Bucharest overtakes Cluj-Napoca as the city in Romania with the highest apartment prices

Bucharest has overtaken Cluj-Napoca as the city with the highest prices for apartments in the country, ending the latter’s status in this regard. According to data published by imobiliare.ro, the average asking price for new apartments in the capital increased by 22% in the last year, while in Cluj-Napoca, the percentage exceeded 6%.

As a result, the most expensive apartments in Romania are found in Bucharest’s District 1, where a square meter in a new apartment sells for EUR 4,190 on average. Higher prices are also found in District 4, where a square meter is valued at EUR 3,760 on average, Digi24 reported.

Both districts have higher average prices than Cluj-Napoca, where one square meter goes for roughly EUR 3,300.

The most affordable apartments in Bucharest are found in District 5, at just over EUR 2,000 per square meter. The expansion of the subway network may, however, change things in the future, real estate specialists say.

Overall, the average sale price for new homes in Bucharest has increased over the past 5 years by over 50%, from EUR 1,480 to EUR 2,273 per usable square meter. At the same time, the average rent rose by 45%, from EUR 8.6 to EUR 12.3 per usable square meter, according to another report from real estate agency iO Partners Romania.

With an average rental yield of 5.3%, Bucharest ranks in the upper area compared to other countries in the region (Warsaw 6.5%, Prague 3.5%, Budapest 5%, Vienna 3%).

(Photo source: Glacyer|Dreamstime.com)