“The fact that Bucharest witnessed the highest price decrease is not surprising, as the real estate boom was the strongest here as well. Since March 2008 (the heyday of Bucharest market), new apartment prices have fallen by 53%, from EUR2,576 per square meter to EUR1,204 per sqm (in May 2014),” imobiliare.ro said in a statement.
In Bucharest, the average price for a new studio flat was EUR45,000 in May 2014, while the average asking price of a two-room apartment and a three-room apartment is EUR74,000 and EUR111,600, respectively.
According to Imobiliare.ro, Brasov-based flats saw a 51% price cut between 2008 and 2014, from EUR1,619 per sqm to EUR799 per sqm. Prices of one-room apartments currently reach EUR31,000, two-room apartments cost EUR48,000 while three-room apartments cost around EUR64,000.
In Constanta, new apartments prices fell around 50% in the last six years, from EUR1,780 per sqm to EUR893 per sqm, thus, a studio flat currently costs EUR29,000, a two-room apartment costs EUR53,000 and a three-room apartment costs EUR84,000.
Average asking prices for new flats in Cluj-Napoca dropped by 43%, from EUR1,382 per sqm to EUR783 per sqm. A studio-flat costs approximately EUR31,000, a two-room apartment -EUR40,600, and a three-room apartment – EUR62,600.
Timisoara is the only analyzed city in which new apartment prices fell by less than 40% in the last six years, with a 33% price fall (from EUR1,301 per sqm to EUR868 per sqm). The price of a new studio flat is EUR35,000, a two-room apartment costs approximately EUR52,000, while the price of a three-room apartment is EUR66,500.