Friday, August 22, 2014

Market analysis: Dwelling prices to stabilize this year

 Residential Complex Maresal Averescu
The evolution of the real estate sector in the first half of 2014 proves a tendency of price stabilization. National prices have reached 757 euro/sqm for new dwellings and 644 euro/sqm, for old dwellings, according to a market analysis performed by real estate consultancy firm Darian.

"Prices at national level have fallen dramatically from the half of 2008 until today. Old apartments have registered a decline of approximately
 Residential Complex Maresal Averescu
40%, while new apartment prices have dropped 33%. The small price variations in the past 6 months have been perceived by the free market as rather price stagnation. This is a good sign, though, an optimist sign for the residential market, where we estimate medium and long term growth." said Adrian Crivii, president of consultancy firm Darian.

Bucharest ranks first in terms of average transaction prices for old apartments, with an average of 956 euro/sqm, closely followed by
 Residential Complex Maresal Averescu
Cluj-Napoca with 932 euro/sqm,  Timisoara ranking third with 860 euro/sqm.
Against the beginning of the crisis, old apartment prices dropped in Bucharest by around 60%, the decline leveraging in the past 6 months, when prices have remained constant. 

Newly built apartment prices have stagnated in the past 6 months, the national average reaching 757 euro/sqm.

Bucharest topped the new apartment price value. Average prices have reached around 1,137 euro/sqm – the only city in Romania with prices over 1,000 euro/sqm - 45% down on the same period from the beginning of the crisis and stagnated against the previous semester. 
The average transaction prices have seen a slight fall of around 1% at national level.
 Residential Complex Maresal Averescu

Of all the real estate sectors, the lands have registered the most dramatic decline from the beginning of the real estate crisis. The decline at national level is around 63%.

OCTAGON  CONTRACTING & ENGINEERING has not built many residential buildings, but the projects delivered were major for the company’s portfolio.

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