The Crisis Cheapened the Houses by Over 40%

The prices of houses have decreased on national level by 2% in the first quarter of this year compared to the first quarter of 2013, and compared to the same period of 2012, the decline reached at 0.6%, according to the real estate index made by Eurobank Property Services (EPS), subsidiary of Eurobank group, the majority shareholder of Bancpost bank. “Since the peak moment of the real estate market, registered in the second quarter of 2008, the residential prices on national level have registered annual average decreases of 8.5%, cumulating an overall decrease of 41%, and the current prices are at the same level from the second and third quarters of the year 2006, right before the start of the real estate bubble”, note the analysts from Eurobank. On the outskirts of Bucharest was registered a decrease of 2.3%, above the national average level, while the prices in the north of Bucharest have increased by 2% compared to the previous quarter and by 5.6% year-on-year. In the rest of the country, the largest price increases have been registered in the cities of Ploiesti, Brasov, Constanta and Galati, while steep decreases have been registered in Braila, Oradea and Craiova.

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