Prices of apartments for sale, increasing in major cities in Romania (analysis)

In March of this year, the prices of apartments for sale increased by 11% compared to March 2023, according to an analysis carried out by a real estate platform, sent to StartupCafe.ro on Tuesday.

Price per square meter for new apartments for sale increased by 13% in March 2024 compared to March 2023while the price of old apartments increased by an average of 9%, according to the latest data from Storia, the real estate platform launched by OLX.

At the same time, buying interest is increasing; thus the lifetime of property for sale ads on the site decreased by 41% compared to March 2023 and by 29% compared to February 2024.

What do the prices of apartments in Bucharest look like?

In the capital, the average price for the sale of new and old apartments was in March 2024 of 1,799 EUR/square meter.

The average asking price for the sale of a new apartment was, in March 2024, de 1,824 EUR/square meter, a 15% higher price compared to the same month of the previous year and 4% higher compared to February 2024.

As for the old apartments, they had an asking price of 1,771 EUR/square meter, 10% higher compared to March of last year and 2% higher than in February of the current year.

The evolution of prices in the other big cities of the country

Cluj Napoca:

In March 2024, the average prices for new and old apartments in Cluj-Napoca were 2,651 EUR/square meter.

• The average asking price for a new apartment was EUR 2,653/square meter, 7% higher compared to March 2023.
• Old apartments in Cluj-Napoca had an average asking price of 2,649 EUR/square meter, 12% higher than in the same month of the previous year.

Iasi:

In March 2024, the average asking price for new and old apartments in Iasi was 1,553 EUR/square meter.

• Thus, the prices of new apartments registered a average increase of 11% compared to the previous year, reaching EUR 1,538/square meterwhile old apartments recorded a 13% increase, compared to March 2023, being 1,585 EUR/square meter.

Timisoara:

In March 2024, the average asking price for new and old apartments in Timișoara was 1,557 EUR/square meter.

• The average price per square meter for new apartments for sale was EUR 1,568, 4% higher compared to the same month in 2023.
• In the old apartments one notices a 10% increasethese reaching an average asking price of 1,552 EUR/square meter.

Brasov:

In March 2024, the average asking price for new and old apartments in Brașov was 1,937 EUR/square meter.

• The average asking price for new apartments in Brașov has reached EUR 2,040/square meter, 8% higher than the one in March 2023.
• At the same time, the prices of old apartments grew rapidly, by 18% compared to the same month last year, reaching an average of 1,848 EUR/square meter.

Sibiu:

In March 2024, the average asking price for new and old apartments in Sibiu was 1,532 EUR/square meter.

• Average asking price for new apartments increased by 16% in March 2024 compared to March 2023, reaching 1,498 EUR/square meter.
• At the same time, prices for old housing had 8% increasesreaching 1,562 EUR/square meter.

Constant:

In March 2024, the average asking price for new and old apartments in Constanța was 1,712 EUR/square meter.

• Also, in March 2024, new apartments had an asking price of 1,758 EUR/square meter, 5% higher compared to the same month of the previous year.
• In addition, old apartments had average asking prices 9% higher compared to March 2023, reaching a value of 1,673 EUR/square meter.

Oradea city:

In March 2024, the average asking price for new and old apartments in Oradea was 1,539 EUR/square meter.

• Also, the average price per square meter for new apartments was €1,609, up 10% in March 2024 vs. 2023.
• Average prices for old apartments increased, reaching an average asking price of EUR 1,490/square meter with a 13% markup compared to the same period of the previous year.

Craiova:

In March 2024, the average asking price for new and old apartments in Craiova was 1,585 EUR/square meter.

• Also, the average asking price for new apartments was 1,598 EUR/square meterin the 9% increase in March 2024 versus 2023, while the asking price for the old ones was of 1,580 EUR/square meter, 10% higher compared to the same month of the previous year.

Storia is the real estate platform launched by OLX where real estate agents, owners and developers alike list their offers.