Fluctuations were higher in districts, where the average prices of properties put up for sale varied by even as much as 10%, up or down, but the fluctuations can also be accounted for by the different quality and finishing of apartments put up for sale in various periods on realty website anuntul.ro.
Overall, though, the trend that can be noticed in Bucharest, by analyzing over 3,000 ads, is that the average price of a three-room apartment has remained stable at around EUR80,000 ever since last summer.
The average asking price for three-room apartments in Bucharest’s biggest districts such as Militari, Drumul Taberei, Titan and Berceni stands at about EUR65,000-EUR72,000, which means they can be sold through the First Home scheme, too.
Comparisons with other markets in the region, such as Budapest and Warsaw, where prices of “district” apartments are close to those of Bucharest, but salaries are even twice as high, would justify a renewed price decline, but the First Home scheme is still a major support for owners.
At least six banks–BCR, BRD, CEC, Alpha Bank, Millennium and Banca Transilvania–have already started granting First Home loans. Another ten banks are getting ready to join the scheme that has kept apartment prices afloat in the past two years, after the average level of EUR2,000 per square meter had been exceeded in 2008 in Bucharest.
Is there any trend shaping up with regard to the future direction of prices? “I believe there are more owners willing to sell than clients really wanting to buy at present,” says Mihaela Stefan, a managing partner with Eurocasa Trading real estate agency.
Under the circumstances, the EUR80,000 ceiling may be broken downwards for old three-room apartments of Bucharest this summer.
(English version by Catalina Apostoiu, editing by Loredana Fratila-Cristescu)