Source: Blitz.
In March, real estate transaction volume returned to its normal capacity after the seasonal decrease in January, recording nationally 54,358 transactions, with just +1.05% more than February, according to the competent authority, ANCPI (National Agency for Cadastre and Real Estate Publicity). While transactions maintained a similar volume to the previous month, housing prices across the country in March made a spectacular leap forward!
Thus, in March 2024, the Blitz Index, or the average price of properties registered in the Blitz database (which currently includes over 17,000 offers nationwide), had the following developments: In Cluj, the average price was 2,338 Euro/sqm, an increase of +5.22%. In Bucharest, the average price was 1,735 Euro/sqm, a decrease of -0.69%. In Brasov, the Blitz index was 1,606 Euro/sqm, an increase of +3.08%. In Craiova, prices averaged 1,515 Euro/sqm, an increase of +0.33%. In Sibiu, the Blitz index was 1,457 Euro/sqm, a decrease of -1.02%. In Târgu Mureș, prices decreased to 1,373 Euro/sqm, by -1.01%.
In Iași, prices rose to 1,488 Euro/sqm, by +9.73%. In Timișoara, the average price was 1,495 Euro/sqm, an increase of +11.15%. In Oradea, prices rose to 1,344 Euro/sqm, by +2.13%. In Alba Iulia, prices rose by +0.97%, to 1,145 Euro/sqm. In Bistrița, prices saw a surge of +24.48%, reaching 1,190 Euro/sqm. In Suceava, price levels rose to 1,127 Euro/sqm, by +4.16%. In Târgoviște, prices were at 968 Euro/sqm, a decrease of -3.59%. We will detail the situation by cities with minimum and maximum prices and the number of transactions in each county.
Cluj-Napoca
In March, transaction volume resumed its growth trajectory after the early-year decline, recording 2,559 transactions, up by +4.02% compared to February, according to ANCPI. Housing prices in Cluj-Napoca in March 2024 surged, increasing by +5.22% compared to the previous month, also accumulating a +11.92% increase over the last 12 months! The average price per square meter in March was 2,338 Euro/sqm, up by +5.22% compared to the previous month but also down by -1.06% compared to the record price in December last year.
Bucharest
In the third month of the year, there were 10,251 transactions in the capital, marking an increase of +12.28% compared to the previous month. Despite expectations of a rise, prices in March experienced a slight correction. The average price per square meter in the capital in March 2024 decreased by -0.59%, averaging 1,735 Euro/sqm. Compared to March last year, when the average price level was 1,700 Euro/sqm, prices in March this year were +2.06% higher.
TimișoaraIn Timiș County, 2,605 properties were transacted in March, -1.51% fewer than the previous month when 2,645 transactions were concluded. Prices in Timișoara municipality predominantly increased. The average purchase price for apartments in Timișoara was 1,495 Euro/sqm, marking an increase of +11.15% compared to the previous month. Prices also rose in areas like the Center by +23.63% to 1,988 Euro/sqm and Braytim by +0.07% to 1,479 Euro/sqm. In neighborhoods like Girocului, the price per square meter was 1,360 Euro/sqm, up by +8.89%, while in Dâmbovița, prices increased by +0.32% to 1,268 Euro/sqm. Rents in Timișoara decreased from 445 Euro in February to 466 Euro in March, on average by +4.72%.
Craiova
In Dolj County, according to ANCPI, there were 1,455 transactions in March, -14.81% fewer than the previous month, while the average price for apartments for sale increased by +0.33% to 1,515 Euro/sqm. Apartments in central Craiova were available for sale at 1,568 Euro/sqm, down by -28.14% from the previous month, while in peripheral areas like Craiovița Nouă, the average price was 1,440 Euro/sqm, down by -4.19%. Rents also increased from 445 Euro in February to 466 Euro in March, on average by +4.72%.
Iași
The real estate market in Iași County recorded a lower volume of transactions in the third month of the year, with 2,349 transactions, down by -27.3% compared to the previous month, according to data provided by ANCPI. At the same time, prices for apartments for sale in Iași city increased by +9.73% compared to the previous month, reaching 1,488 Euro/sqm. In the Blitz database, a maximum of 2,734 Euro/sqm (+7.17%) was recorded in the Central area and a minimum of 1,152 Euro/sqm (+5.98%) in Lunca Cetățuii, with an average price of 1,377 Euro/sqm (-9.53%) in Tătărași and 1,921 Euro/sqm (+0.26%) in Copou. Rents in Iași decreased in March to 454 Euro, a decrease of -1.09% compared to the previous month.
Brașov
According to ANCPI, in Brașov County, 2,177 transactions were recorded in March, -15.52% fewer than the previous month when 2,577 transactions were recorded. In Brașov municipality, apartments for sale could be purchased in March on average for 1,606 Euro/sqm, which is +3.08% more expensive than the previous month. In Astra, prices decreased by -1.76% to 1,561 Euro/sqm, while in more developed areas of the city, in neighborhoods like Bartolomeu, the average price was 1,619 Euro/sqm, with a variation of +12.74%. In Tractorul, prices increased by +3.78% to 1,868 Euro/sqm compared to the previous month. Rents in Brașov reached 515 Euro after a 0.39% increase in the last month.
Sibiu
In Sibiu County, according to ANCPI, there were 829 transactions in March, +34.36% more than the previous month. At the same time, in Sibiu municipality, the price for apartments for sale averaged 1,457 Euro/sqm, a decrease of -1.02% compared to the previous month. The average on the sales segment varied very little around 1,855 Euro/sqm (-1.38%) in the Central area and 1,502 Euro/sqm (+1.9%) in the Architects-Calea Cisnădiei area. Apartments in the Vasile Aaron neighborhood were offered for sale at an average price of 1,231 Euro/sqm (-18.64%). Rents in Sibiu increased from 596 Euro to 641 Euro, by +7.55%, in just one month.
In conclusion, in most cities, transaction volumes maintained an upward trend, while prices experienced jumps in some cities and a modest correction compared to record prices in previous months in others.
