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"Real Estate Analyses" report: În Q3, a relatively constant level as compared to the second quarter
The asking prices for the dwellings put on the market countrywide held steady in the third quarter of 2017, at a relatively constant level as compared to the second quarter, but became cheaper by 9.7 pct, as compared to 2016, according to an analysis carried out by a real estate portal sent on last Tuesday.
According to the analysis, this stagnation is exclusively due to depreciation trend recorded by apartments in Bucharest, given that countrywide, the apartments have increased their worth by 3.5 pct and houses have become more expensive both in the Capital (by 3.7 pct) and in the country (by 3.9 pct). The sellers' asking prices in the Capital tended to decline against the backdrop of the "First House" funds gradually being exhausted but also the increase of the loans' interest rates, shows the analysis drawn by the Imobiliare.ro portal.
According to the "Real Estate Analyses" report, the current level of selling prices for houses and apartments is by 9.7 pct higher than the similar period last year and by 25 pct higher than that of two years before. The sellers' asking prices are by 38 pct lower than nine years ago (H3 2008) but approximately equal to the 2010 average. For comparison, the most recent data of the National Institute of Statistics (INS) showed that in the second quarter of the current year, the transaction value of dwellings in Romania was 14 pct higher than in 2015. According to the European Statistical Office (Eurostat), this difference was, at the level of the EU member states, merely +8 pct.
In most cities in Romania, the prices for apartments available for sale have continued, all through the third quarter, to catch up with the decrease recorded during the crisis period. Bucharest represents "the exception to the rule" as a drop of 1.1 pct has occurred, to an average of 1,230 euro/sqm. The Capital has recovered so far the least of the decline brought about by the recession, the current level of prices being by 39 pct lower as compared to the third quarter of 2008.