Storia.ro: How average apartment prices in the country’s main cities evolved in August

In August, the asking price per square meter for new apartments for sale increased by 3% compared to the same month last year, while the price of old apartments increased by an average of 5%, according to the latest data from Storia.ro, the real estate platform launched by OLX. Compared to July 2023, the asking price for new and old apartments increased by 1%.

In August, Romanians viewed 8% more pages of apartment sale ads than in the same month last year and 11% more pages compared to July 2023. At the same time, there were 4% more contacts compared to August 2022 and 21% more contacts compared to the current year’s July. The analysis considered nine of the largest cities on the Storia.ro real estate platform.

“In both the rental and sales segments, we have seen increases in demand, and positive economic indicators make us look optimistically toward the real estate sector. The inflation rate continues to decline, reaching a psychological threshold of single digits, namely 9.4% in July 2023. Bank interest rates have become relatively stable, with banks starting to offer attractive fixed-rate loans, and cash purchases are at a high level, so the population is less affected by potential interest rate hikes. As long as macroeconomic indicators are stable and show positive signs, we will remain optimistic about the real estate sector,” said Răzvan Ceapă, Head of Operations at Storia.ro & OLX Real Estate.

How sale prices evolved in the Capital

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In the Capital, the asking price for selling a new apartment in August was €1,489 per square meter, a 2% decrease compared to August 2022 and a 2% increase compared to July 2023. The average asking price per square meter for an old apartment was €1,682, a 7% increase compared to August 2022 and a 3% increase compared to July 2023, marking the largest month-to-month change according to the latest data.

Price evolution in the largest cities in the country

CLUJ-NAPOCA: In August, the asking price for a new apartment was €2,496 per square meter, a 1% increase from the previous month. Compared to the same period last year, the price increased by 5%. However, old apartments had a lower price – the asking price was €2,435 per square meter, a 7% increase compared to the same period last year and a 2% increase compared to July 2023.

IAȘI: The asking price per square meter for new apartments increased by an average of 4% in August compared to the same period last year, reaching €1,421. At the same time, for old apartments, the asking price reached €1,405 per square meter in August, 1% lower than July 2023 and 9% higher than the same period last year, marking the largest year-to-year change in the old apartment category, according to the previous month’s data.

TIMIȘOARA: In Timișoara, the average price per square meter for new apartments for sale in August was €1,485, a 1% increase compared to the same month last year. In August, old apartments had an average asking price of €1,432 per square meter, 3% higher than the same month last year.

BRAȘOV: The average asking price for new apartments in Brașov increased by 8% in August compared to the same month last year, reaching €1,926 per square meter, marking the largest year-to-year change in the new apartment category, according to the latest data. Additionally, old apartment prices increased by 5% compared to last year and had an average asking price of €1,614 per square meter in August. Compared to July, old apartment prices increased by 2%.

SIBIU: The average asking price for new apartments in Sibiu decreased by 1% in August, both compared to the same month last year and to July, reaching €1,273 per square meter. At the same time, old apartments in Sibiu had a higher asking price, up 4% compared to the same month last year, and were listed on the platform with an average asking price of €1,451 per square meter.

CONSTANȚA: In August, new apartments in Constanța had an asking price of €1,684 per square meter, 4% higher than in the same month last year and 1% lower than in July 2023. In contrast, the average asking price for old apartments reached €1,560 per square meter, 4% higher than in August 2022.

ORADEA: The average asking price per square meter for new apartments in Oradea in August was €1,522, while old apartments had an average asking price of €1,324 per square meter, 6% higher than the same month last year.

CRAIOVA: In August, the average asking price for new apartments in Craiova was €1,487 per square meter, while the asking price for old ones was €1,440 per square meter, 4% higher than in August 2022.

The analysis was conducted by Storia.ro, the real estate platform launched by OLX, as part of the “Smart Way Home” initiative, through which the brand aims to contribute to transparent information for all buyers, renters, owners, agents, and developers to support them in making informed decisions.