Average square meter price for apartments in Romania was EUR 968 in January 2013, down by one percentage point compared to December 2012 and 3.1 percent below the level registered in January 2012, according to data released today by real estate platform Imobiliare.ro.
In the case of studio apartments, the steepest price drop over the past 12 months was reported in Constanta with the average square meter price reaching EUR 844 in January 2013, down 14.3 percent y-o-y. Price decreases for studios located in apartment blocks built before 1989, were also reported in Bucharest (-5.2 percent EUR 1,085/sqm), Cluj-Napoca (-2.2 percent, EUR 998/sqm), Timisoara (-0.9 percent, EUR 852/sqm). Brasov was the only Romanian city were the price of studios has gone up over the past 12 months, increasing by 3.1 percent to EUR 904/sqm.
Constanta has also reported the largest price decrease over the last year when it comes to one-bedroom apartments, -7.3 percent to an average of EUR 853 sqm. Price decreases were also reported in Timisoara (-6.7 percent, EUR 774/sqm), Bucharest (-6.3 percent, EUR 1,049/sqm), Brasov (-4 percent, EUR 850/sqm) and Cluj-Napoca (-3 percent, EUR 970/sqm).
In the case of two-bedroom apartments, prices went down over the past year in all the main Romanian cities. Bucharest reported the steepest decrease, – 5.1 percent y-o-y to EUR 997/sqm. Outside the capital, the most important decreases were reported in Timisoara (-4.7 percent, EUR 755/sqm), Constanta (3.9 percent, EUR 869/sqm), Cluj-Napoca (-2.1 percent, EUR 943/sqm) and Brasov (-1.3 percent, EUR 815/sqm).