Bucharest Apartment Prices Dn 45% On Year In Nov - Survey

Bucharest apartment prices fell by an average 45% between November 2008 and November 2009, with the biggest fall registered by newly-built three-room apartments, according to a national index launched Wednesday by imobiliare.ro website.

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Thus, the price of apartments in new residential compounds fell 51% on average in Bucharest, with three-room apartment prices down 54.29%. The prices of two-room apartments fell 49.57%, one-room apartments prices dropped 48.36%, while apartments with four rooms were priced 48.52% lower in November compared with the same month of 2008.

On the other hand, compared with October, two-room new apartment prices rose slightly, while the prices for the other types of apartments continued to fall.

For Bucharest old apartments, prices were down 44.8% on the year in November, but were up a mere 0.16% in the last month. Compared with November 2008, three-room apartment prices fell 45.61%, while two-room apartment prices decreased by 41.35%.

By average price, the most expensive areas in Bucharest are Unirea - EUR1,788 per square meter, Dorobanti - EUR1,756/sqm and Floreasca - EUR1.733/sqm, while the lowest prices can be found in Rahova - EUR1,078/square meter, Berceni - EUR1,118/sqm and Oltenitei -EUR1,127/sqm.

The index was based on the prices in euros asked by the owner per usable square meter and do not include VAT.

Imobiliare.ro also set up an apartment price index for the country's biggest cities, namely Brasov, Cluj-Napoca, Constanta, Iasi and Timisoara.

Thus, the average apartment prices in the six cities fell 33% on the year, from EUR1,626/square meter to EUR1,222/square meter.

The index is updated weekly, based on 22,000 sale offers selected from the website's database.

The index is the second of this type launched on the market, after that of consultancy company Colliers which only includes Bucharest prices.

Imobiliare.ro website was launched in 1999 and has 200,000 daily visitors.

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