Price declines were registered in ten of the 20 analyzed areas, in five districts the average asking prices were flat and in another five areas owners added EUR1,000 or EUR2,000 at the highest to asking prices.
Significant decreases were recorded in Oltenitei area (-11.9%) and 1 Decembrie (-8.1%0, while slight increases were signaled in Militari, Crangasi, Berceni, Stefan cel Mare and the area of Bucuresti Mall shopping center of Vitan.
The lowest prices for three-room apartments, of EUR55,000, are in Drumul Taberei. Apartments with prices of up to EUR60,000 can also be found in Colentina, Titan0-1Decembrie and Berceni, while in Unirii, Victoriei Square and Aviatiei, prices are almost twice as high.
“Housing prices are following the same stabilization tendency registered in the past two years, there can be slightly increases from one month to another or similar declines, but the overall tendency points to stabilization. I do not believe there are any premises for price increases in the coming period, or for significant declines, either,” stated Alexandru Pricop, managing partner at Coldwell Banker Affiliates of Romania.
He believes there are now better conditions for taking out loans, but demand is still low amid economic uncertainty and the relative stagnation of salaries. Moreover, real estate developers are coming up with an offer of new apartments at luring prices, which is putting mounting pressure on owners of apartments located in old blocks.
According to imobiliare.ro data, prices of old three-room apartments in Bucharest dropped by 2.1% in October, to EUR958/square meter, while in rest of big cities, Brasov, Cluj-Napoca, Constanta, Timisoara and Iasi posted increases of between 0.3% (Timisoara) and 2.4% (Iasi).
(English version by Catalina Apostoiu)