Bucharest apartment prices down 3.9 pct over past 12 months

Newsroom 13/06/2013 | 13:39

Apartment prices in cities across Romania have dropped over the past 12 months reaching a national average of EUR 935/ sqm this April, according to data provided by online real estate platform Imobiliare.ro based on buyers asking prices.

Bucharest apartment owners and developers dropped asking prices by 3.9 percent on average over the past 12 months. The average asking price was EUR 1,096/sqm this May, down from EUR 1,140 a year ago, says Imobiliare.ro. Owners of apartments built before 1990 lowered asking prices by 0.8 this May compared to the previous month to a EUR 1,030/sqm average. Newly built apartments were on average 0.6 percent cheaper, decreasing to EUR 1,215/sqm.

The largest price drops over the past 12 months was reported in Constanta and Ploiesti were asking prices were 4.2 percent cheaper this May (y-o-y). The average price was EUR 868/sqm in Constanta while in Ploiesti it reached EUR 801/sqm.

Price decreases were also reported in Brasov (-1.8 percent, EUR 833/sqm), Timisoara (-1 percent, EUR 786/sqm) while Cluj-Napoca reported a modest increase (+0.3 percent, EUR 940/sqm).

Simona Bazavan