It is now ranging from EUR17/square meter in Domnesti, west of Romania’s Capital city, to EUR730/square meter on Mihai Eminescu, in downtown Bucharest, according to a ZF analysis in partnership with realty portal imobiliare.ro
The analysis includes information about the prices in 12 areas in Bucharest and four of the nearby towns: Domnesti, Bragadiru, Otopeni and Voluntari. The average price decline stood at 12% in Bucharest and 28% in the towns and cities of the Ilfov County. Therefore, a 400-500 square meter plot in Domnesti now costs less than EUR10,000 and a 300 square meter plot in the center of Bucharest can be had for about EUR200,000.
The driver of this market is the desire of people in Bucharest to escape the dull gray apartment buildings of the city, 90% of which built before 1990 and build their own house with its own yard. What is hindering the development of communities around the city is the infrastructure that is lacking (only one quarter of the Beltway has been repaired and upgraded to highway standards) and the poorly developed public transportation system.
One of the cheapest areas near Bucharest is Domnesti, but the semi-permanent traffic jam on the road leading into the city has made a significant impact on demand.
The highest prices around Bucharest are those in the northern area, near National Road 1 (DN1) and the Bucharest-Ploiesti highway, averaging EUR81/square meter in Otopeni and EUR127/square meter in Voluntari.
(English version by Loredana Fratila-Cristescu)