Bucharest apartment rents down by as much as 12.5 pct over past year, says Imobiliare.ro

Newsroom 03/12/2013 | 13:46

Bucharest rents have maintained a downward trend over the past year, with the highest drops reported in central neighborhoods while elsewhere the levels have remained relatively constant, according to data from real estate portal Imobiliare.ro.

Owners of studio apartments located in Bucharest’s 1 Mai area lowered rents by 7.1 percent over the past year, this being the highest rent drop in this category. The average monthly rent for a studio apartment in this neighborhood now reaches EUR 260.

The second highest drop – 6.3 percent – was reported in the Dorobanti-Floreasca area where the average rent is EUR 300. The only “low-cost neighborhood” where rents dropped over the past 12 months was Berceni – down by 4.3 percent to a EUR 220 monthly average. Elsewhere, the rent level has remained relatively stable over the past 12 months but there were also increases in neighborhoods like Militari (up by 8.3 percent, EUR 249 per month), Drumul Taberei (up by 4.5 percent) and Titan (up by 4.3 percent).

The average rent for one-bedroom apartments in Bucharest has gone down over the past year with the highest drop (-12.5 percent) being reported in the 1 Mai and Mosilor neighborhoods (EUR 350). The average rent level of one-bedroom apartments in Colentina dropped 11.4 percent (EUR 310), in Vitan Nou, Cotroceni and Herastrau-Nordului by 11.1 percent (EUR 370, EUR 400 and EUR 800 respectively). At the other end of the spectrum, those looking to rent a one-bedroom apartment in Crangasi, Dristor-Vitan Vechi and Kiseleff-Aviatorilor have to pay higher rents now compared to a year ago, according to Imobiliare.ro. In Crangasi rents are up by 10 percent (EUR 330), in Dristor-Vitan Vechi by 6.1 percent (EUR 350) and by 3.7 percent in Kiseleff-Aviatorilor (EUR 700).

The average rent of Bucharest two-bedroom apartments has remained relatively stable over the past 12 months. Here too drops were reported mostly in central neighborhoods. Average rents in the 13 Septembrie-Panduri neighborhoods were down by 11.1 percent to a EUR 400 monthly average. In the Victoriei-Romana-Universitate area rents dropped by 10 percent (EUR 450). The third highest decrease was in the most expensive neighborhood for this segment – the Herastrau-Nordului area – where prices dropped by 7.1 percent to a EUR 1,300 average.

Rent increases were reported in the more affordable neighborhoods –  Pantelimon (up by 6.3 percent, EUR 340), Vitan Nou (up 5.6 percent, EUR 475) and Crangasi (up by 4.3 percent, EUR 365).

Simona Bazavan

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