Darian head Adrian Crivii said the revival of the economy and, implicitly, of the real estate market depends on reviving financing by attracting European Union funds between 2014 and 2020, making investments more efficient, as well as on transparency in using state budget funds.
Darian data show that the value of real estate properties in Romania has also been on downward trend over the past year, but at a slower pace. According to Darian, the prices of lands used to develop various projects saw a decline of around 6% over the last 12 months, whereas farmland prices kept their upward trend and saw an increase of nearly 50% in the past two years.
As regards old apartment prices, capital city Bucharest comes first with an average EUR957/square meter, followed by the northwestern city of Cluj-Napoca, with EUR954/sqm, and the western city of Timisoara, with EUR862/sqm.
Old apartment prices in Bucharest have decreased by some 63% since the start of the economic crisis, but saw a moderate decline of nearly half a percentage point over the past 12 months.
New apartment prices in Romania saw a slightly lower decline, compared to old apartments, and decreased by nearly 35% since the start of the crisis and by some 1% over the past 12 months.
Bucharest saw the highest prices for new apartments, with average prices reaching around EUR1,138/sqm (the only city with prices higher than EUR1,000/sqm), down by nearly 44% since the start of the crisis and by 0.3% over the past year.
As regards land plots used to develop various projects, prices have declined by 63% countrywide since mid-2008, when the crisis started. The highest price decline in 2013 was registered at land plots in Arad and Ploiesti (14%) and in Targoviste (13%), Darian said in a statement.
Farmlands were highly sought-after despite the fact that their prices have gone up by nearly 50% since the beginning of 2012, the highest increase in all the sectors of the real estate market.