The average price in November 2024 was EUR114,385, according to the ZF real estate index compiled by ZF and real estate consultant SVN Romania, almost EUR2,100 higher than the previous month’s average.
Since January 2024, the ZF real estate index has been using 13 areas in Bucharest instead of the previous 20, focusing on the neighborhoods with more ads, which ensures greater accuracy of information.
The biggest decline in price was recorded in Oltenitei-Brancoveanu, EUR8,000 in November compared with October, while the average price in Berceni shrank by EUR2,000. On the other hand, Iancului-Mihai Bravu saw an increase of EUR11,000, the same as Mosilor-Stefan cel Mare.
“The year 2024 was a good year for the local residential market. Interests dropped from the 2023 peak, affordability remained at the highest level as a result of wage raises and demand returned, so sales of homes were 14% higher in the first ten months compared with the same time in 2023. The increase in prices, also amid a decline in new home deliveries, came naturally,” says Andrei Sarbu, SVN Romania CEO.
(English version by Loredana Fratila-Cristescu)