Prices for houses and apartments in urban areas of Romania will increase by 8-10 percent until the end of 2017, compared to the rates of 2016, according to an analysis carried out by company of a real estate services.
According to the analysis, in 2016, in Romania, the average sale price for an apartment in the urban area was 1,150 euro per square meter, and in 2017, the RE/MAX specialists estimate a growth between 8-10 percent. Moreover, a similar development is expected regarding the rent of apartments situated in urban areas, case in which , until the end of this year, the price per square meter will increase by approximately 7-10 percent compared to the average rate of 2016, that stood at 550 euro per square meter.
“Governmental programmes and easy loan conditions mostly draw a higher number of clients making their first real estate transaction. Therefore, the value of offers along with the demand on the market also increased. If in 2015 the average price for renting an apartment in an urban area stood at almost 440 euros, one year later, the price per square meter for a similar housing increased a little over 5 euros. For the upcoming period, we foresee an accelerated growth pace, in line with the European trends, both in urban, suburb areas and small cities,” President of RE/MAX Romania Razvan Cuc (photo) mentioned.
According to the analysis, searches for a new real estate transaction start in the online environment, the browsers reveal a significant increase in 2016, specifically 3.5 times higher compared the previous year, in terms of searches for the word “house.” The same report reveals that “the apartment” key-word is on the second position of the ranking, followed by “land.” The searches level on the last two segments remained stable over the past five years.
The situation in Romania is, however, similar to the one of many states in Europe, growths by 10 percent on the segment of apartments in the urban area was reported in countries such as the Netherlands and Spain, reaching up to 16 percent in Malta. Furthermore, real estate markets in Portugal, Greece and Scotland show concrete signs of stabilization, thus the number of transactions is expected to increase in these countries.
Experts within the RE/MAX Europe state that between 2015-2016, prices for the sale of houses and apartments significantly increased. More precisely, the highest developments for the price per square meter.