Apartment Prices Continue To Go Down And Are Now EUR3,000 Cheaper Than In Summer

12.01.2011 By Cristian Moga

Prices of three-room apartments in Bucharest old blocks continued to decline in November and are now 0.6% lower from October and 4% lower compared with May. This is what the real estate index calculated by ZF and real estate consultant Coldwell Banker based on the data on the www.anuntul.ro website reveals.

The average asking price in twenty neighborhoods in Bucharest fell to EUR78,150 in November from EUR81,400 in May, according to the quoted source. The cheapest areas among those considered include Drumul Taberei (west of the city, no subway line available) - EUR63,000, while on Unirii Boulevard (city center), prices are twice higher, EUR128,000 for three-room apartments.

The most significant declines in prices were registered in 13 Septembrie (close to the Parliament Palace), Mihai Bravu and Iancului areas.

The survey was conducted on over 3,700 ads published last month, of which a bit more than 400 were chosen, while the rest were left out because the lack of one piece of information or another such as price, the year the building was delivered or the floor on which the apartment was located. Highest and lowest prices were also left out.

Real estate consultants attending an event early this week said there could be no talk of apartment price increase unless wages went up.

(English version by Loredana Fratila)