Housing prices in Bucharest are among the most affordable in the European Union (EU), according to a report released by real estate consultant SVN Romania based on Eurostat official statistics and data on national average wages and residential prices in EU capital cities.
Bucharest – Ilfov region is one of the most developed in the EU in terms of gross domestic product per capita expressed in PPS (EUR), a statistical currency that eliminates differences in prices between EU member states. Thus, Eurostat data show that Bucharest – Ilfov ranks tenth among the 27 EU capital cities and their related regions.
Among the first ten capital cities, Bucharest ranks fourth in the ranking of the most affordable housing, according to SVN calculations based on national average wages and residential prices in cities analyzed.
Thus, 115 medium wages (or a period of 9.6 years) are necessary for purchasing a one-bedroom apartment with a net surface of 60 squares meters in Bucharest. The first three positions are occupied by Brussels (Belgium), with 86 medium wages (or a period of 7.2 years), Copenhagen (Denmark), with 100 medium wages (8.3 years) and Dublin (Ireland) with 101 medium wages (8.4 years) necessary for buying an apartment with 60 square meters net surface.
Less affordable housing compared to Bucharest are found in Warsaw (Poland), with 137 medium wages (11.4 years), Amsterdam (The Netherlands), where 173 medium wages are required, or a period of 14.4 years, Prague (Czech Republic), where 219 medium wages (17.5 years) are needed and Paris (France), last in the list of the most productive ten capital cities by GDP per capita, with a level of 250 medium wages, or a period of 20.8 years.
“In less than 15 years since Romania joined European Union, Bucharest region became one of the top ten capital cities in the community in terms of gross domestic product per capita, but also maintained a very good level of accessibility of purchasing a new home, despite price increases and inflationary trends. Bucharest has a huge development potential in the coming decades, both economically and demographically, implicit for the real estate and residential market”, stated Andrei Sarbu, CEO SVN Romania.
Bucharest has one of the most affordable housing prices also in Central and Eastern Europe. Thus, only Sofia (Bulgaria) has more affordable houses, with a level of 91 medium wages at a national level, or a period of 7,6 years, necessary for purchasing a one-bedroom apartment.
Bucharest ranks second in the region, ahead of Zagreb (Croatia), where 150 medium wages (12.5 years) are needed, Ljubljana (Slovenia), with a level of 162 medium wages (13.5 years), Budapest (Hungary), where 175 medium wages (14.6 years) are required and Bratislava (Slovakia), with a level of 185 medium wages, or a period of 15.4 years.
SVN Romania is one of the most important real estate consultants active in Romania and the leader of the local residential market. The company also has three regional offices, in Brasov, Cluj – Napoca and Covasna, and is the real estate consultant and exclusive agent of over 20 residential projects located in Bucharest and other regional centers. SVN International Corp. has 200 offices in eight countries and regions, with over 1,600 consultants and staff.