New house prices have dropped in Bucharest by 53 percent since six years ago when the residential market reached its peak, according to data from real estate portal Imobiliare.ro. Outside the capital the drop was below 50 percent.
If in April 2008 the average per square price for new apartments in Bucharest was EUR 2,576, this dropped by 53 percent to EUR 1,204/sqm this May. A studio apartment presently costs EUR 45,000 while a one-bedroom apartment can be bought for EUR 74,000 on and a two-bedroom unit for EUR 111,600, on average.
Outside Bucharest, average prices of new apartments dropped during the same time period by 51 percent in Brasov (down from EUR 1,619/sqm in September 2008 to EUR 799/sqm at present), close to 50 percent in Constanta (down from EUR 1,780/sqm in September 2008 to EUR 893/sqm in May) and 43 percent in Cluj-Napoca (down from EUR 1,382/sqm in May 2008 to EUR 783/sqm this May. Average prices for new apartments in Timisoara dropped by 33 percent (down from EUR 1,301 in April 2008 to EUR 868/sqm in May), this being the lowest decrease reported across the country since the beginning of the crisis.