Bucharest house prices down by as much as 57 pct since 2008, says Imobiliare.ro

Newsroom 28/10/2013 | 14:13

House prices have dropped all across Romania since 2008, with the highest decline reported in capital Bucharest, according to data released by local property website Imobiliare.ro.

Newly built one-bedroom apartments reported a 57 percent price drop between March 2008 and September 2013 ( down from EUR 2,619/sqm to EUR 1,037/sqm), this being the category with sharpest drop registered in Bucharest and countrywide.

This was followed by one-bedroom apartments on the secondary market (mostly properties built before 1990) where the drop amounted to 55 percent (from EUR 2,388/sqm to EUR 1,071/ sqm). Over the same time period, the average price of Bucharest studio flats was down by 56 percent for newly built units (down from EUR 2,519/sqm to EUR 1,112/sqm) and 55 percent on the secondary market (from EUR 2,388/sqm to EUR 1,071/sqm).

Two-bedroom apartments reported the lowest drop, albeit here too prices dropped by more than half between March 2008 and September 2013 – 52 percent for new units (down from EUR 2,573/sqm to EUR 1,228/sqm) and 53 percent on the secondary market (down from EUR 2,075/sqm to EUR 972/sqm).

Price drops in the rest of the country averaged between 28 percent in Cluj-Napoca (for one bedroom apartments, down from EUR 1,385/sqm to EUR 1,001/sqm) to 46 percent in Brasov (for one bedroom apartments, down from EUR 1,510/sqm to EUR 821/sqm).