The prices of apartments keep decreasing in Romania. The most expensive apartments offered for sale are in Bucharest, followed by the ones from Cluj-Napoca City and Constanta City, but the prices are 50% smaller compared to the economic boom period.
The capital City of Romania, Bucharest, has the most expensive houses for sale, although here have been registered also the worst price decreases in the past six ears. The new studio flats from Bucharest got 56% cheaper, from 2,519 euro per square meter to 1,108 euro per square meter, while the old studio flats have cheapened by 55%, from 2,388 euro to 1,061 euro per square meter, according to the real estate website imobiliare.ro, who calculates a monthly index of property prices.
Over the past 6 years, the two-bedroom apartments from Bucharest have registered the largest price decrease- over 56% for new apartments (to 1,142 euro per square meter). The old two-bedroom apartments from Bucharest have cheapened by almost 55% and in July 2014, they cost 1,041 euro per square meter. The three-bedroom apartments from Bucharest, old and new, have registered the smallest price decrease, with little over 50% drop. The price of a new three-bedroom apartment has decreased up to 1,230 euro per square meter, while the price of an old three-bedroom apartment decreased up to 988 euro per square meter.
In Cluj-Napoca City, the prices have registered the smallest decrease in the past six years. The studio flats cheapened by 39.6%, from 1,738 euro per square meter in April 2008 to 1,049 euro per square meter at the end of last month. The two-bedroom apartments are almost 35% cheaper, at 1,014 euro per square meter, while the price of three-bedroom apartments dropped by 39.5%, from 1,602 euro per square meter in 2008 to 969 euro per square meter in July 2014, according tot hew data from imobiliare.ro.
In Constanta City, a studio flat can be bought now at an average price of 883 euro per square meter, 46.6% cheaper than in 2008. A two-bedroom apartment costs little over 850 euro per square meter (47% cheaper than 6 years ago). The three-bedroom apartments from Constanta cost now 832 euro per square meter – the lowest price per square meter.
In Brasov City, the studio flats now cost 825 euro per square meter, the two-bedroom apartments cost 821 euro per square meter and the three-bedroom apartments cost 802 euro per square meter.
In Timisoara City, a studio flat costs 870 euro per square meter, a two-bedroom apartment costs 816 euro per square meter while a three-bedroom apartment costs about 785 euro per square meter.
The residential prices from Romania have decreased in the first quarter of this year by 4%, compared to 9.25% one year before, according to a market study based on the average prices adjusted to the inflation rate, and registered the fourth largest price decrease in 45 countries analyzed. Greece, Spain and Russia have registered the top three largest price decreases on the residential segment in Q1 this year, with 7.08% (compared to -11.19% in the same period of last year), 5.41% (compared to -12.48%), respectively 5.15% (compared to -0.32%), according to a study made by globalpropertyguide.com.