Prices of new apartments in Bucharest up 9.6% y/y in June

The average prices asked by developers for the new apartments on sale in Bucharest increased by 9.6% year-on-year to EUR 1,561 as of June, according to data calculated by real estate portal imobiliare.ro.

The developers keep announcing imminent rise of the prices, caused by more expensive (‘in some cases +100%’) construction materials – while some of the more skeptical analysts point to the excessive profit margins that should offset the higher costs that may not be so high as ‘+100%’, according to Romania-Insider.com.

The prices asked for ‘old’ apartments increased by only 8.0% to EUR 1,465 per square meter. In Cluj-Napoca, the city where the apartments have the highest prices in Romania, developers asked in June prices that were 7.6% higher than a year earlier – namely EUR 1,975 per square meter.

Old apartments’ ask price increased by 7.8% year-on-year to EUR 1,932 per square meter. The premium for new apartments versus old apartments increased from 5% to 7% in Bucharest but remained at the same level – and smaller (2%) – in Cluj-Napoca.
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