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Real estate : Housing prices in Romania similar to those of 2010

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In the first quarter of 2019, residential properties in Romania went up by 0.8%, compared to the last three months of 2018, and reached a level similar to that of 2010. Botosani was the town with the highest prices in the first three months, according to the latest market report made by Imobiliare.ro and released last Monday.

The latest data published by Eurostat and the National Statistics Institute (INS) show that in the fourth quarter of 2018, there was an annual housing price increase of 4..2% both in EU and the Euro zone. In the domestic market, the annual increase was 5.3%.

“The slowing down of the price increase rate, identified by Real Estate Analyses in the second half of 2017, maintained in the first quarter of 2019. Prices continued their growth at a lower rate than in 2018, so that the annual difference of residential properties prices reached +4.6%, while in the previous quarter it was 5.3%” said Dorel Nita, head of Data and Research of Imobiliare.ro and Project Manager of Analizemobiliare.ro.

In the big regional centers constantly monitored by Imobiliare.ro and Analize Imobiliare, apartment prices  tended to go up in quarter 1, 2019, even though the increase levels did not exceed 2%.

“Constanta is an exception, since sale prices went down by 0.4%, to 1,140 euro/square metres,” the press release showed.

For the fourth quarter in a row, Brasov was in the top of price increases in big cities, both quarterly and annually. There, apartment prices went up by 2% in Q1, 2019 and by 8.3% in the last 12 months, reaching an average of 1,100 euro/sq.m.

“Cluj Napoca ranks second, the average price for an apartment going up by 1.7% in the first three months of 2019 and by 6.4% in the last year (to 1,560 euro/sq.m)” the press release shows.

In Bucharest, housing prices went up by 1.3% in Q1 2019 and 5.7% in 12 months, to 1,320 euro/sq.m. It was followed by Timisoara (+5.1% annually), Constanta (+3.8%) and Iasi (+3.7%).

In Q1, 2019 there were a few county seats where there were higher prices than in big regional centers and even than the national average.

“Botosani ranks first in the top of price rises, with an increase of 7.1% to an average of 800 euro/sq.m. It was followed closely by Miercurea Ciuc with +6.3% (to 900 euro/sq.m), Drobeta Turnu Severin (+5.3% to 670 euro/sq.m), Targu Jiu (+5.2%, to 980 euro/sq.m) and Sibiu (+4.5% to 940 euro/sq.m)”, according to the press release.

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