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Bucharest Old Apartment Prices Fall By Up To 13% M-M – Colliers

Prices of old apartments in Romania's capital city Bucharest fell on average by up to 13% on the month in November, with the largest price decrease in the third district, according to the most recent report on apartment price index of real estate consultancy company Colliers.
Bucharest Old Apartment Prices Fall By Up To 13% M-M - Colliers
08 dec. 2008, 17:35, English

“November is the second month in which prices of old apartments sharply fell, while the value of new apartments stayed flat,” Colliers analysts said.
 
The dwelling price index in Bucharest BREI was at EUR1,600 per square meter in November, 6% lower compared with the previous month, due to a 10% fall in old apartment prices.
 
In nominal terms, the average price of old apartments in Bucharest was at EUR1,438 per square meter in November, EUR138 lower than EUR1,576 per square meter in October.
 
Monthly price decreases of old Bucharest apartments in November were registered in all six districts by 3%-13%, but the highest slope was recorded in the third district, where they fell by 13%.
 
In the forth district, prices decreased by 11%, while in the fifth and sixth districts by 9%. The first district reported the lowest price decrease of old apartments, of 3%.
Compared with May, prices of old apartments decreased between 18% and 33%, the largest slide being registered in the sixth district.
 
“Prices of new apartments did not fall in November, although most of the residential projects are now offering several bonuses, including free deposit room or parking space,” the report said.
 
The average price of new apartments stayed flat at EUR1,900 per square meter.