Price differences for new/old apartments halves in Bucharest, grows in other major cities

The price difference between old and newly-built apartments in the same area in capital Bucharest has halved to 11 percent in the first nine months of the year, but the gap widened in other major cities in the country, such as Brasov, Cluj-Napoca, Constanta and Timisoara, according to an analysis from imobiliare.ro.

At the end of 2013, the difference in prices in Bucharest was 20 percent.

The capital is the only major city in the country where apartments in new buildings continued to get cheaper in 2014, with an average of 5.3 percent, from 1,184 to 1,121 EUR/ sq m. Prices on old apartments increased 2.6 percent, from 982 to 1,008 EUR/sq m.

In Brasov, the price difference between old and new apartments was 8 percent after the first nine months of the year, meaning EUR 69 per square meter up from EUR 54/ sq m.

Cluj-Napoca

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New apartments are cheaper than old ones, by approximately 10 percent, and the difference is shrinking considering at the end of last year it was 20 percent.

Constanta

New apartments are 6 percent more expensive than old apartments, meaning EUR 50 / sq m down up from EUR 29 / sq m last year.

Timisoara

New apartments are 9 percent more expensive than old apartments, meaning EUR 73 / sq m, up from EUR 46 sq m.