Romanian apartment prices drop 7 pct in first 8 months

Newsroom 17/09/2013 | 13:54

Romanian apartments have experienced a sharper price drop in the first 8 months of this year, compared to the rate of decline registered over the past couple of years, according to real estate site Imobiliare.ro.

Romanian apartment owners have lowered selling prices by 6.95 percent on average during January and August 2013, according to same source. By comparison, in 2012 prices dropped by 1.3 percent y-o-y and in 2011 by 4 percent y-o-y, says Imobiliare.ro.

The 6.95 percent drop meant that the average price dropped to EUR 910/sqm (both old and new apartments).

In Bucharest, selling prices decreased by 7.38 percent to a EUR 1,054/sqm average. Other cities which reported price drops include Brasov (-5 percent, EUR 814/sqm).

There were also cities where prices went up, albeit the increase was marginal. Price increases were reported in Timisoara (+2.16 percent, EUR 802/sqm), Constanta (+1.51 percent, EUR 869/sqm) and Cluj-Napoca (+0.89 percent, EUR 904/sqm).