Apartments price rises slow down

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The prices of the apartments in Bucharest continued to register this month, too, the lowest rises of the past three years.
 
The beginning of the month brought an average price per square metre of apartments in Bucharest worth 2,070 euros, only 1 percent more as against March and 2 percent more as against January, 2008, according to real estate index compiled by daily Ziarul Financiar for threeroom apartments built over 1980-1990.
 
The slight rise lately occurs after a monthly growth of 4-5 percent for at least one year. Therefore, for the entire 2007 the growth was of 50 percent. The prices of apartments almost trebled over 2004-2007. Therefore, 2008 might be the first year since 2004 onwards in which prices will remain steady or have a growth below 10 percentage points.
 
The slowdown of the growth pace was stipulated by some players of the market, being correlated with the commissioning of apartments in the new residential projects. This year due to be commissioned in Bucharest are 6,000 new apartments after the commissioning of 2,541 apartments one year ago.
 
Although on the whole the real estate market did not increase significantly, in some areas the rises at the beginning of the year exceeded 10 percent. The biggest rise was reported in Bucharest’s northern area, the apartments from Aviatiei district being 20 percent more expensive as against the beginning of the year.
 
Bucharest’s northern area is ever more attractive for investors, in terms of residential areas, malls or hotels. Therefore, the price per square metre in the area exceeds 2,600 euros, being alongside Victoriei or Unirii, one of the priciest areas.
 
In the ranking of price rises are Bucharest’s districts Colentina and Vitan, which increased 10 percent compared to the beginning of the year and 5 percent alone over March-May. Significant rises, of 5percent were reported for Bucharest’s areas 1 Mai, Stefan cel Mare or Militari.
 
The price rises were, however, counterbalanced by decreases in areas such as Iancului, Mihai Bravu and Victoriei.
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