Housing prices, higher across the country and cheaper in Bucharest

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The prices requested for the dwellings on sale nationally were maintained in the third quarter of 2017, at a relatively constant level, compared to the second quarter, but cheapened by 9.7 percent compared to 2016, imobiliare.ro analysis shows.

This stagnation is exclusively due to the downward tendency of the apartments in Bucharest, as those in the rest of the country appreciated by 3.5 percent overall, and the houses prices increased both in the Capital (by 3.7 percent ) and in the country (by 3.9 percent).

The current price level for houses and apartments is about 25 percent higher than last two years. Seller claims are 38 percent lower now than nine years ago (Q3 2008), but approximately equal to the average of 2010.

In most major cities in the country, the prices required for available-for-sale apartments continued during the third quarter to recover from the decline recorded during the crisis. Bucharest is ‘the exception to the rule’, where a 1.1 percent decline occurred, to an average of EUR 1,230/sqm.

Cluj-Napoca as at the opposite end, where sellers’ claims have increased by 6 percent over the past three months. The current value of EUR 1,410/sqm is 16.6 percent higher than the one in the similar period of 2016.

In Timisoara, the apartments prices increased by 2.8 percent to EUR 1,110/sqm, 9.5 percent higher than in the same period last year.

In Constanta, sellers increased their claims by 2.3 percent last quarter to EUR 1,050/sqm, with the annual growth margin of 10.7 percent. In Brasov, the prices rose by 2.3 percent in the last quarter and by 6.9 percent in the last 12 months to EUR 970/sqm.

Not least, the apartments prices increased by 2.2 percent in the third quarter of the year in Iasi, the current value of EUR 940/sqm being 8.5 percent higher than that available one year ago.

 

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