Prices of old apartments in Romania, half compared to 2008

The prices of apartments located in old buildings have decreased with rates between 32 percent and over 50 percent in the six main cities in Romania since 2008, the peak year for the real estate market, according to data from Imobiliare.ro, quoted by local Mediafax. In Bucharest, the average price of a studio apartment fell by almost 57 percent, from EUR 82,000 in March 2008, to EUR 35,600 in April this year. The price of a two-bedroom apartment also dropped from EUR 123,000 to slightly over EUR 55,100. In Timisoara, another large city in Romania, a studio apartment in old buildings has a price 45 percent lower compared to 2008, from an average price of EUR 47,600 to EUR 26,200. During the same period, the price of a two-bedroom apartment fell by 42 percent, to some EUR 43,900, from EUR 75,400. The prices also dropped in Brasov, Cluj-Napoca, Constanta and Iasi. Irina Popescu, irina.popescu@romania-insider.com