House prices in Bucharest increased by 23% in Q4, 2024, compared to the same period in 2023, up to an average of 1,850 EUR/sqm, but the supply decreased by 33%, shows a specialized analysis, recently presented at a new edition of Trends Forum.
According to a press release of the organizers of the event, Bucharest Real Estate Club & Romania Property Club, in terms of rentals, the offer in the capital is down by 23%, compared to the reference period, and the average monthly rent for new homes (of 700 EUR) increased by 17%.
At national level, the upward trend in prices is continuing, with Cluj-Napoca and Brasov recording average prices above Bucharest, at 2,625 EUR/sq.m. (plus VAT) and 2,220 EUR/sq.m. (plus VAT) respectively. "Against a backdrop of a decreasing supply, prices for new homes are rising significantly in all major cities," real estate consultants believe.
Data shows a 23% increase in asking prices in Bucharest, in Q4 2024, while supply is down 33%. Here, there is increased customer interest in areas previously perceived as "dormitory neighbourhoods" Thus, while deliveries are concentrated in the middle ring and outside, there are developers selling in neighborhoods such as Pallady or Berceni for 2,400-2,500 EUR/sqm (plus VAT).
Moreover, the central area is blocked for new developments, thus the areas in proximity such as Cotroceni, Stefan cel Mare or Politehnica are becoming the areas where premium residential projects are being developed, with prices even exceeding 3.000 EUR/sq.m.
According to the analysis, in Bucharest, there has been a 10% increase in incomes in the last year, but also a jump in the volume of loans, with a fixed rate of 4.9%, to a IRCC of 5.66%.
Imobiliare.ro specialists note that, in the future, there are expectations of an interesting development in the northern area, in Otopeni, once the new metro line is completed.
"Bucharest is the economic center of Romania, with net revenues 25% above the national average.Lack of dialogue and transparency in the relationship with local authorities remain the most worrying for investors. These are the only ways to find sustainable solutions to the economic development of the area and the demand for new housing," says Bucharest Real Estate Club (BREC) president, Despina Ponomarenco.
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