Colliers: Old apartments in Bucharest 4.4% cheaper last month

The average price of old apartments in Bucharest fell by 4.4% in May compared with April, from 1,892 euros/square metre to 1,808 euros/square metre, according to Colliers International’s real estate index. At the same time, the price of new apartments stagnated at 1,909 euros/square metre, so the generalised index reached 1,843 euros/square metre, according to the same source. The data confirmed the trend at the start of the year, which indicated a slight decline in the price of old apartments in Bucharest, in the wake of the international financial crisis, which led to a decline in the number of transactions on the local market, and in the context of the almost 50% price increase recorded in 2007 and the rise in the number of new homes available, which have comparable prices. Colliers data show that the most expensive old apartments in Bucharest are in sector 1 (2,208 euros/square metre), while the cheaper homes are in sector 6, and cost a little below 1,600 euros/square metre. Sector 3 is the only area of Bucharest that saw price increases in May.