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Real estate: Price increase rate in residential market grows compared to 2018
The price increase rate in the local residential market, accelerated against 2018 so that in quarter 4, 2019, both apartments and houses are 7% more expensive than a year ago, according to an analysis made by Imobiliare.ro.
In comparison, in the same period of 2018, the price difference was 5.3%.
“The evolution was different according to towns and the segment analyzed: in the Capital city, the price increase rate doubled compared to 2018 in the old market, but maintained relatively constant in the new one; in the rest of the country, the advance was twice higher in the old segment and about 5 times higher in the new segment. Old dwellings recorded a plus of 9% in Bucharest, against 6% in the rest of the country; new living units went up by 8% in Bucharest and 10% in the rest of the country. In comparison, in quarter 4, 2018, old houses were by 4.6% more expensive in the Capital and by 2.6% in the rest, while new ones were by 9% more expensive in Bucharest and by 2.1% in the rest of the country,” according to Daniel Crainic, the marketing director of Imobiliare.ro.
In 2019, the average price demanded for an old two-room apartment located in the central and semi central area of Bucharest was about 77,000 euros, against 74,000 euros in 2018. In comparison, a similar housing unit on the outskirts could be bought with 61,000 euros, on the rise from 59,000 euros. The difference between the two types of properties was 16,000 euros (on the rise from 15,000 euros),” the press release shows.
“In 2019, the housing demand in big towns slightly grew compared to the previous year, to 470,000 potential buyers (against 460,000 in 2018). An interesting fact is that despite this tendency, people interested in buying such a property seem to be more relaxed than in 2018 when it comes to concluding transactions: the average sales period grew in big towns from 67 to 93 days in the apartment segment and from 147 to 193 days in that of houses and villas.”