Economy

Kolozsvár real estate prices exceed pre-crisis levels

3 months ago

Kolozsvár/Cluj-Napoca is the only Romanian city where real estate prices have climbed above the levels seen before the global financial and economic crisis that began in 2008, news portal Ziare.com reports. Before the crisis, Romanian real estate prices rose to unrealistic levels, but fell by one third in the first of the crisis alone and have yet to reach pre-crisis levels.

Except for Kolozsvár, that is, where square meter prices have by the end of last year reached an average of EUR 1,520 ($1,728) compared with EUR 1,280 in 2008. By contrast in the capital, Bucharest the average price per square meter is only EUR 1,329 or 33% below the pre-crisis level. In other major cities such as Constanța or Brassó/Brașov are also about a quarter lower than before the crisis.

Market analysts expect real estate prices to stagnate this year, as the government has cut back significantly this year’s budget of the First Home (Prima Casă).