Romanian Housing Prices Fall 5.3% During 1H – Survey

Thus, the average price for housing reached EUR1,163 per square meter in June, from EUR1,228/sqm in December 2009, which shows owners are less willing to go lower this year.

The average price stood at EUR1,245/sqm in June 2009, which represented a 44% decrease compared to March 2008.

Owners in Bucharest cut prices by just 3%, from an average EUR1,315 per square meter in December 2009 to EUR1,275/sqm in June 2010. The average price here is at the lowest level since the start of the economic crisis, with a downward trend seen in the prices of new and used flats alike.

The greatest price decrease was registered in western city Timisoara, namely 8.6% in the past six months, to EUR874 per square meter. This makes Timisoara the cheapest city to buy in, among the six cities analyzed by imobiliare.ro. The housing price in Timisoara stood at EUR956 per square meter in December 2009.

Southeastern city Constanta registered a slight decrease as well, of 3.1%, to EUR1,021 per square meter in June. The average price for flats in Constanta is similar to the one in central Cluj-Napoca, where prices dropped 2.3% to EUR1,022 per square meter in June from EUR1,046/sqm in December 2009. Central Brasov and northeastern Iasi registered decreases of only 1.4% and, respectively 1.2%. Thus, in Brasov, prices reached an average EUR937 per square meter, while in Iasi the average price reached EUR916/sqm.

The average prices were established based on selling ads posted on imobiliare.ro by real estate agencies and owners.