Asking prices for apartments increased in July both nationally as well as in some important regional centers, most significantly in capital city Bucharest. Average asking prices at the country level increased by 2.7 percent, from EUR 1,216 per usable square meter in June to EUR 1,249 per square meter in July, according to Imobiliare.ro.
The present value is only 3.1 percent higher than the one recorded in the same period of last year. Although price increases were also recorded in the old housing segment, the most significant increases occurred in the newly built segment.
In July, apartments for sale in Bucharest saw the highest price increases, with a 2.6 percent growth, from EUR 1,284 to 1,318 per square meter. Interestingly, this development only brought Bucharest back to the average price recorded 12 months ago, as the current value is identical to that of the similar period of 2018.
Apartments in old blocks of flats registered a 1.8 percent increase compared to the previous month (from EUR 1,228 to 1,250 per square meter), while apartments in new buildings had a more significant growth, amounting to 3.9 percent (from 1,323 to 1,375 euros) per square meter.
In Brasov, the Imobiliare.ro Index recorded a 0.4 percent decrease last month, to EUR 1,128 per square meter. Owners’ current asking prices are 5.3 percent higher than they were during the same period of last year, leading Brasov to come in second in the annual price difference ranking, after Cluj-Napoca. Last month’s downward trend was sustained exclusively by the new apartments segment, which fell by 1.7 percent, to EUR 1,147/sqm. Old apartments, on the other hand, appreciated by 0.4 percent, from reaching 1,117 euros/sqm.
In Cluj-Napoca, asking prices increased by 1.1 percent last month, to EUR 1,606/sqm, a 6.3 percent increase compared to last year – this is the biggest annual price difference among the six regional centers constantly monitored by Imobiliare.ro. Increases were recorded on both of the market segments analyzed: old apartment prices increased by 0.9 percent (reaching EUR 1,610/sqm), and new ones by 1.1 percent (to EUR 1,602/sqm).
In Constanta, apartments put up for sale recorded an overall increase of 0.7 percent in the second month of summer, to EUR 1,138/sqm. The current price level is very close to the one recorded a year ago, when sellers’ claims reached EUR 1,139 per square meter. In July 2019, prices evolved differently on the two market segments analyzed: old apartments rose by 1.1 percent while newly built housing units decreased by 0.4 percent.
In Iasi, the index registered a 2 percent surge in July (the second highest after Bucharest), reaching EUR 1,037/sqm. Compared to the similar period of 2018, when the average listing value of an apartment was EUR 1,016/sqm, the current price level is 2.1 percent higher. Last month, homes in the old blocks slightly appreciated by 0.3 percent, to 1.018 euros per square meter. On the new segment there was a significant increase of 3.5 percent, from 1,018 to 1,054 euros per square meter.
Along with Brasov, Timisoara is the second regional center where the average asking price for an apartment was lower in July compared to June. In this case, the decrease was quite significant: -1 percent, from EUR 1.239 to 1.226/sqm. In this context, the current price level is only 2.2 percent higher than the one recorded a year ago. Price declines were recorded last month on both the old apartments segment (-1 percent, to 1,231 euros per square meter) and on the new housing segment (-0.7 percent, to 1,212 euros per square meter).