For the first half of 2015, asking prices for Bucharest apartments rose by some three percent year on year, according to a study by HomeFinders.
Prices asked by the owners of apartments in central areas, semi-central and northern parts of Bucharest have increased on average by 2.61 percent in H1 2015 against the first half of last year. The average price recorded in the first six months of 2015 is EUR 68,750, which is EUR 1,750 higher than the average price in H1 of 2014.
Prices have experienced a different trajectory in areas on the outskirts of Bucharest, where owners’ claims lowered. Asked prices in the first half of 2015 were, on average, 4.38 percent lower year on year. While during the first half of 2014 the average price was EUR 52,650, this price has now dropped to EUR 50,342.
In the first half of this year, average prices of the apartments had the same trend in all areas (center, semi-central and northern) of Bucharest. After an increase in January to EUR 76,000, an adjustment in February to EUR 66,500, prices have stabilized in spring at EUR 68,000 and slightly decreased in June (EUR 66,000) with the arrival of summer.
In the case of apartments in the suburbs, the downward trend that has been apparent since 2014 has been confirmed. This is mainly due to new buildings where asked prices by developers are smaller than for apartments in old blocks of flats. Even if the area is still being developed, many buyers choose a home in these assemblies because the apartments are finished turnkey and require no additional investment.
The first six months of the year brought a significant increase in the volume of deals placed on the market. With a total of 9,379 offers of apartments in central, semi-central and northern areas, the first half of 2015 registered an increase of 14.51 percent year on year.
The volume of deals recorded in the first half of 2015 has fared relatively steady in February, March, April and May, unlike the first semester of 2014 when volumes fluctuate from month to month. June brought an increase in volumes from 3,079 in May to 4,341.
HomeFinders is a real estate consultancy company founded in 2011, with a team of 15 consultants. Since opening to the market, HomeFinders assisted acquisitions of over EUR 30 million.