Romanian residential property prices keep growing, but at slower rates

The average prices asked by sellers of residential properties in Romania increased by 1.6% in the last quarter of 2018 (Q4) compared to the previous quarter and by 5.3% compared to the same quarter of 2017, according to aggregations of Imobiliare.ro real estate intermediation website. The annual growth rate thus decelerated from 9.1% in 2017 (compared to 2016) and 12.4% in 2016 (compared to 2015), the analysis shows. Nonetheless, the price asked in Q4 of 2018 was still 27.6% below the average prices asked before the real estate crisis, in Q4 of 2008. The residential rates have increased continuously since 2014 when they hit the lowest levels after the crisis. The steepest annual increase in 2018 was in the central Romania city of Brasov, where the average prices increased by 7.5% to EUR 1,080 per sqm. The highest rates are still in Cluj-Napoca, namely EUR 1,530 per sqm, after a 6.2% annual advance. In Bucharest, the average price hit EUR 1,300 per sqm after a 5.8% yearly increase. More affordable housing is available in the Eastern city of Iasi, where the average prices reached EUR 980 per sqm after a modest 3.4% annual increase as of Q4 last year. Analyst: Romanian residential property prices will fall by 25% in two years editor@romania-insider.com (photo source: Pixabay.com)