English
The decrease recorded last year regarding the number of residential homes completed by construction companies will be maintained during 2024, according to Gabriel Blăniţă, Associate Director Valuation & Advisory Services at the Colliers consulting company.
Gabriel Blăniţă recently told the BURSA newspaper: "Sales in 2023 were only 16% lower compared to the record in 2022, which represents a positive result in a year full of challenges. Nationally, the number of apartment transactions was down 10% in 2023 from the previous year and about 13% from the record year in 2021. Despite the many challenges and changes of the past year, the residential market has shown resilience, supported by a significant rise in wage income, which outpaced both the rate of inflation and house price growth over this period. However, the beginning of 2024 is not marked by the same positive dynamics as at the end of 2023. The increase in taxes and fees, the slowdown of the labor market and the significant decrease in the number of building permits in 2023 will cause the residential market to reach a new level of equilibrium this year, anticipating even greater caution in the early months. Prices had a mixed evolution in 2023, generally with increases below the inflation rate, especially for new projects in attractive areas and with little competition. This trend has contributed to a slight improvement in affordability, but high interest rates limit purchasing power for many potential buyers. The number of completed homes registered a slight decrease during the past year, a trend expected to persist in the coming period".
His Lordship specified that last year's sales and the rapid completion of new real estate projects took place in light of the anticipation of the increase in taxes and duties at the beginning of 2024, in particular the increase of the reduced rate of VAT from 5% to 9%, which prompted many buyers to rush their transactions toward the end of last year.
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