Bucharest Apartment Prices Saw First Decrease In Feb ‘08

Apartment prices in Romania’s capital city Bucharest have increased three times since January 1, 2005, but lowered this year in February, for the first time, according to the real estate index computed by global real estate services company Colliers International.

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The company’s general manager, Bogdan Georgescu, told a press conference that February 2008 was the only month to see a decrease in house prices over the past three years.

Thus, the average price of an apartment in Bucharest reached EUR1,826/square meter in January, but lowered to EUR1,776 in February. Prices then climbed to EUR1,887 in March and to EUR1,888 in April.

Colliers officials estimate the prices of newly-built apartments will range between EUR1,150 and EUR2,200/square meter, VAT included, stressing the prices of old apartments might lower by 5 to 15%.

Late May, Colliers International launched a Romanian quarterly real estate index, the first of its kind in Romania, to keep track of the country’s booming real estate prices.

“This is the first real estate index in Romania and will measure the residential market in Bucharest. The Bucharest Real Estate Index, or BREI, will track the evolution of apartment prices in Bucharest,” Colliers said in a statement.

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