Real estate platform imobiliare.ro has released an analysis which has found that the largest cities in Romania have had a reduction in the prices of apartments, while one new city has surpassed the EUR 1000/sqm threshold.
In November, prices of apartments for sale have across the country have increased by 0.7 percent, with an average of EUR 1.171/sqm. This rise is mostly due to the influence of prices in smaller cities.
One important city has just reached the value of EUR 1000/sqm – Brasov – but it is still behind Craiova, where the average price went up to EUR 1.020/sqm in the third trimester of this year. As of now, only one of the major regional centres which imobiliare.ro keeps under constant watch, Constanta, is still under this threshold per square meter.
However, while apartments in smaller cities gained value, large cities such as Bucharest, Timisoara, Cluj and Iasi, which had seen constant growth over throughout the year, saw a reduced interest level from buyers. This comes as a result of the spike in the ROBOR interest rate index and the instability of foreign exchange rates. The low level of trust associated with these economic factors led to a lower demand for apartments and therefore a decrease in prices in the large cities mentioned above.
In Bucharest, the average price per square meter decreased by 0.2 percent in November, currently sitting at EUR 1.271.
Imobiliare.ro is the most popular real estate platform in Romania, with over 1.4 million unique visitors per month.