The prices of new apartments in Romania’s main cities have dropped by 26.5% to 54% over the past few years. An analysis regarding homes by number of rooms shows a 50% price difference between studio apartments in Bucharest and those in Iasi. The cheapest new studio apartments are in Iasi where the average price charged by developers currently stands at EUR32,324, but prices can even go down to EUR30,000.
The prices of studio apartments in Bucharest have seen the highest decline throughout the crisis, as the current average price for a studio apartment accounts for only 46% of the average prices charged four years ago.
The price of a two-room apartment in Cluj equals the price of a studio apartment in Bucharest. Two-room apartment prices have dropped by 34% in Timisoara and by 53.5% in Bucharest. Cluj has the cheapest new two-room apartments of all big cities included in the analysis, with an average price of EUR49,392. In Brasov, a new two-room apartment costs an average EUR52,302, while in Iasi, the price is a little over EUR53,000. In Constanta, a new two-room apartment costs almost EUR57,000.
As regards three-room apartments, the price difference is significant from one city to another. The lowest prices are in Iasi where developers charge an average EUR64,047 for a new three-room apartment. In Cluj, the average prices amounts to EUR68,205, while in Timisoara, the price of a new three-room apartment costs an average EUR74,700. In Brasov and Constanta, the average prices stand at EUR85,453 an EUR86,787, respectively.
Capital Bucharest remains the most expensive city in Romania regarding new three-room apartments, with an average price exceeding EUR123,000, almost double the prices in Iasi or Cluj, despite a 47% price decline over the past years.
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