The price of apartments has reached an all-time high nationally. The development comes amid sustained growth in new home prices in major cities. The only exception is Iasi, where the evolution is contrary to that recorded in other large urban centers.
The price of apartments reached 1,598 euros per square meter nationally in May. The level is over 11 percent higher than in the same period last year, according to Imobiliare.ro data. The representatives of the platform indicate that the advance comes against the background of high demand, which will continue to be maintained in the coming months.
Cluj-Napoca remains the most expensive city in the country, with the average price reaching 2,753 euros per square meter after a ten percent increase over the past year. The housing market in the country’s second largest city is poised to break a new threshold, as new properties approach 3,000 euros per square meter following a three percent rise in the last 30 days.
Brașov has solidified its position as the second most expensive city in the residential market, recording the highest growth rate. Apartment prices rose by nearly 19 percent to 1,907 euros per square meter, with new apartments averaging 2,224 euros per square meter. This makes Brașov and Cluj the only cities where the average price of new apartments exceeds 2,000 euros per square meter.
In Bucharest, apartment prices have reached a new historical high, with the average price per square meter hitting 1,723 euros, over 11 percent higher than a year ago. The segment of older apartments also saw a new peak, at 1,705 euros per square meter.
A similar advance was registered on the real estate market in Constanța. The average price thus rose to 1,656 euros per square meter. However, in the segment of new apartments, the large supply kept prices under control. The prices requested by the owners registered the lowest variation in the country in the last 12 months, of 4.2 percent, and reached 1,806 euros per square meter.
On the other hand, Timișoara is the city where new apartments have become more expensive. After increases of almost 22% in the last 12 months and 4% in the last 30 days, the average price in this segment reached 1960 euros per square meter. Timișoara, however, has the most affordable old apartments among the big cities, although they have risen in price by seven percent in the last year. They cost, on average, 1,568 euros per square meter.
Iasi remains the regional center with the cheapest apartments. On average, the price of housing is 1,590 euros per square meter. Iasi is also “boasting” with the very small difference between the cost of new and old homes – only 13 euros per square meter. This after the prices of new homes fell by almost two percent in the last 30 days.
Imobiliare.ro data show that housing prices have also increased in medium-sized cities. The most spectacular increase took place in Oradea, where average prices rose by over 17 percent in the last 12 months, to 1,602 euros per square meter. But important increases were also registered in Sibiu, Craiova and Ploiesti.
The post Apartment Prices Hit All-Time High Nationwide appeared first on The Romania Journal.
