Prices of homes in Romania fell by an average of 1.8% in Q3 2022 compared to Q2 2022, although in large regional cities such as Timișoara, Brașov and Iași the prices continued to grow in this period, according to property platform Imobiliare.ro.
With a value of €2,400 per sqm, Cluj-Napoca has the most expensive asking prices of apartments, up 0.2% in Q3. Bucharest is second with an average price of €1,710 per sqm, with a slight decline of 0.9% over the last three months. After an advance of 1.2% in Q3 2022, Brașov reached an average of €1,570 per sqm.
Next is Constanța (€1,460/sqm), with a price stagnation in Q3 2022, followed by Craiova (€1,460/sqm), which recorded a price depreciation in Q3 2023 (-0.9%), and Timișoara (1,430 €/sqm), with a 0.8% price increase in the last three months.
In Iași, there was a price increase of 1.5% (1,320 €/sqm), while in Oradea prices increased by 0.2% in Q3 2022, reaching 1,300 €/sqm. In Galați prices increased slightly by 0.3% (1,070 €/sqm), while in Ploiești prices rose by 0.3% (1,070 €/sqm). In Brăila prices rose in the last 3 months by 1% (990 €/sqm).
”If part of the buyers preferred to postpone their purchase plans, we observe the same trend in developers - the pace of construction and new project launches has slowed down, of course, due to delays in obtaining building permits in some large cities. The market, therefore, remains in balance, with the supply/demand ratio at the level from 2021,” said Daniel Crainic, Marketing Director of Imobiliare.ro.
Compared to Q3 2022, asking prices for residential properties rose in all cities. The most significant gains were recorded in Cluj-Napoca (+22.5%), Iași (+16%), Brașov (+13.9%), Craiova (+13.9%), Craiova (+13.7%), Oradea (+13.2%) and Brăila (+10.2%), followed by Timișoara (+8.3%), Constanța (+7.2%), Galați (+5.1%), Ploiești (+5%) and Bucharest (+4.6%).
