In March of this year, the prices of apartments for sale registered an increase of 11% compared to March of last year. The asking price per square meter for new apartments for sale increased by 13% in March 2024 vs. March 2023, while the price of old apartments increased, on average, by 9%, according to the latest data from Storia, the real estate platform launched by OLX. As for the lifetime of property for sale ads on the site, it has decreased by 41% compared to March 2023 and by 29% compared to February 2024, which shows that user interest is higher and that properties it trades faster. Concretely, the shorter the exposure time of the ads on the website, the faster the transaction speed of the properties mentioned in the real estate ads.
“Analyzing the latest data, we found a firm trend of increasing interest in apartments for sale (+56%), exceeding the increase in interest in houses for sale (+32″). In parallel, we also observed a reversal of direction in the market rentals, with a decline in the increase in interest in apartments for rent (-12%). These developments reflect not only the changing preferences of consumers, but also a different dynamic in the real estate market,” said Răzvan Ceapa, Head of Operations Storia & OLX Real estate.
How the prices of apartments for sale in the Capital evolved in March 2024
In Bucharest, the average price for the sale of new and old apartments in March 2024 was 1,799 euros/square meter. Also, the average price requested for the sale of a new apartment was, in March 2024, 1,824 euros/square meter, a price 15% higher than the same month of the previous year and 4% higher than February 2024 As for the old apartments, they had an asking price of 1,771 euros/square meter, 10% higher than in March of last year and 2% higher than in February of the current year.
The evolution of prices in the biggest cities in the country
Comparing the prices of new apartments for sale with those of old apartments in the 9 analyzed cities, the cities with the most ads on the platform, a number of differences can be observed.
Thus, in Cluj-Napoca we find the smallest price difference between the two types of buildings (new vs. old), with a difference of less than 1% in favor of new apartments. Also, the biggest price difference can be found in Braşov, where old apartments are 9% cheaper compared to new apartments. At the same time, the cities of Iasi and Sibiu remain the only ones where the prices of old apartments are higher than the prices of new apartments by 3% and 4%, respectively.
Cluj-Napoca: In March this year, the average prices for new and old apartments in Cluj-Napoca were 2,651 euros/square meter. Also, the average asking price for a new apartment was 2,653 euros/square meter, 7% higher compared to March 2023. Old apartments in Cluj-Napoca had an average asking price of 2,649 euros/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 euros/square meter. Also, the prices of new apartments registered an average increase of 11% compared to the previous year, reaching 1,538 euros/square meter, while old apartments registered an increase of 13%, compared to March 2023, being 1,585 euros /square meter.
Timişoara: In March this year, the average asking price for new and old apartments in Timişoara was 1,557 euros/square meter. Also, the average price per square meter for new apartments for sale was 1,568 euros, 4% higher than in the same month of 2023. An increase of 10% is observed for old apartments, reaching an average price of request of 1,552 euros/square meter.
Brasov: In March this year, the average asking price for new and old apartments in Brasov was 1,937 euros/square meter. Also, the average asking price for new apartments in Brasov reached 2,040 euros/square meter, 8% higher than in March 2023. However, the prices of old apartments increased rapidly, by 18% compared to the same month of the year past, reaching an average of 1,848 euros/square meter.
Sibiu: In March this year, the average asking price for new and old apartments in Sibiu was 1,532 euros/square meter. Also, the average asking price for new apartments increased by 16% in March this year compared to March 2023, reaching 1,498 euros/square meter. At the same time, prices for old homes increased by 8%, reaching 1,562 euros/square meter.
Constanta: In March this year, the average asking price for new and old apartments in Constanta was 1,712 euros/square meter. Also, in March this year, new apartments had an asking price of 1,758 euros/square meter, 5% higher than the same month of the previous year. At the same time, old apartments had average asking prices 9% higher than in March 2023, reaching a value of 1,673 euros/square meter.
Oradea: In March this year, the average asking price for new and old apartments in Oradea was 1,539 euros/square meter. Also, the average price per square meter for new apartments was 1,609 euros (increasing by 10% in March 2024 vs. 2023). Average prices for old apartments increased, reaching an average asking price of 1,490 euros/square meter, with a 13% increase compared to the same period of the previous year.
Craiova: In March this year, the average asking price for new and old apartments in Craiova was 1,585 euros/square meter. Also, the average asking price for new apartments was 1,598 euros/square meter (up 9% in March 2024 vs. 2023), while the asking price for old ones was 1,580 euros/square meter, 10% higher compared to the same month of the previous year.
