The ZF analysis shows that prices have dropped by 2 percent to 3 percent over the last six months, after stagnations and even slight increases earlier in the year. ZF analysed the prices asked by sellers on anuntul.ro website. The value at which the deal is actually closed may be lower by as much as 20 percent.
Whereas a seller would ask for an average of 140,000 euros for a 70-square metre three-room apartment in January, the price has reached 118,000 euros in November, which is more than 20,000 euros less. The sharpest monthly decline was registered in November, when the average price per square metre reached 1,686 euros, 5 percent lower than in October, according to the ZF analysis.
Three-room apartments became more than 10 percent cheaper in most areas in Bucharest from January through to November, with only five of the twenty-four areas analysed seeing declines of less than 10 percent.
The sharpest fall, of more than 20 percent was registered in districts such as 1 Decembrie, Dristor, Berceni, Brancoveanu, Crangasi and Iancului. The price of a flat in one of these districts is now even 30,000-40,000 euros lower. On the other hand, in areas that are closer to the city centre such as 13 Septembrie, Alba Iulia and Decebal, the apartment prices did not change much, going down by less than 5 percent. The central areas with the steepest decline include Unirii, where the average price of an apartment fell below 200,000 euros, though Dorobanti and Aviatiei, too, saw declines of 11 percent and 7 percent respectively. Despite, the decline, Unirii remains the most expensive area in the capital along with Victoriei.
Additional research of the market also reveals a decline of the apartment prices in Bucharest. The real estate index compiled by Colliers International shows that apartment prices fell by 16 percent from January through October to 1,576 euros per square metre.
The representatives on the real estate market say that the lending regulations and the international crisis have blocked the ebullience of the market. However, this correction was expected considering the real estate boom of the last three years, during which prices more than doubled.
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