Despite natural monthly variations, the drop in prices triggered during the recession is still felt today on the new residential market only and Bucharest is the only big city where prices are still going down. In February 2015, the average asking price rose 1.5% countrywide, from EUR910 to EUR924 per square meter. Although year-to-year is low, of just 0.5%, there is an obvious growth trend in asking prices, according to the website.
In Bucharest, the current asking price of EUR1,034 per sqm is 2.3% lower than in February 2014, of EUR1,058 per sqm. On the other hand, in the past 30 days, the average price dropped 0.3%, from EUR1,037 per sqm in January. Compared to february last year, old apartment asking prices rose 1.3%, from EUR991 to EUR1,004 per sqm.
Apartments in newly build residential compounds in Bucharest registered considerable price decreases in the past year. Following a 1.6% drop in February, from EUR1,082 per sqm in January, the average price is currently at EUR1,065 per sqm, 8.4% than in February 2014.
In the past 12 months, the biggest price drop was registered for studio flats in new residential compounds, of 9.4%, to EUR1,009 per sqm. Prices of new two-room apartments dropped 8.2%, from EUR1,135 per sqm to EUR1,042, while prices of new three-room apartments in Bucharest dropped 6.2%, from EUR1,213 to EUR1,138 per sqm.
In Cluj-Napoca, the average asking price rose by some 11% in the past 12 months, to EUR958 per sqm, and dropped a slight 0.2% compared to January.
Following a 0.5% monthly growth in February, old apartments in Cluj-Napoca are now 5% more expensive than a year ago, with an average asking price of EUR1,030 per sqm. Most of the growth on the local market overall is dictated by new apartment prices, which rose 15.7% in the past year, from EUR764 to EUR884 per sqm.
Timisoara registered the second-biggest price growth in the past 12 months, of 5.7%. In the past month, apartment prices in Timisoara rose 1.4%. Old apartment prices rose 6.8% in the past year, from EUR792 to EUR846 per sqm, and by 1.6% in the past month.
Along with Bucharest, Timisoara is the only other city where new apartment prices declined in the past year, to EUR869, 1.6% lower than EUR883 per sqm in February 2014). In the past month, prices on this segment rose 0.3% from EUR866 per sqm in January.
In Brasov, the average price grew 1.6% in the past year, to EUR846 from EUR833 per sqm. Old apartment prices rose 1% (from EUR827 to EUR835 per sqm) in the past year, and dropped a slight 0.6% in the past month. New apartment prices in Brasov grew 4.4% in the past year, to EUR909 per sqm. New apartment prices dropped a slight 0.3% on the month in February, from EUR912 per sqm in January.
In Constanta, apartment prices grew 4.2% in the past year, from EUR849 to EUR885 per sqm, and rose 1% on the month in February. Old apartment prices rose 4.3% on the year, to an average asking price of EUR878 per sqm, but registered a slight monthly decline of 0.9%, from EUR870 per sqm in January. On the other hand, new apartments in Constanta are currently 3.7% more expensive than a year ago, at EUR907 per sqm, with a monthly increase of 1.6% in February.