New apartment prices have come to be highest in Bucharest, recording an advance of 17% from 2023.
“Imobiliare.ro index shows an advance of 17% to the average price applied to houses located in buildings completed in the last 5 years. Thus, apartments that sold under 1,590 euros/sq.m in April 2023 can be bought now at an average price of 1,850 euros/sq.m”, Imobiliare.ro specifies.
A 5% increase of the aveage price applied for new apartments in Bucharest was also noticed in the previous month. That indicates a significant flow of new properties that entered the market at higher prices.
Circa 50 residential projects are currently in progress for this year in Bucharest. Most new apartments will be commissioned in the northern part of the city, as well as in the southern and western parts. The northern part of the city is known for high prices but is also said to contain the nest properties nation-wide, while the southern and western parts are more accessible.
“The interest in new properties in the capital city, both apartments and houses, has grown by 22% this year, compared to the same period of 2023, at a rate higher than that of older houses. At the same time, the well known problems in the authorities’ relations with developers generated a 15% drop of the new segment offer, of up to 13,700 properties”, points out Imobiliare.ro.
Most buyers were interested in the Militari-Gorjului-Lujerului-Uverturii area.
Next comes the Berceni area, followed closely by Drumul Taberei.
The Ozana – Theodor Pallady area in the east of the Capital, intensely developed in past years both at residential and commercial levels, has reached a considerable number of potential buyers.
Cluj-Napoca is the most expensive city in the country for buyers interested in new apartments. The average price requested for these properties reached 2,874 euros/sq.m by the end of last month. Practically, a person who wants to buy a new apartment pays an additional 164 euros per square meter than for a property available in the old market.
“Early this year, potential buyers focused on new properties available in the local market. However there was a visible drop of demand by 15%, a fact which might indicate a slowing down of the small investors’ purchase interest. The offer of new properties, although modest including only 1.200 offers, went up, a rare phenomenon in big cities,” the analysis shows.
