Old apartments asking prices go up during last 12 months

Old apartments saw a general increase in asking prices during the last 12 months, while new ones were cheaper in some cases, according to data by Imobiliare.ro. The increase was not equal across Romania, though, with Bucharest recording a 2.2 percent rise y-o-y, while Timisoara and Cluj-Napoca rose over 10 percent.

In September the average asking price for apartments on sale nationwide (old and new) increased by 1.5 percent over August, and year on year there was a 5.7 percent increase. In August 2015 the average asking price stood at EUR 950 per square meter, in September it went up to EUR 964 per square meter, while the month of September of the previous year recorded an average of EUR 912 per square meter.

In Bucharest claims remained steady at EUR 1,086 per square meter. The current level is 3 percent higher than the one achieved in the fall of 2014 (EUR 1,054 per square meter).

Old apartments had an average price of EUR 1,030 per square meter, 0.4 percent higher than last month (EUR 1,026 per square meter) and 2.2 percent over the similar period of the previous year (EUR 1,008 per square meter). After a drop of 0.9 percent in September (from EUR 1,134 to EUR 1,124 per square meter), new residential dwellings were 0.3 percent more expensive than 12 months ago (when they could be purchased for an average of EUR 1,121 per square meter).

In Brasov prices fell 1.6 percent compared to the previous month (from EUR 875 to EUR 861 per square meter), but stood 2.5 percent above the level of the previous year (EUR 840 per square meter).

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In September 2015, the decline has been felt for old apartments (down 1.3 percent from EUR 871 to EUR 860 per square meter) and new ones also (a drop of 2.8 percent from EUR 895 to EUR 870 per square meter). However, compared to 12 months ago old apartments were 4.2 percent more expensive, while new ones were 2.7 percent cheaper.

In Cluj-Napoca prices in September (EUR 1,124 per square meter) stood 1.9 percent above the August level (EUR 1,103 per meter square) and 12.4 percent above September 2014 (EUR 1,000 per square meter).

Old apartment prices rose by 2 percent last month, from EUR 1,121 to EUR 1,143 per square meter, now hovering above the 15.5 percent achieved in the last 12 months (EUR 990 per square meter). After an advance of 2.4 percent in September (from EUR 1,077 to EUR 1,103 per square meter), new housing now costs 8.6 percent more than in 2014 (when it reached EUR 1,016 per square meter). Overall, Cluj is the city with the most expensive housing compared to last year, both old and new.

In Constanta owner claimed prices were 1.3 percent higher over the previous month (going from EUR 895 per square meter to EUR 907). Year on year, prices stood 7.2 percent over the level recorded in 2014 (EUR 846 per square meter).

With an average price of EUR 901 per square meter, old apartments are 1.3 percent more expensive than at the end of August (EUR 889 per square meter) and 7.9 percent higher compared to September 2014 (EUR 835 per square meter). After an advance of 0.9 percent last month, from EUR 910 to EUR 918 per square meter, new residential homes have seen an increase of 3.7 percent in the last 12 months, from EUR 885 per meter square.

In Iasi asking prices recorded a drop of 0.8 percent against last month, from EUR 857 to EUR 850 per square meter, the current value being 4.7 percent higher than the one recorded during the autumn of 2014 (EUR 812 per square meter).

Old apartments rose by 1.4 percent in the last 30 days (from EUR 806 to EUR 817 per square meter) and by 6.2 percent in the last 12 months (EUR 769 per square meter). Iasi is the second city (along with Brasov) where new dwellings are cheaper now than last year, a difference of 2.2 percent, with an average of EUR 892 per square meter (compared to EUR 912 per square meter); during September, prices fell by 1.7 percent, from EUR 907 per square meter in late August.

In Timisoara, owners’ claims increased by 0.9 percent in September (from EUR 915 to EUR 923 per square meter) and is now 10.8 percent higher than the same period last year (EUR 833 per square meter).

After an advance of 0.9 percent in the last 30 days (from EUR 909 to EUR 917 per square meter), old apartments are 11.2 percent more expensive than last autumn (EUR 825 per square meter). Newly built houses, on the other hand, rose by 0.7 percent last month (from EUR 944 to EUR 951 per square meter) and 5.9 percent in the last year (EUR 898 per square meter).

Natalia Martian