Asking prices for apartments in Romania rose by an average of 3.2% to €1,707 per sqm in April compared to the previous month, while on a 12-month basis prices expanded by 22.3%, according to a report by Imobiliare.ro platform.
Timișoara was the only major city in which prices fell, while in the rest of the large cities the asking prices rose last month.
"Apartment prices continued to grow in April due to the rising construction costs and more expensive building materials. At the same time, demand increased by 11% and is approaching the values recorded before the outbreak of the Ukrainian conflict. We are also seeing an increase in investment interest, but also in cash transactions, with residential now seen as a potentially high inflation hedge. We also expect the rental market to strengthen in the coming period," said Daniel Crainic, Marketing Director of Imobiliare.ro.
In Bucharest, prices rose by 2.7% to an average of €1,692 per sqm, while in Cluj-Napoca apartments saw prices gain 3.2% to €2,411 per sqm.
On the Brașov market, prices slightly grew by 0.3% to €1,560 per sqm, while in Constanța they gained 2.8% to €1,274 per sqm.
Apartments in Iași recorded a 2.8% increase of prices to €1,264 per sqm, while in Timișoara they slightly fell by 0.5% in the old housing stock to €1,428 per sqm.
