The demand for finished apartments with Act 16 has recorded an increase, whereas the buy of off-plan residential real estates has slumped. The market offers limited supply of ready ones.
Meanwhile apartments, which were bought two or three years ago for investment purposes, are neither offered for rent, nor are on sale yet. The superiority of off-plan property supply and the shortage of pre-fab flats have formed the main trend for the first six months of the current year. Those who wished to gain a brand new apartment in the second half of 2006 had to pay an average of 710 euro/sq m, while the corresponding figure for the first half of 2007 stood at 735 euro/sq m.
Despite the significant grow in the prices of pre-fabs and the fact that they have almost reached the prices of off-plan flats, only a few owners put their properties on the market for sale at the beginning of 2007. The low supply of finished flats, which characterised the first half of the year, resulted in an 11 % price hike on ready apartments.