Romanian ’09 Apartment Prices Dn 17% YY – Survey

Late 2009, imobiliare.ro set up an apartment price index for the country’s biggest cities, namely Brasov, Cluj-Napoca, Constanta, Iasi and Timisoara, based on which the average apartment price in December was at EUR1,228/square meter, compared with EUR1,245/square meter in June, and EUR1,477/square meter in January, which represents a 17% annual fall.

In Bucharest, new apartments faced the highest price falls, of almost 29%, reaching EUR1,461/square meter in December.

Old apartment prices fell by almost 22% in 2009, thus, Bucharest apartment prices fell by an average 22.4% last year, at EUR1,315/square meter.

„The general evolution confirms the downward trend estimated at the beginning of the year, but still leaves room for interpretations on what is about to come in 2010. Still, the most likely scenario is that apartment prices would be lower in 2010 compared with 2009,” imobiliare.ro general manager Adrian Erimescu stated.

The index was based on the prices in euro per usable area, asked by the owner, and do not include VAT.