In capital city Bucharest, prices went down by 49.5%, for both new and old apartments, from the highest price of EUR2,264 per square meter in March 2008 down to EUR1,142 per square meter at the end of November 2012. For instance, an old two-room apartment would cost an average EUR123,040 during the realty boom in 2008, down 53% from EUR57,300 in November 2012. When it comes to newly-built homes, the price of a two-room apartment stretching onto 68 square meters reached around EUR178,700 in 2008, down 55% from EUR80,890 at the end of November, according to data centralized by Imobiliare.ro.
In Brasov, central Romania, home prices saw a 40.6% decrease, between March 2008 and November 2012, from EUR1,450 per square meter down to EUR860 per square meter.
In northwestern city of Cluj-Napoca, however, the decline in home prices was slightly lower, as the apartments put up for sale are 36.3% cheaper than they were nearly five years ago. Thus, one square meter currently costs EUR917 from EUR1,440 in March 2008.
Prices for both new and old apartments in Constanta, southeastern Romania, have declined by 44% over the past years, from EUR1,560 per square meter in March 2008, down to EUR873 per square meter in November 2012.
The northeastern city of Iasi saw the lowest decline in home prices, of 34%, from EUR1,297 per square meter in the spring of 2008, down to EUR855 per square meter at the end of November 2012.
In western city of Timisoara, apartment prices have decreased by 40.7% over the past five years, from an average price of EUR1,311 per square meter down to EUR777 per square meter.
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