Used Apartment Prices In Bucharest Saw Decrease In May - Colliers

According to a press release issued by Colliers, while the index for apartments is at EUR1.909 /square meter, practically maintaining the level registered in the previous month, the index of old apartments registered a 5% decrease, dropping from EUR1,892 per square meter in April, to EUR1,808 / square meter in May. This decrease is the effect of a lower number of transactions on the market between April and May and it was possible and it was possible due to the subjective nature of prices for used apartments.

February was the first month in the past three years in which prices dropped. Thus, if in January the average price for an apartment in Bucharest was EUR1,826 per square meter, in February the price dropped to EUR1,776. In March, the price climbed to EUR1,887 and in April it went to EUR1,888.

The analysis for May conducted by Colliers Residential showed that the indexes for apartments in Bucharest – new and used – registered in the fifth month of the year a value of EUR1,843 / square meter, 45 units below the value registered in April, continuing the oscillatory trend registered since the beginning of the year.

"Despite this 2.4% drop, the price for dwellings remained above the value registered in January 2008, of EUR1,826 /square meter, while the minimal value reached in the first five months is still far, prices needing to decrease by an additional 67 units before reaching that threshold," said the press release.

District  3 is the only one to see an increase in prices, even though the increase was of only 2%, while District 1 remains the most expensive in Bucharest, with a level of EUR2,208 /square meter, followed by District 4, with EUR1,948 /square meter.

The lowest value for apartment prices is registered in District 6, with a bit below EUR1,600 /square meter, especially due to the homogenous nature of the District, focused almost entirely on the middle class of the market.

Colliers representatives estimate that, in this year, the prices for new apartments will be between EUR1,150 and EUR2,200 per square meter, plus VAT, and they will stagnate, while flats in old buildings might become cheaper by percentages between 5 and 15%.

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