Bucharest apartments post highest price drop in last six years

Apartments in capital Bucharest, as well as in Constanta and Ramnicu Valcea in Romania registered the largest price decreases in the past six years, of over 40%, according to data from imobiliare.ro, cited by local Mediafax. On the other hand, the smallest decreases, of 16% and 25% respectively, were registered in Sibiu and Timisoara. In Sibiu, the price dropped to an average of EUR 697 per sqm, while in Brasov, the average price per sqm went down to EUR 824. Moderate declines of below 40% were registered in Brasov – down 30% to EUR 818 per sqm, Cluj-Napoca – down 32% to EUR 968 per sqm, Iasi – minus 33% to EUR 799 per sqm and Ploiesti – minus 34% to EUR 733 per sqm. Between 2013 and 2014, the prices started to recover however, registering an increase of 2.6% in Brasov, 1.8% in Cluj-Napoca, 2.5% in Iasi and 2.6% in Ploiesti, reports local Mediafax. In Ramnicu Valcea, apartments lost 50% of their value during the economic crisis, reaching an average of EUR 598 per sqm in the fourth quarter of 2014, down from EUR 1,200 per sqm in 2008. Apartments in Constanta also registered a large price decline during this period, of 45%, from EUR 1,552 per sqm in 2008 to EUR 858 at the end of 2014. Bucharest is also among cities with highest rates of depreciation recorded in the past six years, with a drop of 44%. In 2008, the average price per sqm was of EUR 1,899, while at the end of last year, the price was of EUR 1,056. The price was however slightly higher than at the end of 2013, when it stood at EUR 1,040. Irina Popescu, irina.popescu@romania-insider.com