Romania apartment prices down 52 pct since 2008 boom

Newsroom 06/12/2012 | 12:42

Average apartment prices in Romania’s main cities reached EUR 986 per sqm at the end of November 2012, down 52 percent against the record EUR 2,058 per sqm reported in March 2008, according to a Imobiliare.ro report cited by Mediafax newswire.

In Bucharest the drop was 49.5 percent for both new and old apartments. If in March 2008 the market reported the record price of EUR 2,264 per sqm, at the end of November 2012 prices dropped to EUR 1,142. For example, if a one-bedroom apartment cost as much as EUR 123,000 in March 2008, the same apartment cost 53 percent less in November 2012 or about EUR 57,300.

Depending on location and surface, the drop was even higher for other apartments, according to Imobiliare.ro.

Outside Bucharest, the average decreases for the same time period reached 40.6 percent in Brasov, 36.3 percent in Cluj-Napoca, 44 percent in Constanta, 40.7 percent in Timisoara and 34 percent in Iasi.

Simona Bazavan