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Prices of houses in Romania reach lowest level in past three years

After almost two years from the first downturn signs on the Romanian real estate market, opportunities are starting to emerge not only for investors, but also for the ordinary people, individuals that want to buy a house, reads Financiarul daily (www.financiarul.com), based on a study made by the portal imobiliare.ro.

In most big cities the number of offers at prices that everybody wished for two years ago increased, and the real estate 'bargains' come from the new constructions sector. Nevertheless, with some exceptions, most cheap properties have a big disadvantage, ie the area in which they are located.

In Bucharest, the prices level was permanently ahead the other big cities, thus, the residential market in Bucharest also dictates price drops. The average prices continued to drop in Bucharest both on the new houses segment and on the segment of old flats. Thus, the price per square metre of used area in Bucharest (IMO index) registered in March 2010 was 11.9 percent lower for the new houses (1,506 euros/sq m) and 12.5 percent lower for the old ones (1,241 euros/sq m).

The real estate market in Bucharest continues to be the most expensive one nationwide. In the case of new constructions, the capital is by 42 percent more expensive compared to the city that ranks second, Constanta (south-eastern Romania), and by 19 percent more expensive as regards old houses, where the city ranking second is Cluj-Napoca (central Romania).

With the money used to buy a one-room flat in Bucharest, a two-room flat may be bought in Brasov (central Romania). The average price in Brasov amounts to 1,010 euros/sq m for a new house and 947 euros/sq m for the old ones.

Cluj-Napoca is the only big city in Romania where the prices for new constructions went up at the beginning of 2010, which makes the annual result, from March 2009 to March 2010, account for a plus of 5.1 percent. On the other hand, the average price for old flats dropped by 5 percent over March 2009-March 2010.

Among the big cities, Constanta displays the highest price decrease for houses. From March 2009 to March 2010, the average price for the new houses dropped by 13.3 percent, amounting to 1,058 euros/sq m, while for the old houses it dropped by 20.1 percent (to 1,031 euros/sq m).

Iasi (eastern Romania) is currently the cheapest city in the large Romanian cities group. The average price for one square metre is 913 euros in the case of old houses and 1,022 euros in the case of new ones.

March, the month of surprisesThe real estate monitoring reports drafted by three real estate portals, anunturiparticulari.ro, imobiliare.ro and magazinuldecase.ro, indicate that for the first time in the past two years, when massive depreciations of the house prices were registered, the prices of real estate started growing once again in March 2010.

Sursa: http://www.agerpres.ro

Tags: average march percent euros price bucharest houses romania years estate prices

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