OLX: How do Romanians set their budget for buying a home (Demo)

Over 37% of Romanians who want to buy a house or apartment set their budget for such a purchase depending on the cash they have: from personal funds or money obtained from the sale of another property. Almost 27% of them say that the type of dwelling they intend to buy dictates the budget, according to a study by Storia.ro and OLX Imobiliare.

On the other hand, 23.1% of the Romanians surveyed showed that the weight of a potential rate of monthly disposable income is the most important criterion they take into account when outlining the amount they are willing to spend on a dwelling . 12.1% said that the budget is directly dependent on the money they can get from financing sources such as mortgage loans or First Home (Prima Casa) type.

Once they have set a budget, the Romanians are hard to persuade to turn away from it: even if they find a home that they like, 42.2% of respondents prefer to resume prospecting the residential market if its price exceeds the budget originally set , while 35.6% of them say they are willing to allocate up to 10% more if they do, however, fulfill all the other expectations they have. Almost 14% of Romanians have indicated they are flexible in terms of budget and have not set a concrete amount for the purchase of a dwelling.

When it comes to how to finance the purchase of a dwelling, 55.1% of respondents indicated they wanted to make full cash, while 25.4% would opt for a mortgage loan and 13.6% for a loan First House. 5.7% of respondents claim that they consider other funding options (property exchange plus difference, developer rates, etc.). In fact, 47.5% of Romanians in research who want to use a mortgage or First Home would be willing to allocate between 30 and 50% of their monthly income to pay a rate, while almost 47% are comfortable with a rate of up to 30% of income.

However, many of the respondents who are considering housing credit plan plan to contract a long-term loan, 39.6% of them opting for a period of 20 to 30 years and 34.3% for one 10 to 20 years. A little over 6.5% of those surveyed said they would contract a shorter term loan of up to five years to buy a home. Asked what the estimated budget it intends to allocate for the purchase of a home, over two-thirds of the respondents opted for up to 50,000 euros, while 26.6% of them are preparing to spend between 50,000 and 100,000 euros. About 5.5% of Romanians surveyed have shown willingness to allocate more than € 100,000 to buy a home.

The immediate need for housing is quite high given that over a third of respondents want to buy a home in the next three months, while 22.7% of them plan to purchase such a home in the next three to six months. For another 25.1% of the respondents, purchasing a home or apartment is a longer-term decision that could materialize over the next six to 12 months, and almost 18% claim that the time horizon is over one year. Most of the Romanians surveyed, 43.9%, are interested in buying an apartment – 22% would opt for two-room apartments, 12.6% were looking for studios, and 9.3% were interested in apartments with three or more rooms.

33.7% of Romanians plan to buy a house – 21.7% are interested in a house with no more than three rooms and 9.4% one with at least four rooms. In the top of the areas where the respondents intend to buy a house or apartment is Bucharest, with over 16% of options, followed by Cluj (8.02%), Iasi (5.8%), Brasov (5, 7%), Timis (4.5%) and Bihor (4.3). The survey was conducted throughout August on Storia.ro and OLX Imobiliare platforms and involved 5,151 respondents. Almost 52% of Romanians in research are aged between 25 and 44 years, while 41.8% are over 45 and 6.4% are between 18 and 24 years of age.

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