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_ Prices of Romania's flats up almost 50pct in eight years (analysis)
Prices of Romania's flats up almost 50pct in eight years (analysis)
The average price of an apartment in Romania has increased by 47.2pct in the last eight years, at national level, newly built homes becoming more expensive by 38pct, and old ones, built before 1977, having a higher price by 43pct compared to 2015, according to an analysis carried out by a real estate platform, told Agerpres.
According to the quoted source, for apartments, the increase is 38pct for condominiums in Bucharest and 52pct for those in the rest of the country, shows the analysis based on the data published by the National Institute of Statistics (INS), which take into account Quarter 3 of 2022, compared to Q3 of 2015, the reference year established by the INS.
The data collected by the Imobiliare.NET platform in January 2023, for houses in Bucharest, show a substantial increase in the purchase price in the last eight years. Thus, the average value of a studio apartment with an area of 30 sqm was 35,300 EUR in January 2015, while in January 2023 the same house is sold, on average, for 51,700 EUR.
In the case of a two-room apartment in Bucharest, with an area of 54 sqm, the average sale price in January 2015 was 53,800 EUR, while in January 2023 it reached 77,900 EUR.
The analysis also shows that a 3-room apartment with an area of approximately 70 sqm was sold, on average, eight years ago, at a price of 77,700 EUR. Meanwhile, the value of this type of house has exceeded the psychological threshold of 100,000 EUR and in January 2023, is being sold, on average, for 107,500 EUR.
The increase is also consistent in the case of houses or villas. The data of the real estate platform show that the price has increased by almost 24,000 EUR for the same house. A building with an area of 200 sqm was sold, on average, for 146,800 EUR in January 2015, while this month the average purchase price reached 170,700 EUR.
"This increase in housing prices in Bucharest, but also at national level, can be attributed to a number of factors, such as high demand for real estates, a growing economy and easier access to mortgages. It is important to note that this analysis is based on information recorded in the last eight years and cannot predict the future development of Romania's real estate market," according to a press release of the platform sent to AGERPRES on Thursday.
The analyzed data shows that, because of the almost 50pct increase in the value of a property in the last eight years, a buyer can now afford to buy a room less than in 2015. Thus, if in January 2015, one could have bought an apartment with 3 rooms in Bucharest for 77,700 EUR, in the beginning of this year with the same amount one can buy at most a 2-room apartment.
The quoted source also indicates that the residential rental market has also been influenced by the price increase of the last eight years, even if not as strongly as the sale of civil constructions. Thus, in the Capital, the average increase is 38pct in the case of studios and approximately 20pct in the case of 2-room apartments.
A studio apartment in Bucharest was rented in January 2015, on average, for 243 EUR, compared to 331 EUR in January 2023. In the case of 2-room apartments, the increase is slightly lower, from 385 EUR to 450 EUR, in the last 8 years.
The data collected by the real estate platform show that people renting between 2015-2023 would have paid the equivalent value of the building they stayed in during this period. The analysis takes into account the price of the house in 2015, its increase of almost 50pct and the value of the rent paid in the last 8 years.
"If, in the meantime, you have been renting, and the annual rent in Romania is at least 6pct of the value of the house, according to Imobiliare.NET, then from 2015 to 2023 there are eight years, that is, you have lost 48pct of the value of the property, to which is added the increase in the price of housing by 47.3pct. In conclusion, those who have rented from 2015 until now have lost almost 100pct of the value of the property they stayed in," founder of the Real Estate Brokers Association Dragos Vilceanu stated.
The analysis is based on data collected in January 2023 from 7,664 sales offers and 10,780 rental offers for housing in Bucharest (studios, 2, 3, and 4-room apartments, houses/villas).
Imobiliare.NET is a portal with real estate ads launched in 2010.
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