Bucharest Old Apartment Prices Down 20% YY In 4Q - Survey

Three-room old apartments in Bucharest saw the biggest price fall to EUR69,300 on average in the last three months of 2010, from EUR91,980 in the year-earlier period, the survey says.

In the central city of Cluj-Napoca, prices for old dwellings fell 20% in the analyzed period. One-room apartment prices dropped by 30% in Cluj-Napoca, while three-room apartments saw a 13% decrease in prices.

The price of old dwellings in the southeastern city of Constanta decreased by 16% year-on-year in the last quarter, with the highest fall, of 17%, recorded by one-room apartments.

Apartment prices fell by a similar 16% in the western Timisoara, while one-room flats also registered the biggest drop, of around 21%.

The MagazinulDeCase.ro real estate website was bought early July by Sanoma Digital Romania, the local subsidiary of Sanoma Magazines International Group.

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