ROMANIAN RESIDENTIAL

MARKET REPORT

Q2-2019
CONTENTS

3 Market overview
5 Residential price index
7 Quarterly trend of the residential property prices
8 Price trends across main cities
11 Price trends across neighborhoods
24 Demand for residential properties for sale
27 Number of listings - for sale
28 Number of listings - for rent
29 Sale transactions
30 Transactions in main cities
35 Time on market
36 Construction of dwellings
39 About us
MAR K E T OVE RVI EW
Residential property prices have stopped their growth
Residential property prices have increased by 0.4% in the second
quarter of 2019, compared to the first quarter, whereas the
annual growth rate reached 3.5% as compared to 4.6% in the
three previous months. The last quarter in which the last
indicator had an ascending trend was the second quarter of 2017,
when the annual growth margin stood at a value of 13%.
Interdependence, by comparison with the European markets, is
strong: in the first quarter of 2019, the prices for homes in the 28
European Union countries increased by 0.3%, whereas the
annual growth was of 4%. For the same period, the National
Institute of Statistics (Romanian: Institutul Național de Statistică,
INS) reports for Romania a quarterly advance of 0.1% and an
annual advance of 3.3%.
Increased volatility in real estate market demand
The moderate economic downturn and the concerns regarding
the nearing of a new crisis have tempered buyers’ enthusiasm in
2019, as well. The tightening of lending standards is added to
these, such as indebtedness capping at 40% for loans intended
for the procurement of homes and land and also for consumer
loans. Thus, in the first half of the year 2019, over 241,000
properties were sold nationwide, almost 60,000 less than in the
first six months of 2018.
Surprisingly, in the second quarter of 2019, the demand for
homes (buyers who interacted directly with the sellers through
the Imobiliare.ro portal) registered an annual increase of 14% in
the six major cities. We believe that this is a first positive reaction
of demand to price growth mitigation. Clients pay more
attention to the purchased product, they allow more time in
order to become informed and they postpone the purchase
decision, even though the projects nearing completion are more
expensive. If they want to stay within a certain budget, the
buyers should select projects having the year 2020 or 2021 as
term for completion. Consequently, the average sale period for
apartments has increased in all the six major cities which are
analysed periodically.
Can 2019 be the best year for new housing?
Chances are that over 60,000 homes will be completed in 2019,
which would make this the best year since 2009 to date. Over
12,700 homes were delivered in the first quarter, as compared to
10,200 in the similar period of last year. These are housing units
within new residential projects, whose construction started in
the previous years and which were completed at the start of the
year.
Two proposals in view of recovering the existing disparity,
without any disadvantages for the state budget
1. A genuine hindrance for the buyers of homes with three or
four rooms from Timișoara, Cluj-Napoca or Bucharest is the 19%
VAT, for purchases of more than RON 450,000. A potential
solution, with long-term predictability, could be the progressive
increase of the limit by RON 50,000 annually, from the current
RON 450,000, in parallel with the increase of VAT reduced by 1
percentage point per year, from 9%.
2. The second issue is closely related to the confidence that
people can pay their mortgage in the next 20-30 years. A home is
the most valuable investment for most of us, which is why we
ensure it against fires and earthquakes. Similarly, we should
enforce protection measures for the payment of loans, in certain
special situations. One solution would be the extension of the
loans secured by the Loan Guarantee Fund for Small and
Medium-sized Enterprises (Romanian: Fondul Național de
Garantare a Creditelor pentru Întreprinderile Mici și Mijlocii -
FNGCIMM): increasing the limit to the average level of a
four-room apartment (approximately EUR 120,000) and
increasing the advance payment from 5% to 15%.
Dorel Niță
Head of Data and Research, Imobiliare.ro
3
WHAT ARE THE DRIVE R S OF G R OWT H IN R EA L ESTATE?

I am writing this article just a few days after Simona Halep

became the Wimbledon champion, and UiPath exceeded
the 7-billion-euro evaluation threshold, and is now
fighting software giants worldwide. Two tremendous
successes, which indicate the genuine potential in this
area of the world. Behind the real estate growth registered
over the past years lie the success stories of these people,
as well as many others from IT, sports, medical services,
automotive, energy, constructions and so on. With their
help, living and housing standards in Romania are
shooting up. Many expected a major crisis, and their desire
to be right prompted them to use various channels, some
of them even very vocally. To their misfortune and the
happiness of those of us who wish for prosperity, reality is
that this country’s standard is on the fast-track and, at this
rate, it will catch up with countries from the West, which
no longer seem “heaven on earth” for us.

The real estate market is the precise reflection of this

standard, registering a very unsurprising growth this year.
as well. Even though the ominous voices expected this to
be a turning point, things have turned out differently. The
year 2019 started very well, in terms of the number of
transactions, as well as in terms of their value, which was
also confirmed by the “Residential Market Report” for the
1st quarter, with all-around growth in all major cities (only
Constanța, a city of summer attractions, differed, with a
slight decrease, which is normal over the wintertime). In
the second quarter, Easter and the elections for the
European Parliament caused the buyers to temporarily
shift their focus and to postpone their purchasing
decisions. However, their interest has rapidly reverted now,
in Q2, on qualitative bases: increased interest for
high-quality projects and properties (serviced
professionals) and lower interest (and prices!)
residential projects built at low quality standards and in
locations having a precarious infrastructure.
traditionally, summer comes with more requests from the
clients, as well as with premium projects, a growth which
is already visible in our premium division, managing
developments and properties intended for high-end
customers.
The 5% VAT limit continues to be an issue for transactions
up to RON 450,000, dividing the market in two. Medium
and upper-medium projects and properties up to this
limit are being traded on the increase by comparison with
last year. In exchange, transactions between EUR 100,000
and EUR 130,000 + VAT are conducted with difficulty,
because it really is frustrating for purchasing customers to
pay such VAT difference (from 5% to 19%).
A practical solution would be to meet halfway. Instead of
the 5% and 19% differentiated VAT, depending on the limit,
it would be better if it were 10% for all transactions,
regardless of the value or of the property type. The model
is successfully used in Spain, where the base VAT is 21%,
whereas for transactions with new properties it is reduced
to 10%. Regardless of the way things will be, our focus
by remains on qualitative residential projects, with
for professional developers behind them, to whom we
provide the opportunity to maximize the potential of the
Also, projects they develop, using our sales team, well-trained
persons, focused on performance.
I wish you profitable investments for all!
Daniel Tudor
CEO & Founder
The Concept & Heritage-Properties

4
 RESIDE NT I A L PRI CE I N D EX

In the second quarter of the current year, the growth rate greater decrease at the level of the Capital (-1.6%) as
of the prices requested for residential properties in compared to the rest of the country (-0.6%). As compared
Romania continued to slow down, reaching a 0.4% to the similar period of last year, apartments are 2% more
average as compared to the previous three months, expensive in Bucharest and respectively by 3.8% in the
according to the data centralized by Analize Imobiliare. country; houses and villas, on the other hand, are 2% less
Worth mentioning is the fact that this advance represents expensive in the Capital, but 3.5% more expensive in the
approximately half of what was registered in the previous rest.
quarter, namely 0.8%.
Concerning trading prices for housing, the newest data
In the Capital, the sellers’ demands have evolved published by Eurostat and the National Institute of
differently from the rest of the country, in the apartments Statistics (INS) reveals, for the first quarter of 2019, a 0.3%
segment, as well as in the house and villa segment. Thus, quarterly growth and a 4% annual growth in the European
statistical data indicates that the trend related to the Union, as well as in the eurozone. For the local market, the
mitigation of the price-growth rate is stronger in quarterly growth was of 0.1% and the annual growth was
Bucharest. Whereas the apartments here saw a 0.8% of 3.3% - thus being below the European average; both
decrease as compared to the previous quarter, in the rest values confirm the domestic price growth mitigation
of the country they grew by 1.4%. trend.
However, the houses and villas put up for sale saw a

„In Bucharest, the apartments stood at the same price level as in the previous year,
but houses and villas recorded a 1.6% decrease.”

Residential price index (2015=100)

250

200

150

100

50

0
2

2
2

2
2
2

4
4

4
4

4
2

2
2

2
2
2

4
4

4
4
4

Q
Q

Q
Q
Q

Q
Q

Q
Q

Q
Q
Q

Q
Q

Q
Q

Q
Q

Q
Q

Q
Q
Q

-
-

-
-
-

-
-

-
-

-
-
-

-
-

-
-

-
-

-
-

-
-
-

11

12

13

15

17
16

19
18
10

14
05

07
06

09

11
08
04

12

13

15

17
16

18
10

14
05

07
06

09
08
04

20

20

20
20

20

20
20

20
20
20

20
20

20

20

20
20

20
20

20
20

20
20

20
20
20
20

20
20

20
20
20

Romania (Analize Imobiliare and Imobiliare.ro)

European Union (Eurostat, EU28))

Romania (INS) Source: Analize Imobiliare, Imobiliare.ro and Eurostat

5
 EVOLUT I O N O F RE S I D E N T I A L PR O PE RTY PRI CES

After it stood at 1.6% in the last quarter of the year 2018
and, respectively, at 0.8% in the first three months of 2019,
the quarterly price growth rate dropped by another half,
reaching 0.4%. By comparison, the demands of the sellers
of residential properties increased by approximately 1.4%
in the first, as well as in the second quarter of 2018. It is
clear that, so far, 2019 is significantly below the quarterly
average of price variations from last year - an indicator
which stood at 1.2% in 2018, 2.2% in 2017, and, respectively,
2.9% in 2016.
As for the annual variation of residential property prices, it
was of +3.5% in the second quarter of 2019, down from
+4.6% in the previous three months. Worth mentioning is
the fact that the current level is the lowest in the past four
years, namely since the first quarter of 2015, when
residential properties were only 2.7% more expensive than
in the similar period of the previous year. By comparison,
the highest value of this indicator, namely +134%, was
reached in Q3 2016

Quarterly rate of change in prices

20

15
Average over the last four quarters
10

-5

-10

-15

-20

4
2

2
2

2
4

2
4

4
4
2

2
4

2
4

2
2

-Q
-Q

-Q

-Q
-Q

-Q

-Q
-Q

-Q
-Q

-Q

-Q

-Q
Q

-Q

-Q

-Q
-Q

-Q

-Q
-Q
-Q

-Q

-Q

-Q
-Q
Q
Q

11-

11-
-
-

18
12

13

15
10

16

17
14

18
07

08

09

19
12

13

15
10

16

17
14
06

07

08

09
06
05
05

20

20

20
20

20

20
20

20
20

20
20
20

20

20
20

20
20
20

20
20

20
20
20
20

20

20
20

20

20

Yearly evolution
15

10

-5
4

4
4

4
4
2

3
2

2
2

3
2

1
1

1
1
1
Q
Q
Q

Q
Q
Q

Q
Q
Q
Q

Q
Q
Q
Q

Q
Q
Q
Q

Q
4-
4-
4-

8-
8-
8-

8-
6-
6-
6-

6-

9-

9-
7-
7-
7-

7-
5-
5-
5-

5-
1
1

1
1

1
1

1
1

1
1

1
1

1
20
20

20
20

20
20

20
20

20
20

20
20

20

20

20

20

20

20

20

20

20

Source: Analize Imobiliare and Imobiliare.ro

6
PRICE TRENDS ACROSS MAIN CITIES
apartments for sale/rent

7
 The status in the major cities - apartments for sale

Among the Romanian cities having more than 200,000
inhabitants, seven regional centres had, in Q2 2019, an
average asking price of at least EUR 1,000 per square
meter for the apartments available for sale; these are, in
running order: Cluj-Napoca (EUR 1,570 per useful square
metre), Bucharest (EUR 1,310 per square metre), Timișoara
(EUR 1,210 euro per square metre), Constanța (EUR 1,140
per square metre), Brașov (EUR 1,120 per square metre),
Craiova (EUR 1,080 per square metre) and, respectively,
Iași, which recently attained the EUR 1,000 per metre
threshold.
The other cities included in the classification are below the
psychological threshold of EUR 1,000 per square metre, as
the sellers’ demands reached EUR 970 per square metre
in Oradea, EUR 900 per square metre in Ploiești, EUR 890
per square metre in Galați and, respectively, EUR 790 per
square metre in Brăila.
Regarding the quarterly evolution of prices, worth
mentioning is the fact that most of these cities followed
an upward trend, even though the registered increases
were not very significant. Thus, the most important
growth, of 3%, was the one from Galați, and next in rank
were the ones from Oradea (1.9%), Brașov (1.7%), Ploiești
(1.5%) and Timișoara (1.2%). Bucharest was the exception to
the price growth “rule”, where apartment prices
decreased by 0.8%, as well as Craiova, with a 0.9%
decrease.
In relation to the similar period of the preceding year,
prices also had an upward development in most analysed
cities; this time, only Craiova is an exception, where the
prices of apartments went down by 1.2%. The most
significant annual growth margins were registered in
Brăila (7.2%), Brașov (7.1%), Galați (5.9%), Ploiești (4.9%) and
Cluj-Napoca (4.3%), whereas in Bucharest prices only
increased by 2%. With a 65% growth in the past five years,
Cluj-Napoca is the city which recovered the most from the
drop caused by the recession, with the Capital at great
distance, with a growth of only 31%.

Price trends across main cities - apartments for sale

65% 31% 45% 36% 39% 52% 29% 58% 29% 45% 47%

4.3% 2.0% 3.5% 1.4% 7.1% -1.2% 2.7% 3.6% 4.9% 5.9% 7.2%

0.7% -0.8% 1.2% 0.2% +1.7% -0.9% 0.8% 1.9% 1.5% 3.0% 1.1%

1,570 1,310 1,210 1,140 1,120 1,080 1,000 970 900 890 790

Cluj-Napoca București Timișoara Constanța Brașov Craiova Iași Oradea Ploiești Galați Brăila

Price change over last 5 years % Source: Analize Imobiliare and Imobiliare.ro
Price change over last 12 months %
Price change over last 3 months %
Median price per sq.m. (€)

8
 The status in county seats - apartments for sale

As in the past three quarters, there were, in Q2 2019,
several county seats where the demands of apartment
sellers increased significantly more than at national level,
and also more than in the great regional centres. First in
the national price growth ranking is Sfântu Gheorghe,
with a 8.9% increase, up to an average of EUR 760 per
useful square metre. The capital of Covasna county is
followed, at a relatively small distance, by Giurgiu, with an
added 6.3% in the analysed period (up to EUR 530 per
square metre), and afterwards by Slobozia (+5.7%, up to
EUR 700 per square metre), Râmnicu Vâlcea (+4.9%, up to
EUR 860 per square metre) and Călărași (+3.7%, up to EUR
700 per square metre).
Last quarter, at county seats level, several price drops
were registered, as well - however, they were quite low on
the whole. Thus, the greatest drop was registered by the
apartments from Reșița, whose prices decreased by 1.7% -
which, once again, rank the city as the first in a
classification of the most accessible homes. A 0.9% price
decrease was registered in Craiova, where the apartments
reached an average of EUR 1,080 per square metre. Also,
the owners’ demands were reduced in Bucharest (by 0.8%,
down to EUR 1,310 per square metre), as well as in
Târgu-Jiu (-0.4%, down to EUR 970 per square metre).
As a result of the variations registered over the past three
months, the national classification of county seats with
the most expensive apartments was subject to some
changes. Cluj-Napoca still ranks first, at EUR 1,570 per
useful square metre, the following positions being held by
Bucharest (with EUR 1,310 per useful square metre),
Timișoara (with EUR 1,210 per square metre), Constanța
(EUR 1,140 per square metre), and respectively Brașov
(with EUR 1,120 per square metre), the latter having
managed to outperform Craiova. At the opposite pole, the
cheapest apartments can be found in Reșița (EUR 500 per
square metre), Giurgiu (EUR 530 per square metre),
Alexandria (EUR 610 per square metre), Târgoviște (EUR
650 per square metre) and respectively Zalău (EUR 680
per square metre).

Maximum price per sq. m. +0.7% -0.8% +1.2% +0.2% +1.7%

Median price & price change over last 3 months
1,570 € 1,310 € 1,210 € 1,140 € 1,120 €
Cluj-Napoca București Timișoara Constanța Brașov

Smallest price per sq. m. -1.7% +6.3% +1.9% +1.1% +1.5%

Median price & price change over last 3 months
500 € 530 € 610 € 650 € 680€
Reșița Giurgiu Alexandria Târgoviște Zalău

Maximum price increase per sq. m +8.9% +6.3% +5.7% +4.9% +3.7%
Median price & price change over last 3 months
760 € 530 € 700 € 860 € 700 €
Sfântu Gheorghe Giurgiu Slobozia Râmnicu Vâlcea Călărași

Lowest price increase per sq. m -1.7% -0.9% -0.8% -0.4% 0%

Median price & price change over last 3 months
500€ 1,080 € 1,310 € 970 € 740 €
Reșița Craiova București Târgu-Jiu Arad

Sursa: Analize Imobiliare și Imobiliare.ro

9
 Rental prices
The average rental price requested for the rental of a 1st rate comfort 2-room
apartment built between 1980 and 2000

Reșița 180 Unlike the previous quarters, the apartment rental

Râmnicu Vâlcea 185 market saw, in the second quarter of 2019, some
changes in terms of the prices requested by the owners.
Drobeta Turnu-Severin 189
Thus, Bucharest registered growth and caught up with
Bistrița 195
Cluj-Napoca, the two regional centres now being on an
Târgu-Jiu 200 equal footing - at least in the two-room apartment
Târgoviște 200 segment. Thus, a two-room comfort type 1 home from

Suceava the period 1980-2000, having a useful area of 50-60

200
square metres, can be rented, in both cities, for EUR
Satu Mare 200
400 per month.
Piatra-Neamț 200

Giurgiu 200 Another interesting development was registered in

Baia Mare 200 Timișoara, where the average asking price for a
two-room apartment increased from EUR 300 to EUR
Alexandria 200
340 per month. The city on the Bega River now ranks
Buzău 208
second in the national classification of county seats
Calarași 210 having the highest rent values, being followed by
Deva 216 Brașov (where the owners’ demands reached EUR 325
Bacău 220 per month last quarter) and Iași (at EUR 300 per
month). In Constanța, on the other hand, a two-room
Arad 220
housing unit can be rented at EUR 280 per month.
Brăila 228

Alba Iulia 230 At the opposite pole, the cheapest apartments for rent
Oradea 230 can be found in Reșița (where the owners ask EUR 180

Slatina 235 per month, as compared to EUR 165 in the previous

three months), in Râmnicu Vâlcea (EUR 185 per month,
Pitești 237
up from 170), in Drobeta Turnu Severin (EUR 189 per
Sibiu 250
month as compared to 150) and, respectively, in Bistrița
Galați 250 (EUR 195 per month, as in Q1 2019). As it can be noticed,
Focșani 250 the cities with the most accessible rent rates registered

Craiova 250
notable growth in the last quarter, thus nearing the
EUR 200 per month threshold for a two-room
Botoșani 250
apartment.
Ploiești 262

Constanța 280

Târgu Mureș 290

Tulcea 300

Iași 300

Brașov 325

Timișoara 340

Cluj-Napoca 400

București 400 Source: Analize Imobiliare and Imobiliare.ro

400

10
PRICE TRENDS ACROSS NEIGHBORHOODS

Timișoara Brașov

București Iași

Cluj-Napoca Constanța
 Bucharest - apartments

1.310 € -0,8% +2% +31%

Average price/sqm Price evolution Price evolution Price evolution
in the last 3 months in the last 12 months in the last 5 years

12 13
Neighbourhoods and areas in Bucharest

In Bucharest, the average asking price requested by
apartment sellers registered a 0.8% decrease in the
second quarter of the year, reaching a value of EUR 1,310
per useful square metre (as compared to EUR 1,320 per
square metre). However, in relation to areas and
neighbourhoods, important price variations
registered in the Capital, both positive and negative. The
Centre-Northern area was the one which was most
affected by decreases, whereas growth occurred in the
so-called “proletarian” neighbourhoods.
Thus, the greatest decrease in the price requested by the
sellers, of 9%, occurred in the Ștefan cel
neighbourhood, where the apartments reached an
average of EUR 1,500 per useful square metre. Second in
rank is the Herăstrău-Nordului area (with a 4.6% decrease),
followed by Băneasa (-4.4%, down to EUR 1,610 per square
metre), Dorobanți-Floreasca (-3.7%) and, respectively, by
Victoriei-Romană-Universitate (-3.4%, down to EUR 1,670
per square metre).
On the other hand, the highest growth registered in the
last quarter was that of the apartments from Giulești, of
4.9%; the homes from 1 Mai rank second (+4.5%, up to EUR
1,640 per square metre), followed by the ones from
Crângași (+4.3%, up to EUR 1,230 per square metre),
Ferdinand (+3,9%, up to EUR 1,330 per square metre) and
respectively Tineretului-Timpuri Noi (+3.6%, up to EUR
1,540 per square metre).
In spite of the price variations registered in the second
quarter of the year, the ranking of Bucharest
were neighbourhood with the most expensive apartments
remained, essentially, unchanged. Thus, Herăstrău-
Nordului maintains the first place, and the sellers’
demands went down to a value of EUR 2,440 per useful
square metre (as compared to EUR 2,560 per square
metre). Ranking next are Kiseleff-Aviatorilor, with EUR
2,270 per useful square metre (from EUR 2,340 per square
Mare metre), Dorobanți-Floreasca (with EUR 2,110 per useful
square metre, from EUR 2,190 per square metre), Aviației
(at EUR 1,860 per square metre, from EUR 1,920 per useful
square metre) and respectively Unirii (at EUR1,750 per
square meter, the same as in the last quarter.).
In a classification of Bucharest areas with the most
inexpensive apartments, the top position is held by
Ghencea (with an average of EUR 890 per square metre), a
neighbourhood followed by Rahova at EUR 950 per square
metre), then by Giurgiului (EUR 1,030 per square metre),
Giulești (EUR 1,050 per square metre) and Militari (at EUR
1,060 per square metre), with a better performance than
Drumul Taberei.

“EUR 1,550 per square metre is the price difference between the most expensive area
(Herăstrău-Nordului - EUR 2,440) and the cheapest area (Ghencea - EUR 890).”

Neighborhoods with the largest price per sq. m.

Median price & price change over last 3 months

-4.6% -2.8% -3.7% -3% 0%

2,440€ 2,270€ 2,110€ 1,860€ 1,750€

Herăstrău- Kiseleff- Dorobanți- Aviației Unirii
Nordului Aviatorilor Floresca

Source: Analize Imobiliare and Imobiliare.ro

13
Neighbourhoods with the Neighbourhoods with the
largest price increase per sq. m. smallest price increase per sq. m.
Median price & price change over last 3 months Median price & price change over last 3 months

Ștefan-Cel-Mare 1,500€ / -9% Giulești 1,050€ / +4.9%

Herastrau-Nordului 2,440€ / -4.6% 1 Mai 1,640€ / +4.5%

Băneasa 1,610€ / -4.4% Crângași 1,230€ / +4.3%

Dorobanți-Floresca 2,110€ / -3.7% Ferdinand 1,330€ / +3.9%

Victoriei-Romana- Tineretului
1,670€ / -3.4% 1,540€ / +3.6%
Universitate -Timpuri Noi

Neighbourhoods with the

smallest price per sq. m.
Median price & price change over last 3 months

Ghencea 890€ / 0.7%

Rahova 950€ / -2.3%

Giurgiului 1,030€ / +2.8%

Giulești 1,050€ / +4.9%

Militari 1,060€ / -1.2%

Source: Analize Imobiliare and Imobiliare.ro

14
 Cluj-Napoca - apartments

1,570 € +0.7% +4.3% +65%

Average price/sqm Price evolution Price evolution Price evolution
in the last 3 months in the last 12 months in the last 5 years

15 13
Neighbourhoods and areas of Cluj-Napoca

After a 0.7% increase as compared to the three previous
months, the demands of apartment sellers from the
capital of Transylvania stood, in the second quarter of 2019,
at an average of EUR 1,570 per useful square metre (from
EUR 1,560 per square metre). In relation to the areas,
positive variations were predominantly registered here.
The greatest growth, amounting to 5.9%, was registered in
the Iris area, where an apartment has reached an average
of EUR 1,490 per useful square metre. Growth was also
registered in the Central - Ultracentral area (+2.4%), in
Plopilor (+2.3%), Gheorgheni- Andrei Mureșanu (+2.3%),
Baciu (+2.3%), as well as in Grigorescu (+1.9%), Gruia-
Dâmbul Rotund - Gară -Bulgaria (+1.7%), Mănăștur -
Borhanci -Câmpului (+1.3%), Mărăști - Între Lacuri - Aurel
Vlaicu (+0.9%) and respectively Florești (+0.1%).
Ziua-Europa-Calea Turzii (-0.2%, down to EUR 1,480 per
square metre).
In a classification of Cluj-Napoca’s most expensive
apartments, the central and ultra-central area continue to
rank first, with an average price of EUR 1,840 per useful
square metre for an apartment. This area is followed by
Plopilor (where the sellers’ demands reach EUR 1,810 per
useful square metre), Gheorgheni-Andrei Mureșanu (EUR
1,720 per square metre) and Mărăști-Între Lacuri-Aurel
Vlaicu (EUR 1,600 per useful square metre). At the opposite
pole, the least expensive apartments can be found in the
bordering localities Florești (EUR 880 per square metre)
and Baciu (EUR 1,040 per square metre), these being
followed by Someșeni.

Of the analysed areas, three registered price decreases in In most Cluj neighbourhoods, the current level of
the analysed period, with Someșeni first in rank, at a 5.8% apartment prices is higher than the one registered in the
decrease (from EUR 1,280 to EUR 1,210 per square metre); similar period of last year, the greatest differences being
however, worth mentioning is the fact that this noticed in Iris (+11.4%), in Grigorescu (+8.7%), in Gruia-
neighbourhood practically reverted to the price level valid Dâmbul Rotund- Gară-Bulgaria (+7.8%), as well as in the
in the last quarter of 2018, after a considerable growth (of central and ultracentral area (+7.5%). Only the Zorilor
5.9%) registered in Q1 2019. The demands of apartment neighbourhood is the exception to the rule, where
sellers were also reduced in Zorilor (by -3.4%, down to EUR apartments are 0.6% cheaper now than they were one
1,530 per square metre), as well as in Bună year ago.

“EUR 920 per square metre is the price difference between the most expensive area
in Cluj - Central/Ultracentral (EUR 1,800) and the cheapest area - Florești (EUR 800)”.

Neighborhoods with the largest price per sq. m.

Median price & price change over last 3 months

+2.4% +2.3% +2.3% -0.9% +1.9%

1,840€ 1,810€ 1,720€ 1,600€ 1,580€

Central Plopilor Gheorgheni Mărăști Grigorescu
- Ultracentral - Andrei Mureșanu - Între Lacuri
- Aurel Vlaicu

Source: Analize Imobiliare and Imobiliare.ro

16
Apartments for sale

Average Price evolution Price evolution

price/sqm in the last 3 months % in the last year %

Central - Ultracentral 1,840 2.4% 7.5%

Plopilor 1,810 2.3% 6.2%

Gheorgheni - Andrei Mureșanu 1,720 2.3% 7.3%

Mărăști - Între Lacuri - Aurel

1,600 0.9% 3.3%
Vlaicu

Grigorescu 1,580 1.9% 8.7%

Zorilor 1,530 -3.4% -0.6%

Iris 1,490 5.9% 11.4%

Bună Ziua - Europa - Calea Turzii 1,480 -0.2% 5.6%

Gruia - Dâmbul Rotund - Gara -

1,460 1.7% 7.8%
Bulgaria

Manăștur - Borhanci - Câmpului 1,460 1.3% 3.2%

Someșeni 1,210 -5.8% 2.4%

Baciu 1,040 2.3% 7%

Florești 880 0.1% 3.5%

Source: Analize Imobiliare and Imobiliare.ro

17
 Timișoara - apartments

1.210 € +1,2% +3,5% +45%

Average price/sqm Price evolution Price evolution Price evolution
in the last 3 months in the last 12 months in the last 5 years

18 13
Neighbourhoods and areas in Timișoara

As a result of a 1.2% growth, the average asking price for an requested for such housing unit reaching EUR 1,500 per
apartment in the Banat capital reached, in the second square metre in Ultracentral-Medicină-Piața Unirii and
quarter of 2019, an average of EUR 1,210 per useful square respectively EUR 1,290 per square metre in Complex
metre. As was the case in Cluj-Napoca, the Timișoara Studențesc -Dacia-Elisabetin- Olimpia- Stadion. An
market predominantly saw positive variations in the interesting feature of Timișoara is the fact that, unlike
analysed period. The greatest growth, namely +6.6%, was other regional centres, the average asking price variation
registered in Torontalului, with lower increase registered is much more restricted, most neighbourhoods standing
in Braytim (+2.5%), Bucovina - Simion Bărnuțiu- Gării- between EUR 1,200 and respectively 1,300 per useful
Dorobanților- Mircea cel Bătrân (+2.4%), Central- square metre. Apart from the ultracentral area, only the
Bălcescu- Take Ionescu-P iața Maria (+1.3%), Șagului- Șagului-Dâmbovița-Iosefin-Steaua represents an
Dâmbovița- Iosefin- Steaua (+1.3%), Girocului- Soarelui- exception to the rule, where an apartment costs EUR 1,170
Buziașului (+1.1%), as well as in Lipovei- Aradului (+0.7%) per square metre, on average.
and in Circumvalațiunii (+0.5%).
As compared to the similar period of last year, the
Last quarter a (slight) decrease in prices was interestingly demands of apartment sellers are now higher in all the
registered in Timișoara’s two most wanted areas, where, neighbourhoods of Timișoara. The greatest annual
naturally, the most expensive apartments are located. growth, of 7.6%, can be noticed in Bucovina-Simion
Thus, after a 3.4% growth in the first three months of the Bărnuțiu-Gării-Dorobanților-Mircea cel Bătrân, with
year, the homes from the Ultracentral-Medicină-Piața Torontalului (+5,8%), Complex Studențesc-
Unirii area saw a 0.7% price decrease in Q2 2019. A similar Dacia-Elisabetin- Olimpia-Stadion ranking next (+5.6%),
decrease margin, namely 0.9%, was also registered in followed by Șagului-Dâmbovița-Iosefin-Steaua (+4.6%)
Complex Studențesc-Dacia- Elisabetin-Olimpia -Stadion and respectively Girocului-Soarelui-Buziașului (+4.5%). On
(-0.9%). the other hand, the lowest annual differences are those
from Central-Bălcescu-Take Ionescu-Piața Maria (+1.3%),
In spite of such price decreases, the two areas from Braytim (+1.5%) and respectively Circumvalațiunii (+1.7%). In
Timișoara continue to hold the first two positions in the Ultracentral-Medicină-Piața Unirii and Lipovei-Aradului,
classification of neighbourhoods having the most the apartments are 2.3% more expensive than they were
expensive apartments, the average asking price one year ago.

“EUR 330 per square metre is the price difference between the most expensive
area in Timișoara Ultracentral-Medicină - P-ța Unirii/EUR 1,500) and the
cheapest area (Șagului - Dâmbovița - Iosefin - Steaua/ EUR 1,170).”

Neighborhoods with the largest price per sq. m.

Median price & price change over last 3 months

-0.7% -0.9% +6.6% +1.3% +0.5%

1,500€ 1,290€ 1,280€ 1,270€ 1,230€

Ultracentral Complex Torontalului Central Circumvalațiunii
Medicină Studențesc Bălcescu
P-ța Unirii Dacia Take Ionescu
Elisabetin P-ța Maria
Olimpia-Stadion

Source: Analize Imobiliare and Imobiliare.ro

19
Apartments for sale

Average Price evolution Price evolution

price/sqm(€) in the last 3 months % in the last year %

Ultracentral - Medicină - P-ța Unirii 1,500 -0.7% 2.3%

Complex Studentesc - Dacia -

1,290 -0.9% 5.6%
Elisabetin - Olimpia-Stadion

Torontalului 1,280 6.6% 5.8%

Central - Bălcescu - Take Ionescu - 1,270 1.3% 1.3%

P-ța Maria

Circumvalațiunii 1,230 0.5% 1.7%

Lipovei - Aradului
1,220 0.7% 2.3%

Bucovina - Simion Bărnuțiu - Gării

– Dorobanților - Mircea cel Bătrân 1,210 2.4% 7.6%

Girocului - Soarelui – Buziașului 1,200 1.1% 4.5%

Braytim 1,200 2.5% 1.5%

Șagului – Dâmbovița - Iosefin -

1,170 1.3% 4.6%
Steaua

Source: Analize Imobiliare and Imobiliare.ro

20
Neighbourhoods and areas in Brașov

After a growth of 1.7% registered in the second quarter of
2019, the apartments from Brașov can currently be
purchased for EUR 1,120 per square metre on average. As is
the case in the other regional centres, in
neighbourhoods of the city lying at the foot of Tâmpa
mountain, prices have grown, even though rather
moderately, and did not exceed the 4% threshold – that is,
for instance, the growth rate for housing in Centrul
Istoric-Centrul Civic-Ultracentral-Dealul Cetății (up to an
average of EUR 1,300 per square metre), as well as for the
homes from Griviței (up to EUR 1,120 per square metre). On
the other hand, decrease was registered in Drumul Poienii
(-9%, down to EUR 1,790 per square metre), Noua-Dârste
(-3%, down to EUR 980 per square metre) and respectively
Schei-Stupini (-1%, down to EUR 1,130 per square metre).
most As compared to the similar period of last year, the
apartments available for sale are more expensive now in
most of Brașov’s areas; what is interesting is the fact that
growth margins are, most of the time, two-digit numbers,
and the greatest difference, of 13%, can be noted in Centrul
Istoric-Centrul Civic-Ultracentral-Dealul Cetății. The
Drumul Poieni area is the exception to the rule, where the
demands of apartment sellers are 13% lower now than
they were one year ago.

Average Price evolution Price evolution

price/sqm (€) in the last 3 months % in the last year %

Drumul Poienii 1,790 -8.7% -13.4%

Centrul Istoric - Centrul Civic -

1,300 4.0% 13.0%
Ultracentral - Dealul Cetății
Central – Brașovul Vechi -
1,180 2.8% 10.4%
Blumana - Aurel Vlaicu

Avantgarden - Bartolomeu 1,160 2.8% 10.3%

Schei - Stupini 1,130 -1.4% 11.3%

Griviței 1,120 3.8% 10.2%

Astra - Răcădău - Calea Bucureș-

1,100 1.7% 4.8%
ti - Gării – Vlahuță

Tractorul - 13 Decembrie 1,100 0.9% 10.0%

Craiter - Triaj - Harmanului 1,020 3.0% 10.6%

Noua - Darste 980 -3.2% 2.8%

Source: Analize Imobiliare and Imobiliare.ro

21
Neighbourhoods and areas in Iași

After a growth of 0.8%, the average asking price for an
apartment in Iași reached the psychological threshold of
EUR 1,000 per square metre last quarter. In most
neighbourhoods of the city, positive variations were
registered in the sellers’ expectations: the greatest growth,
of 8%, was in the Podul de Fier- Moara de Vânt area (up to
EUR 1,190 per square metre) but, in the other areas, the
growth did not exceed the 3% threshold. The area Centrul
Civic - Gară-Central- Ultracentral was the exception from
the upward trend, where homes were 2% cheaper, down
to EUR 1,330 per useful square metre; at the same time,
prices stagnated in the Copou, Tătărași- Tudor
Vladimirescu and Bucium- Galata- Mircea cel Bătrân
areas.
As compared to the similar period of 2018, the owners’
demands are generally higher now, with the greatest
annual differences being noticed in the Podul de Fier-
Moara de Vânt (+8%), Centrul Civic- Gară- Central -
Ultracentral (+6%) and respectively Nicolina - Cug-
Frumoasa - Baza 3 areas (also +6%). Only in Tătărași- Tudor
Vladimirescu the apartments are cheaper (by 2%) than
one year ago - whereas, in the Copou area, the average
asking price stands at the same level, respectively EUR
1,200 per useful square metre.

Average Price evolution Price evolution

price/sqm (€) in the last 3 months % in the last year %

Centru Civic - Gara - Central -

1,330 -1.9% 6.3%
Ultracentral

Copou 1,200 -0.3% 0%

Podul de Fier - Moara de Vânt 1,190 7.7% 7.8%

Tătărași - Tudor Vladimirescu 1,030 -0.3% -2.5%

Podu Roș 980 2.1% 0.7%

Alexandru cel Bun - Dacia 980 0.6% 1.7%

Nicolina - Cug - Frumoasa - Baza 3 960 3.1% 6.3%

Bucium - Galata - Mircea cel

950 0.1% 1.4%
Bătrân

Păcurari - Popas Păcurari - Canta 920 1.7% 1.4%

Source: Analize Imobiliare and Imobiliare.ro

22
Neighbourhoods and areas in Constanța

Last quarter, the price of apartments in Constanța
registered a slight growth, namely 0.2%, up to an average
of EUR 1,140 per useful square metre. It is interesting that,
unlike the other analysed regional centres, in the city
located by the sea, the sellers’ demands stagnated in most
analysed areas. Slight price increases were registered in
the other areas, respectively 3% in the
Central-Ultracentral-Peninsula area, 2% in I.C. Brătianu
-Brătianu -Energia, 1% in the Faleză Nord -Trocadero - City
Park Mall -Capitol -Delfinariu area and also 1% in the CET -
Anda area. On the other hand, no price decrease was
registered on the shoreline in the past three months.
The Constanța market can practically be considered the
most stable among the analysed major centres; this fact is
also made obvious by the annual evolution of prices by
areas: although growth can be noted in most
neighbourhoods, they are small and do not exceed the 5%
threshold (this difference being valid in I.C. Brătianu-
Brătianu- Energia). In the Central- Ultracentral- Peninsula
area, apartments are 3% more expensive than one year
ago (which growth only occurred in the past three
months), and in Faleză Nord- Trocadero- City Park Mall-
Capitol- Delfinariu the difference is of 2%.

Average Price evolution Price evolution

price/sqm (€) in the last 3 months % in the last year %

Faleza Nord - Trocadero - City Park

1,310 1.5% 2.1%
Mall - Capitol - Delfinariu
Tomis III - Dacia - Tomis II - Brotă- 1,190 0.3% 1.5%
cei - Tomis I

Central - Ultracentral - Peninsula 1,180 2.6% 2.9%

Tomis Nord - Inel II - Inel I - Primo -

1,140 -0.1% 1.6%
Far

Casa de Cultură - Tomis Plus 1,120 -0.1% 2.0%

I. C. Bratianu - Brătianu - Energia 1,110 1.8% 4.7%

Gara - ICIL - Abator 1,110 -0.1% 3.2%

Km 4-5 - Km 5 1,040 0.2% 2.5%

CET - Anda 1,000 1.3% 0.6%

Poarta 6 990 0.4% -0.2%

Source: Analize Imobiliare and Imobiliare.ro

23
DEMAN D FO R A PA RT ME N TS A N D H O U S E S
Demand* for residential properties for sale
In the second quarter of the current year, the interest for
the procurement of residential properties in the country’s
major cities was maintained at a stable level as compared
to the three previous months. Thus, approximately 166,000
potential buyers searched, in the six major cities of the
country, apartments and houses put up for sale on
Imobiliare.ro - a figure indicating a slight growth, of 1.2%,
as compared to the first quarter of 2019, when 164,000
searches were registered.
By comparison with the similar period of 2018, the current
demand volume is, on the whole, 14% higher, the growth
trend being noticed in all analysed major regional centres.
Worth mentioning is the fact that, in four out of six cities,
the annual growth registered by this indicator was a
two-digit figure: the greatest difference can be noted in
Brașov (+25%), the city at the foot of Tâmpa mountain
being followed by Bucharest (+16%), Constanța (+13%),
Timișoara (+10%). In Cluj-Napoca and Iași, on the other
hand, the growth was of less than 10%, more specifically it
was +7% and, respectively, +6%.
Regarding the number of searches for apartments and
houses registered in Imobiliare.ro, it is noteworthy that
The demand for residential properties for sale
houses and apartments - new and existing
88,500 18,000 16,000 15,200
Bucharest Timișoara Constanța Cluj-Napoca
+16% +10% +13% +7%
By demand, we refer to the potential buyers who generated Leads
for sale properties on the Imobiliare.ro portal, in a certain period.
24
Bucharest naturally stands at a considerable distance
from the other regional centres - 88,500 searches were
conducted last quarter, namely 5-7 times as many as in
the other cities. Ranking second is Timișoara, with 18,000
searches in the analysed period, then Brașov (16,100
searches), Constanța (16,000 searches), Cluj-Napoca
(15,200 searches) and respectively Iași (12,200 searches).
The preferences of potential home buyers remained, on
the whole, the same over the past three months, most
customers still having a propensity for new properties.
Thus, in the six analysed major regional centres,
newly-built apartments and houses represent 57% in total
searches (just as in the two previous quarters). Housing
units completed after the year 2000 are more popular
than the old ones in three regional centres of the country,
namely Cluj-Napoca (where they hold a 74% market share,
up from 70%, which it had last quarter), Iași (68%, slightly
going up from 67%) and Bucharest (60%, slightly going up
from 61%). On the other hand, in the other three analysed
major cities, new homes have a significant share, but still a
minority share among the searches, more specifically 47%
in Timișoara, 44% in Brașov and respectively 42% in
Constanța.
16,100 12,200
Brașov Iași
+25% +6% Change over last 12 months %
A lead is recorded when a visitor performs an action (views the
phone, sends an email to request more details, print or save your
ad).
Source: Analize Imobiliare and Imobiliare.ro
Apartments and houses for sale
New vs. old

In the major cities, the demand for apartments and
houses for rent is lower than the demand for residential
properties for sale; however, in some cases (such as
Bucharest), it exceeds 50% of the latter’s volume. Thus, in
the past three months, approximately 89,000 potential
renters tried to rent a home using Imobiliare.ro, and more
than half of these searches, namely 51,700, were located in
the Capital. Ranking next are Constanța (9,200 searches),
Cluj-Napoca (8,700), Timișoara (8,100), Brașov (6,000) and
Iași (5,600).

Demand for new vs existing properties in 2019-Q2

47% 44% 42%

68% 60%
74%

53% 56% 58%

32% 40% The demand for new properties
26%
The demand for existing properties

Cluj-Napoca Iași Bucharest Timișoara Brașov Constanța

Source: Analize Imobiliare and Imobiliare.ro

25
23
DEMAND FOR RESIDENTIAL PROPERTIES FOR RENT

Compared to the similar period of last year, the current
level of demand in the rent segment in these six major
cities is, on the whole, 10% higher. Under this chapter,
growth was registered in most cases, with Iași ranking
first, where a 21% growth was registered; next in rank are
Cluj-Napoca (+12%), Bucharest (+11%), Constanța (+11%) and
Brașov (+5%).
The exception to the rule is, in this case, Timișoara, where
the demand for properties for rent is now 7% lower than it
was one year ago. By comparison with the similar period of
the year 2015, interest for rentals is currently 64% higher,
the upward trend being felt in all analysed regional
centres. The most significant growth, of more than 100%,
was registered in Iași and Cluj-Napoca, where the number
of searches on that market segment increased by 165%
and respectively by 130%. The Analize Imobiliare data also
reveals that demand is 87% higher in Brașov, 83% higher in
Constanța, 73% higher in Timișoara and 45% in Bucharest.

The demand for apartments and houses for rent

+45% +83% +130% +73% +87% +165% Change over last 4 years

+11% +11% +12% -7% +5% +21% Change over last year

51,700 9,200 8,700 8,100 6,000 5,600

Bucharest Constanța Cluj-Napoca Timișoara Brașov Iași

Source: Analize Imobiliare and Imobiliare.ro

26
 NUM BE R OF PRO PE RT I E S FO R S A L E
IN THE M A J OR CI TI E S

As compared to the first quarter of the current year, the
supply of residential properties available for sale in the six
major regional centres of the country (apartments and
houses built before the year 2000) saw a slight increase on
the whole, more specifically of 2.5%. However, under this
chapter, increases were only registered growth in three of
the regional centres covered by the analysis, namely in
Cluj-Napoca (+11.2%), Iași (+5.8%) and respectively
Bucharest (+1.9%); the other cities registered decrease:
-6.1% in Constanța, -0,7% in Timișoara and respectively
-0.1% in Brașov.
Still, by comparison with the similar period of 2018, a
decrease in supply may be noted in these centres, which is
7.3% lower than it was 12 months ago. From this point of
view, decreases were registered in five of the six regional
centres, more specifically in Iași (-10.2%), Bucharest (-10.1%),
Cluj-Napoca (-6.3%), Brașov (-3.9%) and respectively
Timișoara (-3%). As was the case in the last two quarters,
the exception to the rule is represented by Constanța,
where the supply of homes is slightly higher than it was 12
months ago, more specifically by 0.8%.
In terms of properties which were newly-introduced on
the market, they are, on the whole, 2.2% lower in the
second quarter of 2019, as compared to the first one. A
downward trend may be noted in four of the six cities,
namely in Constanța (-12.9%), Timișoara (-9.7%), Brașov
(-9.4%) and respectively Bucharest (-5%). On the other
hand, increases in such indicator were registered in
Cluj-Napoca (+17,8%), as well as in Iași (+8%). By
comparison with the similar period of 2018, the volume of
new residential listings occurring on the market last
quarter is, on the whole, slightly bigger, an aggregate
annual growth of 0.6% being noticeable at the level of the
regional centres. This time, growth was registered in three
of the six great cities, namely in Cluj-Napoca (+19%), Brașov
(+6.7%) and Constanța (+1.8%). However, the other three
saw a decrease, namely Iași (-11.4%), Bucharest (-3.6%) and
respectively Timișoara (-0.6%).

Number of listings - for sale in Q2-2019

7,670 Apartments and houses built before the year 2000

New listings
All listings for sale
4,020

2,760
2,220
1,590
1,350 1,270 1,180
1,040
740 690 660

Bucharest Cluj-Napoca Timișoara Iași Constanța Brașov

-5% 17.8% -9.7% 8% -12.9% -9.4% New listings

Change over
last 3 months
1.9% 11.2% -0.7% 5.8% -6.1% -0.1% All listings for sale

-3.6% 19% -0.6% -11.4% 1.8% 6.7% New listings

Change over
last 12 months
-10.1% -6.3% 3% -10.2% 0.8% -3.9% All listings for sale

Source: Analize Imobiliare and Imobiliare.ro

27
 NUMBE R OF PRO PE RT I E S FO R R E N T
IN THE M A J O R CI TI E S

In the second quarter of the year 2019, the number of
apartments and houses available for rent in the country’s
six major cities (properties built before the year 2000)
increased by approximately 3.4% as compared to the
previous quarter, reaching a total of 17,600 listings (as
compared to 17,020). The greatest number of listings in the
rental segment is, naturally, found in Bucharest, where in
Q2 2019, 8,590 such listings were available (up from 8,380
in the three previous months). During the analysed period,
Cluj-Napoca maintained its second position in the rental
supply ranking, 2,880 listings being available here, as
compared to 2,510 in Timișoara, which outperformed the
city located on the River Someș in the last quarter of 2018.
The general trend of supplementing the supply of
housing available for rent was felt last quarter in five out of
the six cities. However, the growth margin was a two-digit
figure only in Brașov, where a 13% growth was registered;
in the other cases, variations stood below 10%, namely
+6.2% in Iași, +3.3% in Cluj-Napoca, +2.7% in Timișoara and
respectively +2.6% in Bucharest. The exception to the rule
is represented by Constanța, where supply dropped by
0.8% in the last quarter.
By comparison with the similar period of last year, the
general growth was more significant, reaching +8.3%.
Worth mentioning is the fact that the upward trend was
felt, this time, in all the analysed major cities, four out of six
registering two-digit growths. Thus, supply increased by
22.5% in Brașov, by 21.5% in Timișoara, 19.3% in Cluj-Napoca
and by 12.9% in Iași. In Constanța, on the other hand,
supply is 4.6% higher than it was one year ago, and in
Bucharest it is 0.2% higher.
Concerning rental listings which were newly introduced to
the market, the data held by Analize Imobiliare reveals a
setback of 0.2% as compared to the first quarter of 2019, a
12.6% increase by comparison with the similar period of
2018. In the first case, decrease was registered in three out
of the six analysed cities, namely in Bucharest (-1.4%),
Cluj-Napoca (-1.6%) and Timișoara (-4.3%), whereas
increase occurred in the remaining ones. However, in the
12-month period, positive developments occurred in all
analysed major cities, with Brașov ranking first (where a
20.6% growth can be noticed).

Number of listings - for rent in Q2-2019

8,590 Apartments and houses built before the year 2000

6,300
New listings
All listings for sale

2,880
2,510
2,040
1,640
1,290 1,190 1,140
940 900 850

Bucharest Cluj-Napoca Timișoara Iasi Brașov Constanța

-1.4% -1.6% -4.3% 2.2% 10.2% 8.3% New listings

Change over
last 3 months
2.6% 3.3% 2.7% 6.2% 13% -0.8% All listings for sale

10.6% 15.9% 12.8% 13.5% 20.6% 10.4% New listings

Change over
last 12 months
0.2% 19.3% 21.5% 12.9% 22.5% 4.6% All listings for sale

Source: Analize Imobiliare and Imobiliare.ro

28
REAL ESTATE SALES, AT NATIONAL LEVEL

According to data released by the National Agency for
Cadastre and Real Estate Advertising (Romanian: Agenția
Națională de Cadastru și Publicitate Imobiliară, ANCPI), in
the second quarter of the current year, 125,474 real estate
sales were concluded at national level. This level marks, on
the one hand, a growth of approximately 8% as compared
to the previous quarter (when 116,109 transactions were
registered) but, on the other hand, a 34% decrease as
compared to the similar period of 2018 (when 151,481 such
operations were registered). In the second quarter of 2019,
the highest number of sale-purchase operations were
performed in Bucharest (22,265 transactions), and next in
rank were the counties of Ilfov (with 11,093 contracts), Timiș
(6,995), Cluj (6,387), Brașov (6,194), Constanța (4,314) and
Iași (3,980).
In the first six months of 2019, the number of real estate
transactions concluded nationwide amounted to 241,583,
almost 20% down as compared to the similar period of last
year, when 300,432 such operations were concluded
nationwide. A downward trend as compared to the
previous year can be noted in each month of 2019, with the
greatest differences, of more than 14,000 transactions,
occurring in the months of March (44,566 sales in 2019 as
compared to 58,713 in 2018) and respectively in May
(44,456 transactions as compared to 58,794 at the
opposite pole, the smallest difference can be noticed in
April 2019, when 40,811 sales were conducted, as
compared to 44,106 in 2018.

“In Q2 2019, the number of real estate transactions registered nationwide

increased by 8% as compared to the previous quarter, but it decreased by 34%
as compared to the similar period of last year.”

Property sales
70,000

60,000

50,000

40,000

30,000

20,000

10,000

0
Ian Feb Mar Mai Apr Iun Iul Aug Sep Oct Nov Dec

2017 2018 2019 Source: ANCPI, data processed by Analize Imobiliare

29
QUARTERLY EVOLUTION OF TRANSACTIONS IN THE
MAIN COUNTIES
In line with the trend registered nationwide, the volume of
real estate transactions concluded in the second quarter
of 2019 dropped as compared to the similar period of the
previous year in most counties with the most intense
activity under this chapter. Just as in the last quarter, the
most significant decrease, which was of 42% this time, was
registered in Iași. Here, the number of real estate
purchases dropped from 6,770 in Q2 2018 to 3,980 in Q2
2019.
Ranking second in terms of decreases is Constanța, where,
in the second quarter of 2019, 4,314 sales agreements were
concluded, as compared to 6,680 in the similar period of
2018, consequently, the registered decrease was of 35%. A
significant decrease, of 31%, occurred in Timiș county as
well (from 10,138 to 6,995 sales operations), just as in Cluj
(-28%, from 8,909 to 6,387 sales operations) and Brașov
(-20%, from 7,757 to 6,194 real estate transactions).
As was the case in the first three months of the year, from
among the counties which were more active in terms of
property sales, only Bucharest and Ilfov did not register
any drops in their trading activity in the second quarter of
2019. Whereas Bucharest had a growth of approximately
3% from this point of view (from 21,624 to 22,265 sales
contracts), in Ilfov a much more significant growth was
registered, respectively of 26% (from 8,816 to 11,093 sales
contracts).

Total properties sold

30,000

25,000

20,000

15,000

10,000

5,000

0
București Cluj Ilfov Timiș Iași Brașov Constanța

2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2

Source: ANCPI, data processed by Analize Imobiliare

30
Quarterly evolution of transactions
in Bucharest and Ilfov

Just as in the two previous quarters, in the period
April-June 2019, the greatest number of property
transactions concluded in Bucharest, namely 8,296 of the
total of 22,265, envisaged land in built-up areas without
constructions (up from 7,173 contracts in the first quarter
of this year). Although they grew from 7,106 to 8,077
contracts, the transactions with the individual units thus
maintained the second place in terms of the share of total
sales operations. On the other hand, the purchases of land
in built-up area with constructions, amounted to a total of
5,892, up from 5,419 in the three previous months.
In the county of Ilfov, more than half of the real estate
transactions concluded in the first quarter of 2019
envisaged land in built-up areas without constructions -
more specifically, there were 6,899 contracts (up from
5,537) out of a total of 11,093. Ranking second, although at
a substantial distance, are the procurements of land in
built-up areas with constructions, which amounted to
2,412 (slightly decreasing from the 2,514 in the previous
quarter). The operations having in view individual units,
which amounted to 1,393 (down from 1,689) only ranked
third, whereas the purchase of land in unincorporated
areas reached the number of 389 (as compared to 342 in
the previous three months). This division of the trading
activity indicates the fact that the interest for new
constructions continues to be high around the Capital, for
the end users, as well as for the developers.

Bucharest
15,000

10,000

5,000

0
Land outside city limits Land inside city Land inside city limits Individual units
limits without buildings with buildings

2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2

Ilfov county
15,000

10,000

5,000

0
Land outside city limits Land inside city Land inside city limits Individual units
limits without buildings with buildings

2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2

Source: ANCPI, data processed by Analize Imobiliare

31
Quarterly evolution of transactions in Cluj county

In agreement with the evolution at county level, decreases Ranking second in terms of transactions performed in Cluj
in the trading activity were registered in all segments of county is the land segment in built-up areas with
the Cluj market. The most numerous just as in the constructions, which attracted 1,962 purchases last
previous quarter, were the purchases of land in built-up quarter (down from 2,095). The contracts for individual
areas without constructions, which reached the level of units were almost as many in the analysed period - they
2,066 (out of a total of 6,387) - on the increase as compared amounted to 1,796, as compared to 1,931 in the three
to the 2,253 contracts concluded in the first quarter of the previous months. The purchases of land in the
year. Just like in Ilfov, as well as in Bucharest, the unincorporated area saw a significant decrease from a
significant weighting of such purchases indicates the total of 738 to 563 concluded contracts.
maintaining of a high interest for real estate development
(most of which would probably be residential).

Cluj county
6,000

5,000

4,000

3,000

2,000

1,000

0
Land outside city limits Land inside city Land inside city limits Individual units
limits without buildings with buildings

2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2

Source: ANCPI, data processed by Analize Imobiliare

32
Quarterly evolution of transactions in Timiş county

Unlike the other counties subject to analysis, in Timiş constructions ranked second, reaching 1,894 - growing as
county, the transactions having in view land in compared to the three previous months, when 1,800 such
unincorporated areas were, like in the past quarter, the operations were registered. On the other hand, purchases
most numerous; they totalled 1,983 contracts (out of the from individual units and those of built-up areas with
total of 6,995), slightly less than the level of 2,064 constructions total 1,512 and, respectively, 1,606 purchases
purchases reached in the first quarter of this year. (as compared to 1,354 transactions in the first three
Purchases of land in the built-up area without months of the current year).

3,500

3,000

2,500

2,000

1,500

1,000

500

0
Land outside city limits Land inside city Land inside city limits Individual units
limits without buildings with buildings

Quarterly evolution of transactions in Iaşi county

In Iaşi county, transactions with land in built-up areas
without constructions have, just as was the case last
quarter, the majority market share: according to the data
held by ANCPI, last quarter 1,987 such operations were
recorded (out of the total of 3,980), up from 1,685 in the
first quarter of 2019. The purchases of built-up land with
constructions stand at a considerable distance behind
(amounting to 957, up from 806), as well as the purchases
of individual units (774 as compared to 726 in the first
three months of 2019). On the other hand, the 262 (down
from 310) transactions with unincorporated land continue
to hold the smallest market share.

4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Land outside city limits Land inside city Land inside city limits Individual units
limits without buildings with buildings

2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2

Source: ANCPI, data processed by Analize Imobiliare

33
Quarterly evolution of transactions in Braşov county

Just as in the previous year, in Braşov county, transactions 1,843). On the one hand, the purchases of land with
with land from the built-up area without constructions individual units amounted to 1,525, up from 1,444 in the
were the most numerous, as well: in the second quarter of three previous months. On the other hand, transactions
2019, they amounted to 2,066 (out of the total 6,194), down with land from unincorporated areas registered
from 2,455 in the previous three months). Ranking second significant growth in the last quarter, from 378 to 669
are the purchases of built-up land with constructions, purchases, thus reaching a market share of more than
which amounted to 1,934 in the analysed period (up from 10%.

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0
Land outside city limits Land inside city Land inside city limits Individual units
limits without buildings with buildings

Quarterly evolution of transactions in Constanţa county

Unlike the first three months of the year 2019, in the operations in three months. What is interesting is the fact
second quarter of the year, transactions with land from that, in the other segments of the Constanţa market, the
built-up areas with constructions were, by far, the most number of real estate purchases is very similar: 897
numerous: they registered a doubling almost, from 906 to transactions with land from built-up areas without
1,711 purchases. However, worth mentioning is the fact that constructions (down from 1,382), 907 with land from
the level attained last quarter in this segment was the unincorporated areas (as compared to 888) and
smallest since 2017, and the transactions of this type respectively 799 individual units (as compared to 849).
usually exceeded the level of 1,000 and even 2,000

3,000

2,500

2,000

1,500

1,000

500

0
Land outside city limits Land inside city Land inside city limits Individual units
limits without buildings with buildings

2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2

Source: ANCPI, data processed by Analize Imobiliare

34
 T IM E ON M A RK E T

In the April-June 2019 interval, the time needed for the
sale of an apartment on the Bucharest market registered
a slight increase as compared to the first quarter of the
year, reaching an 86-day average (as compared to the 78
days of the three previous months). By comparison, in the
similar period of last year, such a property was sold in a
significantly shorter period, namely 53 days.
It is obvious that the sale period for an apartment had an
ascending evolution in the past years. The current 86-day
level is the highest registered in the period April-June
since 2014. This fact should be connected, of course, with
the general trend of stabilizing the prices of homes, which
is even more prominent in the Capital. Thus, on a market
where homes no longer increase their prices at a fast rate,
the buyers no longer feel the pressure of taking purchase
decisions very rapidly, instead they afford to allocate more
time for them.

Time on market (apartments)

120

100

80

60

40

20

0
Constanța Timișoara Cluj-Napoca Iași București Brașov

2018-Q2 2019-Q2

Time on market for apartments in Bucharest (days)

120

100
Average over the last
four quarters

80

60

40

20

0
19
14

15

16

17

18
4

14

15

16

17

18

18
14

15

16

17

9
01

01
01

01
01

01
20

20

20
20

20
20
20

20
20

20
20

20

20
20

20
20

12

12
12

12
12

12
2

2
2

3
3

2
2

3
3

4
4

4
4

Q
Q

Q
Q

Q
Q
Q

Q
Q

Q
Q

Q
Q

Source: Analize Imobiliare and Imobiliare.ro

35
CONSTR U CTI ON O F DWE L L I N G S

Regarding the construction of homes, the most recent
data published by the National Institute of Statistics (INS)
indicate, for the year 2019, a strong growth tendency. Thus,
in the first quarter of the year, a number of 12,714 housing
units were completed nationwide - which marks a growth
of approximately 24% as compared to the similar period of
last year, given the fact that, in the first months of 2018,
10,273 housing units were delivered. Such data confirms
the trend felt on the residential market, namely that the
appetite for the development of new homes is on the
increase.
By comparison with the fourth quarter of 2018, however,
the evolution of housing deliveries
Considering the fact that, in the last three months of last
year, 19,347 housing units were completed nationwide, the
decrease felt at the start of 2019 was of 34%. However, it is
important to mention the fact that, this decrease, from
the end of one year to the start of another year, is seasonal,
and it can be noticed constantly since 2006. Thus, we
cannot speak of a downward trend of the residential
constructions market.
On the contrary, we could say, if we were to analyse the
data over the past 13 years. Taking into account only the
performance registered in the first three months of every
year, we can note that the first quarter of 2019 market a
peak in the delivery of homes since 2006. By comparison,
in the same period of 2008, 10,901 housing units were
being completed nationwide, whereas, in the period
2009-2015, deliveries in the first quarter dropped below
was negative. 10,000 units. This indicator reverted over the 10,000-unit
threshold in 2016, when it reached 11,590 homes
nationwide.

The delivery of homes registered in the first quarter of 2019 represents a

maximum of the performances registered since 2006.”

Construction of new dwellings

30,000

25,000

20,000
Average over the last four quarters

15,000

10,000

5,000

0
3

3
1

1
2007-Q

2008-Q

2009-Q

2010-Q

2011-Q

2012-Q

2013-Q

2014-Q

2015-Q

2016-Q

2017-Q

2018-Q

2019-Q
2007-Q

2008-Q

2009-Q

2010-Q

2011-Q

2012-Q

2013-Q

2014-Q

2015-Q

2016-Q

2017-Q

2018-Q

Source: ANCPI, data processed by Analize Imobiliare

36
CONSTR U CTI ON O F DWE L L I N G S

The data of the National Institute of Statistics indicates
that most homes completed in the first quarter of 2019 are
located in the urban environment - more specifically, this
is a 59.2% share, equivalent to 7,532 units out of the total
12,714. The housing units delivered in the rural
environment, on the other hand, reached a number of
5,182 units, representing a share of 40.8%. By comparison
with the similar period of 2018, we can note an increase of
the share held by the homes completed in the urban
environment, from 55.7% (5,717 housing units).
funds, and only the remaining 1.6% from public funds - this
means 12,506 homes, as compared to only 208. The
situation was the same in the similar period of 2018, when
98.75% of the homes delivered nationwide, respectively a
number of 10,138, were made from private funds. Worth
mentioning is the fact that the category of units built from
public funds includes the homes built by end consumers
on their own, as well as the ones within residential projects
made by the developers (this last category supposedly
represents the majority).

Regarding the type of completed homes, the vast majority

of them, respectively 98.4%, were made from private

Housing completed nationwide

COMPLETED HOMES (NUMBER) STRUCTURE (%)

Q1 2019 compared
Q1 2018 Q1 2019 to Q1 2018 Q1 2018 Q1 2019

TOTAL 10,273 12,714 +2.441 100 100

Urban environment 5,717 7,532 +1,815 55.7 59.2

Rural environment 4,556 5,182 +626 44.3 40.8

from total:

Private funds 10,138 12,506 +2,368 98.7 98.4

Public funds 135 208 +73 1.3 1.6

Source: ANCPI, data processed by Analize Imobiliare

37
 Dwellings built in Romania by regions

The latest data published by the National Institute of
Statistics indicates that, by comparison with the similar
period of the previous year, in the first quarter of 2019,
increases were registered in the number of homes
completed in all the country’s development regions. The
exception to the rule is represented by the Western area,
where the annual volume of deliveries dropped from 1,275
to 1,174 housing units. The rest of the country saw growth:
from 1,176 to 1,555 in the North-East, from 1,074 to 1,270 in
the South-East, from 1,227 to 1,275 in South-Muntenia,
from 408 to 626 in the South-West Oltenia, from 2,221 to
2,575 in the North-West, from 1,239 to 2,028 units in the
Central region and, respectively, from 1,653 to 2,221
dwellings in the Bucharest-Ilfov area.
As a result of the developments registered last quarter, the
ranking of the regions according to the number of
delivered homes suffered some changes as compared to
the similar period of 2018, the most important being
represented by the fact that the West region moved from
the third position in the ranking to the seventh. The first
two places are also held by the North-West area (with a
20.3% share of total deliveries) and respectively
Bucharest-Ilfov (with 17.4%). The third place is now held by
the Central region (16% of the total) which ranked fourth in
Q1 2018), followed by the North-Eastern area (12.2%).
Equally in terms of sales volume, with 10% shares each, is
the South-East and South-Muntenia area, the list being
supplemented by the West region (9.2%) and respectively
South-West-Oltenia (4.9%).

“By comparison with the similar period of the previous year, in the first quarter of
2019, increases were registered in the number of homes completed in all the
country’s development regions.”

Number of homes built by regions

4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Bucureşti-Ilfov Nord-Vest Centru Nord-Est Sud-Est Sud-Muntenia Vest Sud-Vest Oltenia

2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1

Source: ANCPI, data processed by Analize Imobiliare

38
A BOUT U S
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39
Contact our team
of experts

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HEAD OF DATA & RESEARCH

+40 748.882.892
dorel.nita@analizeimobiliare.ro

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SALES MANAGER

+40 748.882.826
vanzari@analizeimobiliare.ro

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