Romania ranks third in the top of the European countries with the cheapest housing, after Bosnia and Herzegovina and Greece, with an average price of €1,417 per sqm, according to a Deloitte report. Homes prices in Romania rose by 10.6% compared to 2021.
The reports shows that an average Romanian needs 6.3 annual gross salaries to purchase a 70 sqm home. This is the sixth most affordable market after Belgium (4.3 gross annual salaries), Norway (4.7 gross annual salaries), Denmark (5), Slovenia (5.6) and Italy (6.2). Slovakia is the least affordable among European countries, with 14.1 gross annual salaries needed to buy a new home, followed by the Czech Republic (13.3 gross annual salaries).
“Looking ahead to the next 12 months, the prices of residential dwellings are expected to stabilize, according to the study, while recent NBR data shows a revival of the mortgage lending compared to 2022, both in lei and in euros. Another notable trend for the next year is the emphasis on sustainable and energy-efficient housing, with different residential products being sought after by informed consumers,” said Alexandra Smedoiu, Tax Partner, Deloitte Romania, and Real Estate Industry Leader.
Austria is the most expensive residential market, with €4,925 EUR per sqm in 2022, followed by Germany (€4,800 per sqm), France (€4,639 EUR per sqm) and Norway (€4,204 per sqm). Most of the countries saw increases in average prices for new homes, while drops were noted only in the United Kingdom (-18.8%), Denmark (-9.7%) and France (-0.2%).
In Romania, the most expensive city is Cluj-Napoca, with €2,363 per sqm and a 21.8% increase compared to the previous year, while Bucharest ranks second, with €1,693 per sqm.
Deloitte data further shows that Romania is also among the countries with the lowest rents. The most expensive Romanian city analyzed is Cluj-Napoca, with an average monthly rent of €8.6 per sqm, while Bucharest tenants pay an average of €8.1 per sqm.
Sign up today for the latest news