According to a survey by Imobiliare.ro, a home located in Bucharest city center can be up to EUR 20,000 more expensive than one located in the suburbs. The survey conducted by the real estate ads platform took considered two-room housing units located in Cluj-Napoca, Timisoara, Brasov, Constanta and Iasi, with a total surface of 50-60 square meters.
Location has a major influence on the market value of a home, adding between EUR 5,000 and EUR 20,000 to the price tag of housing units located in the center. Based on the offers posted on the portal, Imobiliare.ro identified and quantified the price differences between housing units located in the city center and those located in the areas adjacent to the center and the suburbs in six of Romania’s largest cities. Other factors, such as the year the unit was built were not considered in the survey.
Accordingly, a two-bedroom housing unit located in Bucharest’s city center can be up to EUR 20,000 more expensive than one located in the suburbs. A two-bedroom unit located in the center sells for EUR 75,000 on average, while in the adjacent areas (Vitan-Dristor, Tineretului-Timpuri Noi, 1 Mai, 13 Septembrie-Panduri) the costs is on average EUR 65,000. In the suburbs, such as Berceni, Rahova, Giurgiului, Pantelimon and Colentina) the price tag EUR 52,500.
In Cluj-Napoca, centrally-located housing units sell for about EUR 78,000, around EUR 14,000 more than those built in the city’s suburban areas (Someseni Borhanci, Grigorescu, Manastur, etc), which sell on average for EUR 64,000. In areas located around the center, the same units have a price tag of around EUR 67,500.
In Timisoara, two-bedroom units sell for EUR 64,000, up to EUR 11,000 higher than one located in the city’s suburban areas (Sagului, Girocului, Blascovici), which go for EUR 53,000. In areas located in between those areas, the price tag is on average EUR 57,000.
In Constanta, the center-periphery difference stands at EUR 10,000, in Iasi it goes up to EUR 15,000. In Brasov the price gap is the smallest, standing at EUR 5,000.
According to Imobiliare.ro, increased safety, the vicinity of cultural and touristic objectives such as theaters, museums, historic buildings, parks and restaurants as well as access to public means of transport are factors that justify a higher price tag.