment of individual houses. On the other hand, compared to rents, there are changes in large cities, also caused by the social context, which will most likely materialize in price corrections. However, the uncertainty that characterizes this period does not allow us to make predictions but for short periods, the changes being directly proportional to the evolution of the medical situation", said Răzvan Cuc, President of RE / MAX Romania.
According to RE / MAX data, obtained from network intermediation concluded at national level, since June 2020, so far, 69% of transactions have been made from own funds and only 31% through a loan. Thus, during this period, the buyer of residential properties is mainly represented by individuals (respectively families) who have pre-approved loans or liquidity and who aim for a larger area of housing. In fact, individual houses are currently the most attractive market segment, and demand for this type of housing has increased by about 50% over the previous year.
At the same time, in the third quarter of this year, the share of the rental segment, out of the total transactions made by the RE / MAX offices, remained at approximately the same level compared to the previous year, respectively 10.2% in Q3 2020, compared to 10.1% Q3 2019.
On the other hand, the representatives of RE / MAX Romania expect price corrections in certain cities, a trend caused by a decrease in demand in large universities, which is based on the suspension of physical courses in educational institutions. (source: RE / MAX Romania)
