2020 Romanian housing market’s response to COVID-19 outbreak (press release)
Casazela, the Real Estate Property and Asset Management arm of APS Holding with HQ in Prague, is highly specialized in the active management of real estate assets, as well as providing Sales and Marketing services focused on Commercial (i.e., Office, Retail, Industrial and Land) Real Estate in CEE Region. Through our established networks of local service providers, Casazela’s Teams can arrange and co-ordinate various complementary Real Estate services on behalf of our clients, including but not limited to facility management, legal, financial, tax, technical as well as design and engineering services.
Casazela experienced professionals has first-hand knowledge and experience of their respective local markets coupled to a network of third-party local experts, having an in-depth knowledge of assets, tenants and buyers/investors provide the clients with invaluable up-to-date research intelligence, as well as insights into trends, challenges, as well as opportunities in the markets in which we act.
In 2020, Casazela Romania proudly represented over 450 assets, under brokerage services mandate for large corporate portfolios, supporting the sellers with our nationwide coverage and a strong and targeted marketing campaign for their real estate portfolios. Our market research report which assessed 41 Romanian counties, identified that COVID-19 has led to massive inequalities between market sectors, economies, companies, and counties across Romania, including CEE Region. Thus, our market study concluded that the residential market was an anchor of stability during COVID-19 outbreak while other sectors suffered major meltdowns.
For a better understanding of our countrywide coverage see below the split of our total portfolio, showing a high number of assets in Ilfov County (81 assets), followed by Brasov, Dambovita (53 assets each) and Bucharest (22 assets).
Based on our expertise and on the detailed report prepared by “Analize Imobiliare” Team, below are further important conclusions of our analysis:
- The average sales price for an apartment in Romania in 2020, currently amounts to € 948/sqm, an average increase of 11% compared to 2019. The prices range from the low € 572/sqm recorded in Resita City, Caras Severin County to the highest prices of € 1,777/sqm recorded in Cluj-Napoca City, Cluj County.
- The highest increase of average apartment sales price in 2020 compared to 2019 was recorded in Ilfov County (15%), followed by Maramures (14,5%) and Sibiu (13%).
Apartment’s sales price (Euro/sqm)
- The average sales price for a house in Romania in 2020, currently amounts to € 696/sqm, an average year on year increase of 18,7%. Prices range from € 282/sqm in Giurgiu City, Giurgiu County to € 1,494/sqm to Cluj-Napoca City, Cluj County.
- The highest increase of average house sales price in 2020 compared to 2019 was recorded in Arad County (40%), followed by Buzau (39%) and Covasna (35%).
House’s sales price (Euro/sqm)
Although transactions volumes and, most important, price development vary from county to county, year on year residential market has recorded price increase across the entire country. Worth mentioning, the sale of an iconic residential property excellently located in Poiana Brasov, the sought-after Romanian winter destination, with a built area of 898 sqm spread over 16 rooms, which was recently sold for an amount of 800,000 Euro; the sale was concluded by Mihaela Oroian, the Manager of Casazela Romania.
We are of the opinion that the housing market will continue to attract the interest of investors in 2021, interest generated by the current dynamic of health crisis coupled with the low occupancy ratio of the corporate offices across Romania, including CEE Region.
If you would like to be informed about our latest sales offers and services you are kindly invited to visit our website, www.casazela.com or please feel free to contact us at firstname.lastname@example.org.
This is a Press Release. Here you can order press releases on this site.