How did local real estate market look like last year and what is the 2016 forecast?

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The local real estate market had an encouraging increase last year, both in the value and the volume of the transactions, with an optimist trend forecast in 2016.

Compared to 2014, the rise was by 10 percent last year.

The average real estate prices are stable at this moment in Romanian big cities, varying from city to city. Thus, the average price reported in Bucharest and Cluj-Napoca on the residential segment is EUR 1,000-1,100/sqm, while in Brașov the average price reaches to EUR 850/sqm, reveals a study by RE/MAX Romania. In Arad, the average price per square meter is EUR 800 and in Sibiu is about EUR 700/sqm.

“2015 was definitely the real estate market comeback. Last year saw not only a market rise in the main cities, but also an increase of the investors’ confidence, as they re-launched projects in Bucharest, Cluj-Napoca, Arad or Brașov. Besides, we notice the market has developing perspectives in the upcoming years,” said RE/MAX Romania manager, Răzvan Cuc.

He also pointed out that the real estate market evolution would follow an upward trend this year, both on volume and value.

“On residential segment, the market will react differently, according to the city. Yet, 2016 will see rises in the national average prices by at least 5 percent both on old and new dwellings,” the manager said.

For instance, the study unveils that in big cities (counting more than 300,000 residents), there are ongoing residential projects developed by foreign investors totaling over 100,000 locative units to be delivered this year.

RE/MAX Romania representative added that the positive outlook of the local real estate market will be present this year on the land segment, but also on the office and logistics segments.

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