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Prices of apartments for sale grew by 10%
Prices of apartments for sale had a growing tendency at national level in quarter 4, 2015 compared to quarter 4, 2014, according to a study made by a real estate portal. The most significant annual growth rates of over 10%, were in Cluj Napoca, Timisoara and Suceava, while prices went down only in Sibiu, Resita and Focsani. The national classification of the most expensive apartments is led by Cluj Napoca, Bucharest, Timisoara and Constanta, while Resita, Targoviste, Zalau and Satu Mare are at the opposite pole.
“In 2015 the residential trend was given by areas like Transylvania and Banat. After being surpassed by Cluj Napoca, the Capital city ranks second this year in the top of towns with the most expensive apartments. As for the top of the biggest price increases Bucharest is surpassed by CLuj Napoca and Timisoara, “says Adrian Erimescu, the general manager of Imobiliare.ro.
With a value of 1,094 euros/sq.m at the end of 2015, the average price asked by owners is by 4.9% higher than in the similar period of 2014, when it was 1,043 euros/sq.m., according to the study made by Imobiliare.ro. In this context, Bucharest is among towns with the smallest price increases in 2015. Compared to the peak moment of prices in Bucharest reached in March 2008, when an apartment cost an average of 2,264 euros/sq.m., the present value is 51.7% lower.
In the rental market, average prices reached in quarter 4, 2015, 220 euros/month for a one-room apartment, 300 euros/month for a two-room apartment, 350 euros/month for a three-room apartment and 550 euros/month for a four room apartment.
In the central area of the country, including the counties of Alba, Brasov, Harghita, Covasna, Sibiu and Mures, sale prices grew in county seats, except for Sibiu, where prices went down.
In Alba Iulia, prices went up this year by 5.5%, from 583 euros/sq.m to 615 euros/sq.m.
In Brasov, apartment prices went up by and average of 6.5%, from 821 euros/sq.m in quarter 4, 2014, to 874 euros/sq.m, in 2015. Compared to 2008, when the highest prices were reached in Brasov - 1,475 euros/sq.m., the present value is 40.7% lower.
Following an annual decline of 2.7%, Sibiu apartments cost now 663 euros/sq.m. Compared to 682 euros/sq.m in 2014. This is the biggest price drop recorded at national level in 2015.
In the North-Eastern area, county seats like Suceava, Bacau and Piatra Neamt are included in the classification of the biggest prices increases in 2015, while Botosani and Iasi are among towns with the smallest growth rates.
In Bacau prices went up by 8.2% in the last 12 months, from 590 euros/sq.m to 638 euros/sq.m. In Botosani, the growth rate was, on the average, 4.8% and apartments can be bought now with 605 euros/sq.m, compared to 577 euros/sq.m in 2014. In Iasi prices grew by 4.8% in 2015, from an average of 789 euros/sq.m to 927 euros/sq.m.
In Piatra Neamt, apartments were more expensive by 8.7% from 571 euros/sq.m in 2014 to 621 euros/sq.m at present. In Suceava prices went up by 10.4% to 707 euros/sq.m.
In the North-Western area, Cluj Napoca ranks first in the top of towns with the most expensive apartments and in the top of the biggest price increases of the last 12 months. There prices went up by 13.6%, from 978 euros/sq.m in 2014 to 1,111 euros/sq.m in 2015. Compared to April 2008 when prices recorded an average of 1,551 euros/sq.m the present value is 28% smaller.
In Oradea the average sale price went up by 5.2% from 612 euros/sq.m to 644 euros/sq.m. In Satu Mare there was an advance of 6% in the last 12 months, from 500 euros/sq.m to 530 euros/sq.m. In Zalau, the seat of Salaj county, apartments appreciated by 2.5% reaching an average value of 502 euros/sq.m compared to 490 euros/sq.m in 2014.
In the South-Eastern area, apartments sold in Constanta are more expensive by 7.6%, from 852 euros/sq.m to 917 euros/sq.m. The present value is 42% lower than in June 2008 - 1,589 euros/sq.m. In Braila, the average amount requested by sellers went up by 1% in 2015 to an average of 586 euros/sq/m, compared to 580 euros/sq.m in 2014.
In Buzau prices recorded an advance of 7.2% from 579 euros/sq.m in 2014 to 620 euros/sq.m at present, while Focsani is the third town registering price drops in the last 12 months, after Sibiu and Resita. In the county seat of Vrancea county apartments depreciated by 0.8% from 573 euros/sq.m to 568 euros/sq.m.
In Galati, prices went up by 6.4% in a year, to an average of 658 euros/sq.m compared to 619 euros/sq.m in 2014. In Tulcea apartments for sale can be bought with 723 euros/sq.m, 4.2% more than in 2014.
In the South-Muntenia area, in Pitesti, the price of apartments went up by 7.9% in the last 12 months, from 681 euros/sq.m last year to 735 euros/sq.m at present. In Ploiesti, the average price went up by 4.2% from 720 euros/sq.m to 750 euros/sq.m. In Targoviste, the biggest town in Dambovita county, an apartment can be bought with 500 euros/sq.m, 2.6% more than in 2014 when it was 488 euros/sq.m.
In the South-West Oltenia area, in Craiova, prices went up by 8.7% from 735 euros/sq.m in 2014 to 799 euros/sq.m at present. In Targu Jiu prices were somewhat constant, to667 euros/sq.m compared to 666 euros/sq.m last year. In Slatina, the seat of Olt county, prices went up by 7.8% from 533 euros/sq.m to 575 euros/sq.m.
In the western area, Arad and Timisoara are among towns with the biggest price rises in 2015. Arad, the town which in 2014 ranked first in the top of price drops, is now among county seats with the most important price increases. After an advance of 7.2% apartments can be bought with 536 euros/sq.m against 500 euros/sq.m in 2014.
Timisoara ranks second in the top of biggest price rises recorded in 2015 (after CLuj Napoca) and third in the top of towns with the most expensive apartments in the country. In quarter 4, 2015, the average amount asked by sellers reached 929 euros/sq.m, 12.7% more than in the same period of 2014 when it was 824 euros/sq.m. Compared to June 2008, when an apartment cost 1,329 euros/sq.m the present value is 31% lower, the study shows.