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Great potential comes with big challenges

The residential market in Romania registered new record investments in 2017, one of its best years so far - and analysts said the trend will continue for sure this year.

2018-04-04 09:53:10

Romania's residential market has started to recover and is now a very competitive one, especially in Bucharest. Authorities continued to add a significant influence on the market through the "Prima Casa" program and changes in legislation. In the last few years, prices started to pick up in Bucharest, especially for old apartments, although prices for new apartments were relatively stable at 800 – 1,000 Euro /usable sqm for mass market apartments and 1,000 – 1,700 Euro /usable sqm for mid-market apartments, according to Knight Frank.

Regional markets also experienced price growth with Cluj Napoca currently being the most expensive market for new apartments. Sibiu, Constanta and Brasov each had over 1,500 new apartments delivered in 2016, while Iasi, Timisoara, Oradea and Craiova all had over 750 apartments delivered.

Prices are expected to increase in the mid-market segment, due to wage growth and general improvements in the economy, but also because those who were the first to buy apartments through the Prima Casa scheme can already sell these units and may be able to upgrade to better properties.



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