New apartments in the capital have been put up for sale for 2,173 euros/usable square meter and are also 18% more expensive than a year ago, according to the Imobiliare.ro index.
Thus, the prices of new apartments in Bucharest not only returned to the level before the period marked by uncertainties arising from the tense political situation generated by the presidential elections, but even exceeded this threshold.
Last month, buyers in the Capital faced the largest price increase in this market segment, namely a 6% increase compared to the beginning of spring.
Even under these conditions, new apartments in Bucharest remain at a much lower price than those put on the market in other large cities in the country. They are approximately 33% cheaper than those in Cluj-Napoca and 14% cheaper than those in Brasov.
The number of homes completed in the last five years has been on a continuous downward trend. In the last month, the supply has shrunk by 7%.
The declines in this segment in recent years are increasingly reflected in the price of properties on the old market. Thus, owners have taken advantage of the limited options available to buyers, especially in the most desirable areas of the city, and have increased prices. In one year, the price of old apartments in the Capital has increased by almost 20%.
New apartments in Cluj-Napoca have been put up for sale with an average price of 3,234 euros/usable square meter, according to the Imobiliare.ro Index. If in the Capital the increases reached 6% in the last month, in Cluj the advance was much slower, by only 1%.
Moreover, in the last year, new apartments have become less expensive than in other large cities in the country such as Brasov, Bucharest or Constanta.
Constant increases can also be observed in the asking prices for new apartments for sale in Brasov. The average has reached around 2,537 euros/usable square meter, after a 15% increase in one year.
Practically, for a 2-room apartment with a usable area of 42 square meters, buyers should expect to pay around 106,500 euros, approximately 29,000 euros less than in Cluj-Napoca, but 15,300 euros more than in the Capital.
The only large city in the country where there is a slight recalibration of the prices asked for new apartments is Constanta.
Even in this context, homes completed over the last five years are sold in the city on the Black Sea coast with an average price that slightly exceeds the threshold of 2,000 euros/usable square meter, making it the fourth most expensive city in the country, after Cluj-Napoca, Brasov and Bucharest.
The slowest advance in the new residential segment was registered in Timisoara in the last year. While in cities like Constanta or Brasov prices increased by 15%-16%, in the case of apartments completed in the last five years in the city on the Bega the increase was 3%.
However, Timisoara is lagging behind and is just a few steps away from reaching the 2,000 euro/sq m threshold. Currently, however, new apartments are being sold at an average price of 1,950 euro/sq m.
Even though in the last month the prices of new apartments in Iasi have registered the second most significant advance, after the one in the Bucharest market, they are sold at much lower prices compared to those in other large cities in the country. Even in some of the secondary residential markets, such as those in Craiova or Sibiu, you can find homes completed in the last five years that are more expensive.
The average asking price in the city in Moldova reached 1,786 euros/usable square meter.
The capital of Oltenia is strengthening its status as a rapidly growing real estate hub in the southwestern area of the country, after the last year brought a 21% increase in the prices asked of buyers for apartments on the market, regardless of their age.
In this case, the average price on the Craiova market is currently above that recorded in cities such as Iasi, Constanta, Sibiu or Timisoara.
If last year Oradea managed to surpass Timisoara, currently the prices charged by owners and developers are slightly lower than those observed in the city on the Bega River.
New and old apartments are listed for sale with an average price of 1,735 euros/usable square meter, according to the Imobiliare.ro Index. Practically, Oradea residents pay almost 20 euros more than Timisoara residents for each square meter of their home, according to the cited source.
The average asking price for apartments in Sibiu reached 1,735 euros/usable square meter, after a 15% increase in the last year, the second most significant recorded in this period of time among secondary cities in the country.
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