Apartment Prices in Bucharest's Most Expensive Areas Down 20%

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Apartment Prices in Bucharest's Most Expensive Areas Down 20%

Apartment prices in three of the most expensive areas in Bucharest have seen dramatic falls of around 20% over the last month, according to a ZF analysis, based on sales advertised on website anuntul.ro. Whilst in May an 80 square-metre apartment in the Aviatiei district exceeded 200,000 euros, prices dropped to 170,000 euros in June.

The ads reviewed, which consider three-room apartments built in the 1980-1990 period, do not provide the price of transactions, but give a general overview of the Bucharest real estate market.

A possible explanation would be buyers'preference for new apartments rather than ones located in central areas. 6,000 homes are expected for completion this year, according to a ZF research, after 2,541 homes were delivered onto the market last year, according to the National Statistics Institute.

The major price declines in some of the most expensive areas of Bucharest, such as Aviatiei, Dorobanti and near Vitan Mall (photo), come amid a lowering in the average price per square metre, which fell to under 2,000 euros, compared with 2,100 euros a month ago.

For a 60 square-metre apartment, this means a saving of around 6,000 euros. Last month's decline, as well as the slower growth seen in the first quarter of the year, comes after a period during which building prices boomed. Apartment prices almost tripled between 2004 and 2007, with the biggest rise of around 65% witnessed in 2005. Therefore, 2008 could be the first year since 2004 when prices could either stagnate or rise by less than 10%.

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