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Bucharest Apartment Prices Decline Continues In Sept – Survey

Prices of new dwellings in Romania’s capital Bucharest dropped by up to 7% on the month in September, while old apartments’ prices saw a maximum 4.2% decrease, according to a survey of property website imobiliare.ro.
Bucharest Apartment Prices Decline Continues In Sept - Survey
Bogdan NeaguOana Gavrila
04 oct. 2010, 15:44, English

In September, the average price of a new apartment in Bucharest was at EUR1,359 per square meter, down 5% compared with EUR1,431/sqm in August. Compared with September 2009, the average price of new apartments in Bucharest dropped 8.1%.

Owners of old apartments in Bucharest also continued to lower prices in September, to EUR1,131/sqm in average, down 2.5% from August, and down 10% from the same period a year earlier.

The prices of both old and new apartments in other major cities countrywide, respectively Brasov, Timisoara, Iasi, Cluj-Napoca and Constanta, were relatively stable on the month in September, according to imobiliare.ro.

„Prices will continue to fall by the end of the year. The banks’ reaction in the coming period will be decisive on the evolution of prices,” said Adrian Erimescu, the general manager of imobiliare.ro.