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Real estate market in 2015: Evolution of apartment prices in Bucharest
Prices requested by owners of Bucharest apartments in the first 6 months of the year, grew by 3% but dropped by 4% on the outskirts, according to a HomeFinders analysis.
Prices of apartments from central, semi-central and northern areas in the Capital city grew by 2.61% in the first semester, 2015, compared to the same period of 2014. The average price registered is 68.750 euros, 1,750 euros more than in 2014.
However, in peripheral areas, the owners’ demands dropped. So, prices are 4.38% lower than in the same period of 2014. While in 2014 the average price was 52,650 euros, now it dropped to 50,342 euros.
In the first semester 2015 average prices for apartments had the same evolution in the centre, semi-centre and northern areas of Bucharest.
Following the January increase, based on new year optimism and the February adjustment, prices stabilized in the spring months and then dropped slightly in June.
In case of peripheral apartments, the dropping tendency is confirmed, backed by new constructions where prices requested by developers are lower than old buildings.
Even though the building area is developing and there are inconveniences, big distance to shops, schools and transport means, many buyers choose houses in these ensembles because apartments have turn-key finishings and need no additional investments which are not financed by banks.
The first 6 months of the year brought a significant increase of the volume of offers - 9,379 apartment offers in central, semi-central and northern areas and increases of 14.51% were registered compared to 2014.
The volume of offers registered in the first part of 2015 had a relatively constant evolution in February, March, April and May, while the volume of the fourth quarter 2014 oscillated from one month to the other.
The study made by real estate consultants from HomeFinders is based on the analysis of average prices requested by owners, such as the offer volume, registered in semester I 2015 compared to 2014.
HomeFInders is the first real estate consulting company devoted to buyers. Founded in 2011, the company gathers 15 consultants specialized in the most important residential areas of Bucharest.
Since then, HomeFinders assisted purchases of over 30 million euros.