Apartment prices - trends
The last six months witnessed a 10% increase in price of flats and apartments. This is only part of the constant increase recorded over the last 5 years – since 2001 the average price of flats increased by more than 600%. To exemplify, we gathered property price information from a specific area of Bucharest (Vitan/Baba Novac) located nearby the centre of the city, based on private investments. At the beginning of the period, in 2001, the price of a studio flat was on average $8,200 (approx €6800/£4300). Three years later, in 2004, the price of a similar flat reached €20,000 (approx £13,500); after another year, in 2005, the price went up again to €32,000 (almost £21,500). Finally, this year (2006) the prices aim towards €45,000 (more than £30,000) for the same type of flat.
Retrospectively, the presented 5year period led to a 658% increase in the property prices for the area mentioned above. Studio flats are not the only type of property to massively increase its price over the past five years; similar price jumps were experienced by larger flats.
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Posted: August 31st, 2006 under Apartments.
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