Flat Prices in Romania up 4% in March

Flat Prices in Romania up 4% in March

The average price of a three-room flat in Bucharest went up 4% in March, reaching 1,430 euros per square metre compared with 1,375 euros in February, according to an analysis conducted by ZF based on advertisements published in the biggest ad publication in Romania, anuntul.ro.

However, for an 80 square-metre apartment the price has dropped by an average of 4,400 euros. The increase in March comes after a 6% increase seen in February.

As compared with the end of last year, prices increased by some 16% in the first three months of the year. Should this growth rate maintain until the end of December, prices would witness an increase of 70-80% against last year.

Even in areas considered affordable such as Colentina, Berceni, Titan and Militari an 80sqm flat now costs over 85,000 euros. The biggest surges, exceeding 10%, were seen in Brancoveanu, Oltenitei, Dorobanti, Iancului, Lacul Tei and Mihai Bravu.

In Berceni an 80sqm, three-room apartment costs around 90,000 euros, around 5% more than last month. Prices in Berceni have increased as this area will see the construction of the biggest mall in Romania, the opening of a Cora hypermarket and the building of a new airport in Frumusani.

Sellers are therefore asking 5,000 - 6,000 euros more for properties. I think prices will continue to increase in this area in the future," said Daniel Chiperi, a real estate adviser within the Marussi agency.

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