Asking prices of homes in Romania rose by 6% year-on-year to €1.682 per sqm during 2022, while the number of property deals slightly grew last and the demand in the residential segment has started to fall, according to a report by real estate classifieds platforms Imobiliare.ro.
Last year, Cluj-Napoca was the most expensive residential prices with prices going up by 14% y/y to €2,410 per sqm. In Bucharest, home prices rose by an average of 5% to €1,704 per sqm.
In Brașov prices were up 11% to €1,623 per sqm, while in Timișoara the asking price for a home rose on average by 6% to €1,454 per sqm. In Constanța, the home prices grew by only 2% to €1,431 per sqm.
Daniel Crainic, Marketing Director of Imobiliare.ro, points out that in the first semester of this year, the pricing mechanism for homes will depend on the construction costs that should be flat.
“Demand will be influenced by the high cost of financing, but supply will also be lower, with many developers postponing further development until the economic situation stabilizes, so the balance between supply and demand will be maintained, but in a contracted market. We will see price adjustments, corrections in the credit-dependent mass-market segments, as well as price increases in the premium segments that continue to attract investors,” said Crainic.
During 2022, the number of potential home buyers stood at 317,000 compared to 419,000 in the previous year. Meanwhile, property transactions in the country totaled 640,000 deals during 2022, compared to 624,000 in 2021.
