Luxury real estate has become cheaper by as much as 1 200 000 еuros, due to the economic crisis and low demand, a report by real estate website imobiliare.ro shows.
A villa in Constanta on the Black Sea coast, built in 2007, with three stores, 699 square metres living space, with 14 rooms and 12 bathrooms, completely furnished and with a Black Sea panorama, including 577 square metres of garden, is for sale for 1 800 000 euros, down from 2 900 000 euros.
While real estate prices dropped by 4,1 % on average, luxury property prices suffered cuts of hundreds of thousands of Euros.
Source: http://www.romaniantimes.at/news/Business/2012-01-11/19114/Spectacular_price_drop_for_luxury_properties