Raport-T1 2019 Imobiliare

ROMANIAN RESIDENTIAL
MARKET REPORT
Q1 - 2019
CONTENTS
3 Market overview
5 Residential price index
6 Quarterly trend of the residential property prices
7 Price trends across main cities
11 Price trends across neighborhoods
21 Demand for residential properties for sale
23 Number of listings - for sale
24 Number of listings - for rent
25 Sale transactions
26 Transactions in main cities
31 Time on market
32 Construction of dwellings
34 Transactions in Sector 2, Bucharest
36 About us
MAR K E T OVE RVI EW
On the other hand, all the excess supply existing at the beginning
of the current growth cycle has “evaporated”: in the first quarter of
2019, the number of apartments and houses in old properties was
almost 50% lower than in 2015. On the existing market, potential
buyers’ procurement options are too limited as compared to the
previous years, and, as prices have gone up, they have reached the
maximum limit of their budgets. Sellers are not willing to adjust
their asking price either, on a market which is still on the increase.
Maturity and potential of the residential market
Even though almost 60,000 homes were completed at national

level last year (the fifth year in which the volume of deliveries has
seen an upward trend, and also the best since 2009), we believe
that the new supply is insufficient. In Romania, the ratio is of one
room per inhabitant, whereas the EU average is of 1.6 rooms. The
Residential property prices are still growing, but at a slower average number of persons living under the same roof is 2.8 in Iași,
rate 2.5 in Brașov, or 2.4 in Bucharest. Other capitals in the region have
The mitigating trend related to the price growth rate, which was lower density, respectively 2.3 in Budapest or 2.0 in Sofia. At
identified by Analize Imobiliare as early as in the second half of national level, housing shortage is of several hundred thousand
2017, was maintained in the first quarter of 2019, as well. Prices homes. In the period 2004-2018, in Warsaw (which has a similar
continued their upward trajectory at an even slower rate than last number of inhabitants with Bucharest), 230,000 homes were
year, so that the annual difference in the price of residential build, more than five times as many as in the Romanian capital,
properties has reached +4.6% given that, in the three previous where only 43,000 housing units were completed. We should,
months, the same indicator stood at a value of +5.3%. however, note that Warsaw’s area is double (517 square kilometres)
as compared to Bucharest (228 square kilometres).
Similarly, the newest data published by Eurostat and the National

Institute of Statistics (Romanian: Institutul Național de Statistică - 2019 seems to be a dynamic year on the residential projects
INS) reveal, for the fourth quarter of 2018, an annual growth of 4.2% market, with more than 25,000 housing units to be completed in
in the European Union, respectively of 5.3% for the local market, the country's most important regions, namely in Bucharest-Ilfov
proving, once again, Romania’s obvious alignment with the and in the North-Western region. Note should be made of the
European real estate market. higher supply of premium apartments, or of apartments having a
more favourable location, close to areas of interest. Projects have
become more complex, as office, HoReCa or retail components are
2019: a balanced market?
added to the list of facilities desired by the buyers, which
Although, over the last year, the price of new apartments has gone
compensate the insufficient development of infrastructure. In
up about four times as much in Bucharest compared to the rest of
terms of the quality of new projects, we are getting close to other
the country, the general price growth for housing, registered in the
European capitals, but, in Romania, homes remain more
first quarter of 2019, was of only 0.8% at national level.
affordable, having relatively low prices.
All these are positive signals, indicating the ripening of the market.
This stabilization may indicate a balanced market. Although, in the
short term, the pressure exerted by demand has dropped (in Q1
Dorel Niță
2019 demand volumes were 20% lower for the six major regional
Head of Data and Research, Imobiliare.ro
centres of the country, versus the similar period of 2018), by
comparison with 2015, the interest for the procurement of housing
is 40% higher. Starting with the second half of last year, fewer
transactions were registered than in 2017, and the trend seems to
be sustained in 2019, as well (at least at the start of the year).
3
CLUJ DE FI E S CRI S I S PR E D I CT I O N S
After the first quarter of 2019, the real estate market in the
municipality of Cluj-Napoca and its neighbouring areas is
stable, without any significant imbalances, maintaining
the upward trend which started in the previous years, at a
somewhat slower rate, however.
I believe price levels have developed within a

10-percentage point margin, with small local corrections
in certain neighbourhoods, compensated by the growth
evinced in other areas, distinguishing a mitigation of the
growth rate. In terms of properties traded by Blitz, the
level is similar to the one of the previous year’s first
quarter, for purchases, as well as for rentals.
The decision-making interval concerning a purchase has

increased in 2019, as clients wanted to explore more
options than in the previous years. We have seen more
caution in their approach, as they wanted a wider range of
options before deciding. I believe that buyers are
becoming ever more educated, their decisions are more
calculated, and they resort to professional help more
often.
operations for this type of properties.
More specifically, in the first month of the year, we noted
an upward pattern in the activity, with more interest on At the same time, I believe that limiting the debt ratio for
the part of potential buyers. Many of the discussions which private individual clients who take loans in RON to 40%,
started in the previous months ended in transactions respectively to 20% for loans taken in the European
concluded in this period. The Blitz index, which reflects the currency, did not significantly restrain market dynamics,
prices of apartments offered for sale, registered a slight and the effects of such regulations were particularly felt by
correction as compared to the previous month, from 1,506 low-income clients, who search for apartments located at
to 1,452 EUR/ sq. m. I believe that this trend reflected a the outskirts. Looking at these trends for the first quarter,
slight stabilization of demand and supply, following the I expect a stable 2019, without any significant interference,
slower month of December. with prices following a stable trend until the end of the
year, and with a number of transactions similar to the one
In February and March we identified special interest on registered in 2018.
behalf of the buyers, fuelled by the perspective of
government funds granted for the “Prima Casă” (“First
Home”) programme. The Blitz index registered an average Cătălin Priscorniță
of 1.534 EUR/sq. m in March, a growth of 66 EUR/sq. m as CEO at Blitz Imobiliare
compared to February, which trend is also maintained in
the first weeks of April.
Another positive note was incurred by the recent

legislative amendments, which had a special impact on
the family home market, by eliminating certain purchase
restrictions. Particularly, this refers to the low VAT level, of
5%, which was only applicable once upon purchasing a
home. My opinion is that the amendment boosted
4
R ESIDE N TI A L PRI CE I N D EX
Over the first three months of the current year, the value Thus, we can say that the mitigating trend related to the
of residential properties in Romania increased by 0.8%, price growth rate, which was identified by Analize
compared to the last quarter of 2018, as indicated by the Imobiliare as early as in the second half of 2017, is
data centralized by Analize Imobiliare. More specifically, maintained. Concerning trading prices for housing, the
the quarterly index of the asking price reached the value newest data published by Eurostat and the National
of 134.9, going up from 133.9, which was registered in the Institute of Statistics (INS) reveals, for the fourth quarter of
last quarter of the preceding year. Worth mentioning is 2018, a 4.2% growth in the European Union, as well as in
the fact that the current price level is close to the one the eurozone. For the local market, the annual growth was
registered at the start of 2010, following the significant of 5.3%, thus corresponding to the one indicated by
decrease registered in the first two recession years Analize Imobiliare.
(particularly in 2008). By comparison, the calculation basis,
respectively 100, is applied for the year 2015. As far as the
annual growth rate in the price of residential properties is
concerned, worth mentioning is the fact that it dropped to
4.6% in the first quarter of 2019 - whereas, in the three
preceding months, the same indicator stood at 5.3%.
“The mitigating trend related to the price growth rate, which was identified by
Analize Imobiliare as early as in the second half of 2017, is maintained.”
Residential price index (2015=100)

250
200
Annual evolution in 2019-Q1: +4.6%
Decreasing percentage compared to
annual evolution in 2018-Q1: +6.4%
150
100
50
0
1
1
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-
04
05
06
07
08
09
10
12
13
14
15
16
17
18
19
04
05
06
07
08
09
10
12
13
14
15
16
17
18
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
QUARTE RLY TRE N D O F R E S I D E N T I A L
PR OPERTY PRI CE S
Over the first quarter of the year, housing sellers' claims in 2.9% in 2016.). Just like in the previous years, the evolution
Romania grew by 0.8%, as compared with the three of prices in 2018 saw differences between the Capital and
previous months. It is significant to note the fact that this in the rest of the country, and significant variations were
growth actually represents half of the progress registered also registered for different market segments subject to
in the previous quarter, which was of 1.6%. By comparison, analysis.
in the first three months of 2018, the owners’ expectations
increased by 1.4%, and afterwards the price growth rate Thus, over the past year, the value of older apartments (the
registered a slowdown to 0.7% in Q2 and, respectively, in properties built before the year 2000) grew, on average, by
Q3 2018. The quarterly average price variation in the 2.7% in Bucharest, but by 3.6% in the rest of the country.
residential segment for 2019 is yet to be seen - this On the other hand, newly-built apartments registered an
indicator stood at 1.2% in 2018, according to Analize annual growth of 8.6% in Bucharest, as compared to the
Imobiliare (down from 2.2% in 2017 and, respectively, from added 2% in the rest of the country.
“Over the last year, the price of apartments has gone up about four times as
much in Bucharest by comparison with the rest of the country.”
Quarterly rate of change in prices

20
15
Average over the last four quarters
10
-5
-10
-15
-20
2
2
2
2
4
4
4
4
4
2
2
4
4
4
2
2
4
2
2
4
Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
-Q
Q
Q
-T
-T
-T
-T
11-
11-
-
-
18
12
13
15
10
16
17
14
18
07
08
09
12
13
15
10
16
17
14
06
07
06
08
09
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
Source: Analize Imobiliare and Imobiliare.ro
6
PRICE TRENDS ACROSS MAIN CITIES
apartments for sale/rent
7
The status across the major cities - apartments for sale
In the major regional centres constantly monitored by average price asked for an apartment increased by 1.7% in
Imobiliare.ro and Analize Imobiliare, apartment prices saw the first quarter of 2019, reaching a value of EUR 1,560 per
a general increasing trend over the first three months of useful square metre (as compared to EUR 1,530 per useful
2019. In four out of six cases, price increases were higher square metre in the previous three months). This is a
than the national average - even though, just as in the two significant increase, propelling Transylvania’s capital city
previous quarters, they did not exceed the 2% threshold. from the fourth place to the second place in a ranking of
The exception to the price increase rule is represented by annual price increases recorded in the major cities. The
Constanța, where the owners’ expectations were 12-month price difference currently reaches 6.4%. In the
practically reduced by 0.4%, reaching the value of EUR first quarter of the year, Bucharest ranks third in a price
1,140 per useful square metre. For the fourth consecutive increase classification. This is where sellers raised their
quarter, Brașov ranked first in terms of price increases claims by 1.3%, which means that the cost of an apartment
recorded in the country’s major cities. The value of reached EUR 1,320 per useful square metre (as compared
apartments increased by 2% in the first three months of to EUR 1,300 per square metre). Over a 12-month period,
2019, reaching a value of EUR 1,100 per useful square metre the Capital ranks after Brașov and Cluj-Napoca in terms of
(as compared to EUR 1,080 per useful square metre). Thus, price increases, with a 5.7% growth. Next in line are
the city located at the foot of Tâmpa Mountain continues Timișoara (+5.1% per year), Constanța (+3.8%) and Iași
to rank first in a classification of annual price increases in (+3.7%).
major cities, with an 8.3% growth.
After Brașov, Cluj-Napoca ranks second in terms of price

increase - at quarterly, as well as at annual level. The
Price trends across main cities - apartments for sale
+6.4% +5.7% +5.1% +3.8% +8.3% +3.7% Price change over last 12 months
+1.7% +1.3% +0.3% -0.4% +2% +1% Price change over last 3 months
1,560 1,320 1,200 1,140 1,100 990

Median price per sq.m. (€)
Cluj-Napoca București Timișoara Constanța Brașov Iași
8
The status in county seats - apartments for sale
Just as in the two previous quarters, in Q1 2019 there were followed by Bucharest (with EUR 1,320 per useful square
several county seats where price increases were metre), then by Timișoara (with EUR 1,200 per square
significantly higher than in the major regional centres, metre), by Constanța (EUR 1,140 per square metre), by
and also higher than the national average. First in the Craiova (EUR 1,090 per square metre) and Brașov (with
national price growth ranking is Botoșani, with a 7.1% EUR 1,100 per square metre). Although the cheapest
increase, up to an average of EUR 800 per useful square apartments available for sale can still be found in the
metre. The city located in the North-Eastern part of the county seats located in the Southern part of the country,
country is followed, at a relatively small distance, by this ranking is slightly different as compared to the
Miercurea-Ciuc, with an added 6.3% (up to EUR 900 per previous quarters. Thus, the first place is now held by
square metre), and afterwards by Drobeta Turnu Severin Giurgiu, with an average of EUR 500 per useful square
(+5.3%, up to EUR 670 per square metre), Târgu-Jiu (+5.2%, metre, whereas Reșița has moved to the second place
up to EUR 980 per square metre) and Sibiu (+4.5%, up to (with a value of EUR 510 per square metre). These two
EUR 940 per square metre). In spite of the quarterly cities are followed by Alexandria, where buyers have to pay
variations registered for each city, the national ranking of EUR 600 per useful square metre for apartments, and
county seats having the highest average prices for one afterwards by Târgoviște (EUR 640 per useful square
square metre for apartments remains, essentially, metre) and, respectively, Slobozia (EUR 660 per useful
unchanged. According to the data held by Imobiliare.ro square metre), after the seat of Ialomița county replaced
and Analize Imobiliare, Romania still has six major regional Drobeta Turnu-Severin in this ranking.
centres where the sellers’ claims are of more than EUR
1,000 per useful square metre. The highest price level,
namely EUR 1,560 per useful square metre, is recorded in
Cluj-Napoca, the city located on the River Someș being
Maximum price per sq. m. +1.7% +1.3% +0.3% -0.4% +2%

Median price & price change over last 3 months
1,560 € 1,320 € 1,200 € 1,140 € 1,100 €
Cluj-Napoca București Timișoara Constanța Craiova
Smallest price per sq. m. -4.4% +1.8% +2.2% +2.9% -0.6%

500 € 510 € 600 € 640 € 660€
Giurgiu Reșița Alexandria Târgoviște Slobozia
Maximum price increase per sq. m +7.1% +6.3% +5.3% +5.2% +4.5%
800 € 900 € 670 € 980 € 940 €
Botoșani Miercurea-Ciuc Drobeta Târgu-Jiu Sibiu
Turnu-Severin
Lowest price increase per sq. m -4.4% -1.1% -1.1% -0.6% -0.4%
500€ 970 € 840 € 660 € 1,140 €
Giurgiu Pitești Suceava Slobozia Constanța
9
Rental prices
The average rental price requested for the rental of a 1st rate comfort 2-room
apartment built between 1980 and 2000
Drobeta Turnu-Severin 155

Just as in the previous quarter, in the first quarter of
Reşiţa 170
2019 apartment rental prices were maintained, on the
Râmnicu Vâlcea 170
whole, at a stable level in terms of prices asked by the
Zalău 175
owners. In this market segment, Cluj-Napoca is also
Sfântu Gheorghe 175
first in the ranking of the highest average prices - a 1st
Buzău 180 rate comfort two-room apartment build between 1980
Slobozia 180 and 2000 can still be rented at EUR 400 per month
Satu Mare 190 here. A slight decrease in the owners’ claims was
Piatra-Neamţ 190 registered in Bucharest, where the average asking price
195
for a similar property has reached EUR 360 per month
Suceava
(as compared to EUR 370 per month).
Târgu-Jiu 200
Vaslui 200
At the beginning of this year, the average rent in Iași
Târgovişte 200
and Timișoara, which are two other important
Arad 200 university centres, has practically remained constant. In
Alexandria 200 these two cities, an apartment of the same type, with a
Călăraşi 200 useful area between 50 and 60 square metres, costs, on
Bacău 200 average, EUR 300 per month (just as was the case in the
Deva 200 previous quarters). In Brașov, also, the average rent for a
similar property was maintained at a value of EUR 310
Bistriţa 200
per month. In spite of small variations here and there,
Slatina 200
the stability of the rental market can also be noted in
Oradea 200
the county seats with the most affordable rents.
Baia Mare 200
Giurgiu 210 In Drobeta Turnu-Severin, a two-room apartment can

Brăila 215 be rented at EUR 155 per month (registering a slight
Alba Iulia 215 increase from EUR 150 per month), whereas tenants
Focşani 220 have to pay EUR 170 per month in Reșița and,
respectively, in Râmnicu Vâlcea (just as in the previous
Galaţi 220
quarter). On the other hand, a two-room apartment will
Piteşti 220
cost EUR 175 per month in Zalău down from EUR 180
Craiova 230
per month) and, respectively, EUR 176 per month in
Botoşani 235
Sfântu Gheorghe.
Sibiu 250
Tulcea 250
Ploieşti 250
Constanţa 250
Târgu Mureş 270
Iaşi 300
Timişoara 300
Braşov 310
Bucureşti 360
Cluj-Napoca 400 Source: Analize Imobiliare and Imobiliare.ro
10
PRICE TRENDS ACROSS NEIGHBORHOODS
Timișoara
București
Cluj-Napoca
Cluj-Napoca - apartments
1,560 € +1.7% +6.4%

Average price/sqm Price evolution Price evolution in
in the last 3 months the last 12 months
12 13
Neighbourhoods and areas of Cluj-Napoca
After a 1.7% increase as compared to the three previous In a classification of Cluj-Napoca’s most expensive
months, the claims of apartment sellers in the capital of apartments, the central and ultra-central area continue to
Transylvania stood, in the first quarter of 2019, at a level of rank first, with an average listing price of EUR 1,800 per
EUR 1,560 per useful square metre. The highest price useful square metre for an apartment. Second in this
increase, of 5.9%, was recorded in the neighbourhood of ranking, not very far behind, is Plopilor neighbourhood,
Someșeni over the analysed period: the average asking where such residential properties may be purchased at
price for an apartment reached EUR 1,280 per useful EUR 1,770 per useful square metre. Worth mentioning are
square metre here (as compared to EUR 1,210 per square also the areas Gheorgheni-Andrei Mureșanu (where the
metre in the previous quarter). A significant growth, of sellers’ claims reach EUR 1,680 per useful square metre),
3.5%, was also registered in Baciu, a “bedroom-locality” of Zorilor (with EUR 1,580 per square metre) and
the Transylvanian capital, where owners’ claims reached Mărăști-Între Lacuri-Aurel Vlaicu (EUR 1,580 per useful
EUR 1,010 per square metre (from EUR 980 per square square metre). The classification of the areas with
metre). Significant growth was also registered in the Cluj-Napoca’s most affordable apartments is somewhat
Plopilor (+3.2%), as well as in the Gheorgheni-Andrei different. First of all, the gap between the first two
Mureșanu (+2.5%) and Iris (tot +2.5%) areas. positions has deepened, as Florești has gone below the
threshold of EUR 900 per useful square metre, and Baciu
Just as in the previous quarter, several of Cluj Napoca’s has exceeded the level of EUR 1,000 per square metre. The
neighbourhoods also recorded price decreases as the year next two places in this ranking are still held by Someșeni
started. The most significant price decrease, amounting (with EUR 1,280 per square metre) and Iris (EUR 1,400 de
to 2.1%, was registered in Florești, where an apartment has euro per square metre), whereas the Mănăștur-Borhanc
reached an average cost of EUR 880 per useful square i-Câmpului area was exceeded by Gruia- Dâmbul Rotund-
metre. Rather moderate price decreases, of less than 1%, Gară - Bulgaria area (by EUR 1.440 per square metre).
were registered in Gruia-Dâmbul Rotund-Gară-Bulgaria
(-0.8%), and also in Zorilor neighbourhood (-0.4%). On the
other hand, the lowest price increases were registered in
the central and ultra-central area (+0.2%), as well as in
Mărăști-Între Lacuri-Aurel Vlaicu (+0.8%).
“EUR 920 per square metre is the price difference between the most expensive area in
Cluj - Central/Ultra-central (EUR 1,800) and the cheapest area - Florești (EUR 880)”.
Neighborhoods with the largest price per sq. m.

+0.2% +3.2% +2.5% -0.4% +0.8%
1,800€ 1,770€ 1,680€ 1,580€ 1,580€

Central Plopilor Gheorgheni Zorilor Mărăști
- Ultracentral - Andrei Mureșanu - Între Lacuri
- Aurel Vlaicu
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
Someșeni 1,280€ / +5.9% Florești 880€ / -2.1%
Baciu 1,010€ / +3.5% Gruia - Dâmbul

Rotund - Gara - 1,440€ / -0.8%
Plopilor 1,770€ / +3.2% Bulgaria
Gheorgheni - Zorilor 1,580€ / -0.4%

1,680€ / +2.5%
Andrei Mureșanu
Central -
1,800€ / +0.2%
Iris 1,400€ / +2.5% Ultracentral
Mărăști - Între
Lacuri - Aurel 1,580€ / +0.8%
Vlaicu
Neighbourhoods with the

smallest price per sq. m.
Florești 880€ / -2.1%
Baciu 1,010€ / +3.5%
Someșeni 1,280€ / +5.9%
Iris 1,400€ / +2.5%
Gruia - Dâmbul
Rotund - Gara - 1,440€ / -0.8%
Bulgaria
14
Bucharest - apartments
1,320 € +1.3% +5.7%

Average price/sqm Price evolution Price evolution
in the last 3 months in the last 12 months
1513
Neighbourhoods and areas in Bucharest
Although the prices of apartments in Bucharest have In spite of the significant growth registered in the first
grown, on the whole, less than the ones in Cluj-Napoca (an quarter of the year, the Kisseleff-Aviatorilor area has not
added 1.3% as compared to 1.7%), the country’s largest city managed to regain the first place in the Bucharest
did, however, register punctual growth which was ranking of neighbourhoods having the most expensive
significantly higher than the growth of the city located on apartments. Therefore, Herăstrău-Nordului continues to
the river Someș - most of these being in the central and rank first, where the sellers’ claims have remained at EUR
Northern area of the city. The highest growth, respectively 2,560 per useful square metre. The housing from
11.4%, was recorded for the properties located in Kiseleff-Aviatorilor is now at a considerable distance as
Kiseleff-Aviatorilor (however, note should be made of the compared to the previous quarter, reaching an average of
fact that, in this neighbourhood of the capital city, prices EUR 2,340 per useful square metre. Also ranking third, but
had dropped substantially in the last two quarters of 2018, significantly above the threshold of EUR 2,000 per useful
namely by 5.6% in Q3 and, respectively, by 13.8% in Q4). square metre, is Dorobanți-Floreasca now (at EUR 2,190
Significant increases also occurred in Dorobanți-Floreasca per useful square metre). Aviației (at EUR 1,920 per useful
(+9.7%), in Ștefan cel Mare (+9.4%), Parcul Carol-Cantemir square metre) and, respectively, Unirii (at EUR 1,750 per
Mărășești (+6.8%) and Victoriei-Romană-Universitate useful square metre) are also added to the Capital’s best
(+4.9%). ranking areas.
Just as in the three previous months, Bucharest exceeded At least in terms of order, the classification of the areas in
Cluj-Napoca not only in terms of price growth, but also in Bucharest with the cheapest apartments available for sale
terms of price decrease values. Price decreases were has also remained unchanged. The first place is still held
generally registered in lower-rank neighbourhoods, which by Ghencea (with an average of EUR 890 per square
are either “working-class” or semi-central at most. The first metre, just as in the previous quarter), this neighbourhood
place in this classification, with a quarterly drop of 5.6%, is being followed by Rahova (with EUR 980 per square
held by the Griviței-Gara de Nord area, followed by metre), then by Giurgiului (EUR 1,000 per square metre),
Ferdinand (-3.1%), Pantelimon (-3%), Moșilor (-2.8%) and, Giulești (also EUR 1,000 per square metre) and Drumul
respectively, Ghencea (-0,9%). Taberei (at EUR 1,060 per square metre).
“EUR 1,670 per square metre is the price difference between the most expensive
area (Herăstrău-Nordului - EUR 2,560) and the cheapest area (Ghencea - EUR 890).”

0% +11.4% +9.7% +0.3% +2.3%
2,560€ 2,340€ 2,190€ 1,920€ 1,750€

Herăstrău- Kiseleff- Dorobanți- Aviației Unirii
Nordului Aviatorilor Floresca
16
Kiseleff-Aviatorilor 2,340€ / +11.4% Griviței-

1,180€ / -5.6%
Gara de Nord
Dorobanți-Floresca 2,190€ / +9.7%
Ferdinand 1,280€ / -3.1%
Ștefan-Cel-Mare 1,650€ / +9.4%
Pantelimon 1,100€ / -3%
Parcul Carol
1,630€ / +6.8%
(Cantemir-Mărăsești) Moșilor 1,470€ / -2.8%
Victoriei-Romana- Ghencea 890€ / -0.9%

1,730€ / +4.9%
Universitate

Ghencea 890€ / -0.9%
Rahova 980€ / +2.5%
Giurgiului 1,000€ / 0%
Giulești 1,000€ / 0%
Drumul Taberei 1,060€ / +1.9%

17
Timisoara - apartments
1,200 € +0.3% +5.1%

Average price/sqm Price evolution Price evolution
in the last 3 months in the last 12 months
18 13
Neighbourhoods and areas in Timișoara
Although it practically remained at the same price level in Concerning the classification of the areas with the highest
the first quarter of the year - namely EUR 1,200 per useful apartment prices, Ultracentral-Medicină-Piața Unirii
square metre - Timișoara has maintained the third place naturally rank first, at a considerable distance from the
in the national ranking of cities with the most expensive neighbourhood which ranks second, namely Complex
apartments. As in the previous quarters, the growth Studențesc - Dacia - Elisabetin - Olimpia - Stadion – we are
margins registered by areas were lower, as compared to speaking of a difference of more than EUR 200 per square
Bucharest, and also as compared to the city located on the metre, from EUR 1,510 to 1,300 per useful square metre.
River Someș. Thus, the highest growth, of 3.4%, was The areas ranking on the following positions are, however,
registered in the Ultracentral-Medicină-Piața Unirii area much closer in terms of price: an apartment can be
(following a quarter in which prices decreased another purchased for EUR 1,250 per square metre in
one in which they stalled). Growth was also registered in Central-Bălcescu-Take Ionescu-Piața Maria, for EUR 1,220
Complex Studențesc-Dacia-Elisabetin-Olimpia-Stadion per square metre in Circumvalațiunii and, respectively, for
(+3.1%), in Central-Bălcescu-Take Ionescu-Piața Maria EUR 1,210 per square metre in Lipovei-Aradului.
(+2.3%), in Girocului-Soarelui-Buziașului (+1%), as well as in
Lipovei-Aradului (+0.6%). Specifically for Timișoara, the areas with the most
affordable apartments in the city do not evince very high
Unlike the two other major regional centres in the country, price increases as compared to these last three areas. As
Bucharest and Cluj-Napoca, last quarter, apartment prices such, a buyer with an interest in buying an apartment,
decreased in only one of Timișoara’s neighbourhoods. We would have to pay EUR 1,160 per square metre in
are referring to Braytim, where the sellers’ claims were Șagului-Dâmbovița-Iosefin-Steaua, EUR 1,170 de euro per
slightly lowered, namely by 0.2% over a three-month square metre in Braytim, EUR 1,180 euro per square metre
period. In Torontalului, on the other hand, prices have in Bucovina-Simion Bărnuțiu-Gării-Dorobanților-Mircea
stalled, whereas slight increases were registered in cel Bătrân, EUR 1,190 de euro per square metre in
Șagului - Dâmbovița - Iosefin - Steaua (+0.1%), Girocului-Soarelui-Buziașului and, respectively, EUR 1,200
Circumvalațiunii (+0.3%) and Bucovina - Simion Bărnuțiu - per useful square metre in Torontalului.
Gării - Dorobanților - Mircea cel Bătrân (+0.5%)
“EUR 350 per square metre is the price difference between the most expensive
area in Timișoara Ultracentral-Medicină - P-ța Unirii/EUR 1,510) and the
cheapest area (Șagului - Dâmbovița - Iosefin - Steaua/ EUR 1,160).”

+3.4% +3.1% +2.3% +0.3% +0.6%
1,510€ 1,300€ 1,250€ 1,220€ 1,210€

Ultracentral Complex Central Circumvalațiunii Lipovei
Medicină Studențesc Bălcescu Aradului
P-ța Unirii Dacia Take Ionescu
Elisabetin P-ța Maria
Olimpia-Stadion
19
Ultracentral Braytim 1,170€ / -0.2%

1,510€ / +3.4%
Medicină - P-ța Unirii
Torontalului 1,200€ / 0%
Complex Studențesc
Dacia Șagului
Elisabetin 1,300€ / +3.1% Dâmbovița
1,160€ / +0.1%
Olimpia Iosefin
Stadion Steaua
Central - Bălcescu Circumvalațiunii 1,220€ / +0.3%

Take Ionescu 1,250€ / +2.3%
P-ța Maria Bucovina
Simion Bărnuțiu
Girocului Gării 1,180€ / +0.5%
Soarelui 1,190€ / +1% Dorobanților
Buziașului Mircea cel Bătrân
Lipovei - Aradului 1,210€ / +0.6%

Șagului
Dâmbovița
1,160€ / +0.1%
Iosefin
Steaua
Braytim 1,170€ / -0.2%
Bucovina
Simion Bărnuțiu
Gării 1,180€ / +0.5%
Dorobanților
Mircea cel Bătrân
Girocului
Soarelui 1,190€ / +1%
Buziașului
Torontalului 1,200€ / 0%
20
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 first quarter of the year 2019, approximately 164,000 that, in the country capital, this indicator recorded an
potential buyers searched for apartments and houses for annual rebound of only 4% last quarter.
sale on Imobiliare.ro, which is almost 30% more than in the
three previous months. However, as compared to the Beyond this year-on-year downward trend, we should
similar period of 2018, demand is, on the whole, 20% make note of the fact that interest in the procurement of
smaller at the level of the country's six major regional housing is, however, significantly higher than it was four
centres - a downward trend which can be noticed in all the years ago. Thus, compared to the first quarter of 2015,
major cities covered by our analysis. when the local residential market was already growing,
demand for housing is now 41% higher in the six major
Amounting to 34%, the greatest annual downfall in terms regional centres covered by the analysis. The highest
of apartment and house searches was registered in growth in terms of demand, namely 121%, was registered,
Timișoara last year, and the city located on the River Bega over a four-year period, in Iași, and the city from the
was followed by Iași (-29%) and by Cluj-Napoca (-27%). North-Eastern part of the country was closely followed by
Somewhat smaller decreases, but still in the two-digit Brașov (with an added 109%). Ranking next in terms of
range, were also noted in Constanța (-18%), Brașov (-17%), demand growth are Constanța (+66%), Timișoara (+34%),
as well as Bucharest (-14%). Worth mentioning is the fact Cluj-Napoca (+30%) and, respectively, Bucharest (+26%).
The demand for residential properties for sale

Apartments and houses - new and existing
88,300 16,800 16,400 15,500 14,800 12,500
București Timișoara Constanța Brașov Cluj-Napoca Iași
+26% +34% +66% +109% +30% +121% Change over last 3 months %
-14% -34% -18% -17% -27% -29% Change over last 12 months %
By demand, we refer to the potential buyers who generated Leads A lead is recorded when a visitor performs an action (views the
for sale properties on the Imobiliare.ro portal, in a certain period. phone, sends an email to request more details, print or save your
ad).
21
Apartments and houses
new vs. existing
In terms of preferences of potential buyers for housing, Cluj-Napoca (where they hold a 70% market share, just as
they mainly remain the same as in the previous quarters. they did last quarter), Iași (67%, slightly going down from
In the six major cities covered by the analysis, the 68%) and Bucharest (61%, just like in the past six months).
newly-build housing (apartments and houses) are still In the country’s three other major cities, the new housing
more popular than the old ones, weighing 57% of total units have a significant weighting in the buyers’
searches (just as in Q4 2018). Housing units completed preferences - even if they do not have majority: 47% in
after the year 2000 maintain their preponderance in the Timișoara, 42% in Brașov and, respectively 42% in
same three regional centres of the country, namely Constanța.
Demand for new vs existing properties in 2019-Q1
47% 42% 42%

67% 61%
70%
53% 58% 58%

33% 39% The demand for new properties
30%
The demand for old properties
Cluj-Napoca Iași București Timișoara Brașov Constanța
22 23
NUM BE R OF PRO PE RT I E S FO R S A L E I N T H E
MA J OR CI TI E S
Unlike the last quarter of the previous year, the data held We may thus say that, at annual level, the demand
by Analize Imobiliare indicates, for the first three months reduction trend is at least partly countered by the
of 2019, an increase in supply in the six regional centres decrease in demand. In terms of properties which were
covered by the analysis. Thus, the total number of newly-introduced on the market, they are, on the whole,
residential properties available for sale in the country’s six 30% more numerous in the first quarter of 2019, as
major cities (apartments and houses built before 2000) compared to the last quarter of the previous year. The
registered, on the whole, a 15.4% increase as compared to growth trend can be noted in all the major cities which
the three previous months - a trend which was felt - at a were analysed, with Brașov at the top, where the number
different extent, in all markets. Under this chapter, the of new listings on the market was increased by 53.3%. The
highest growth was registered in Brașov (+32.5%), the city city located at the foot of Tâmpa mountain is followed by
located at the foot of Tâmpa being followed by Constanța Constanța, with a quarterly increase of 42.1%.
(+26.6%), Timișoara (+17.3%), Iași (16,2%), Cluj-Napoca
(+14.5%) and Bucharest (+11.1%). And, by comparison with the similar period of the year
2018, the volume of new residential listings is, at least in
However, by comparison with the similar period of 2018, a general - higher - a 7.1% increase was registered over a
decreasing trend in supply is visible, an indicator which is 12-month period at the level of the regional centres
7% lower than it was 12 months ago. From this point of covered by the analysis. However, worth mentioning is the
view, decreases were registered in five regional centres, fact that, from this point of view, price increases were only
more specifically in Cluj-Napoca (-16%), Bucharest (-7), registered in four of the six major cities, namely in
Brașov (-6%), Iași (-5%) and respectively Timișoara (-4%). Constanța (+17.7%), Brașov (+15.1%), Timișoara (+11.4%) and
The exception to the rule is, as was the case in the previous Bucharest (also +11.4%). Cluj-Napoca and Iași, on the other
quarter also, Constanța, where housing supply is 10% hand, registered decreases – of 10.5% and, respectively,
higher than it was 12 months ago. 1.9%.
7,530
Number of listings - for sale in Q1-2019
Apartments and houses built before the year 2000
4,230 New listings

All listings for sale
2,480 2,230
1,350 1,150 1,280 1,350 1,180

690 790 730
București Cluj-Napoca Timișoara Iași Constanța Brașov
25.9% 32.0% 28.6% 21.8% 42.1% 53.3% New listings

Change over
last 3 months
11.1% 14.5% 17.3% 16.2% 26.6% 32.5% All listings for sale
11.4% -10.5% 11.4% -1.9% 17,7% 15.1% New listings

Change over
last 12 months
-7% -16% -4% -5% 10% -6% All listings for sale
23
NUMBE R OF PRO PE RT I E S FO R R E N T I N T H E
M A J OR CI T I E S
In the first three months of 2019, the number of growth margin in the regional centres being of 4%. In this
apartments and houses available for rent in the country’s case, as well, four out of six cities registered growth (with a
six major cities (properties built before the year 2000) maximum of +25% in Cluj-Napoca), and the remaining two
increased by approximately 8% as compared to the saw decreases (-5% Bucharest and -2% Iași).
previous quarter, reaching a total of 17,020 listings (as
compared to 15,690). The most consistent offer in the Concerning rental listings which were newly introduced to
rental segment is, naturally, found in Bucharest, where in the market, the data held by Analize Imobiliare reveals a
Q1 2019, 8,380 such listings were available (up from 7,600 general growth of 14.7% in the first quarter of 2019 as
in the three previous months). During the analysed period, related to the last quarter of 2018. This indicator has also
Cluj-Napoca regained its second position in the rental seen a different evolution on the analysed markets: it grew
supply ranking, 2,790 listings being available here, as in Brașov (29.9%), Cluj-Napoca (27.7%), Iași (19.2%),
compared to 2,440 in Timișoara, which outperformed the Bucharest (18.7%) and it decreased in Timișoara (-7.5%) and
city located on the River Someș last quarter. Constanța (-3.6%).
The general upward trend in the supply of housing As compared to the same period in 2018, the number of
available for rent was only felt last year in four of the six listings for rent newly introduced to the market in the first
analysed major cities. Percentagewise, the highest growth quarter of the current year was, on the whole, 13.3% higher.
was registered, form this point of view, in Brașov (+25.6%), From this point of view, growth was registered on all
Cluj-Napoca (+18.7%), Iași (+12%) and Bucharest (+10.2%). analysed markets, with Cluj-Napoca ranking first (+27.3%),
On the other hand, drops were registered in Timișoara followed by Brașov (+21%), Timișoara (+17.8%), Constanța
(-6.7%) and Constanța (-4.2%). And, over the past 12 (17%), Bucharest (+9%) and, respectively, Iași (+0.4%).
months, the rental supply has increased, the cumulated
Number of listings - for rent in Q1-2019

8,380 Apartments and houses built before the year 2000
6,390
New listings
All listings for rent
2,790
2,440
2,080 1,710
1,220 1,150 1,050
920 780 820
București Cluj-Napoca Timișoara Iasi Constanța Brașov
18.7% 27.7% -7.5% 19.2% -3.6% 29.9% New listings

Change over
last 3 months
10.2% 18.7% -6.7% 12% -4.2% 25.6% All listings for rent
9% 27,3% 17.8% 4.9% 15.2% 21% New listings

Change over
last 12 months
-5% 25% 18% 0.1% 13.9% 14% All listings for rent
24
PROPERTY TRANSACTIONS
According to data released by the National Agency for It is noteworthy that, according to the trend noticed over
Cadastre and Real Estate Advertising (Romanian: Agenția the past two years, the number of sale transactions has
Națională de Cadastru și Publicitate Imobiliară, ANCPI), in increased, in the first quarter, from one month to the next.
the first quarter of the current year, a number of 116,109 Thus, in January, 30,733 sales operations were registered
property sales were concluded nationwide, which marks a nationwide, in February 40,810 such operations were
22% decrease compared to the similar period in 2018, performed, and in March 44,566. During the first quarter
when 148,951 such contracts were registered at country of 2019, the highest number of sale-purchase operations
level. However, worth mentioning is the fact that, at least were performed in Bucharest (19,698 transactions), and
in part, this growth can be ascribed to the fact that, the next in rank were the counties of Ilfov (with 10,082
months of January and February, which were the months contracts), Cluj (7,017), Timiș (6,572), Brașov (6,120),
when the weakest results were obtained, were marked by Constanța (4,025) and Iași (3,527).
the suspension of the First Home (“Prima Casă”
programme) (which still supports a significant portion of
the demand for housing existing on the market).
“In the first quarter of 2019, the most intense trading activity was recorded in
March, when, at national level, 44,566 property sales were concluded.”
Monthly transactions
70,000
60,000
50,000
40,000
30,000
20,000
10,000
1 2 3 4 5 6 7 8 9 10 11 12
Average over the last four months 2017

2017 2018 2019
Average over the last four months 2018
Source: ANCPI, data processed by Analize Imobiliare
25
Evolution in the number of transactions by quarters
in the main counties
In agreement with what happened at country level, the period of 2018), as well as in the county of Timiș (-24%, from
volume of real estate transactions concluded in the first 8,685 purchases). A somewhat lower annual rebound, of
three months of 2019 decreased by comparison with the 9%, was recorded in Brașov, from 6,750 transactions in the
preceding year in most counties having the most intense first quarter of 2018.
activity. In the analysed period, the most significant
decline, namely 49%, was recorded in Iași. The number of As was the case last year, from among the counties which
property purchases dropped by more than 3,000 were more active in terms of property sales, only
contracts here, from a total of 6,905 attained in the first Bucharest and Ilfov did not register any drops in their
quarter of 2018. trading activity at the start of 2019. Both of them saw
growth in this respect, although not very significant - in
Ranking second in terms of decreases is Constanța, where, Bucharest a 2% increase was registered (from 19,333
in the first quarter of last year, 6,225 sales agreements contracts concluded in the first quarter of 2018), and in
were concluded, consequently, the decrease registered in Ilfov a 3% increase (from 9,829 transactions concluded 12
2019 was of 35%. A significant drop, of 26%, also occurred in months ago).
Cluj county (from 9,543 sales operations in the similar
Total properties sold
30,000 +2%
Annual change (QOQ)
25,000
20,000 +3%
-26%
15,000 -24%
-49%
-9% -35%
10,000
5,000
0
București Cluj Ilfov Timiș Iași Brașov Constanța
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
26
In Bucharest and Ilfov county
Unlike the two previous quarters, in the period envisaged land in built-up areas without constructions -
January-March 2019, the greatest number of property more specifically, there were 5,537 contracts (down from
transactions concluded in Bucharest, namely 7,173 of the 7,031) out of a total of 10,082. Ranking second, although at
total 19,698, envisaged land in built-up areas without an appreciable distance, are the procurements if land in
constructions (down from 7,806 contracts in the last built-up areas with constructions, which amounted to
quarter of 2018). Transactions of individual units, which 2,514 (as compared to 2,581 in the previous quarter). The
dropped from 8,389 to 7,106 contracts, thus rank second in operations having in view individual units amounted to
terms of weighting in total sales operations. On the other 1,689 (up from 1,572), and those with and from
hand, the purchases of land in built-up area with unincorporated areas reached 342 (as compared to 398 in
constructions, amounted to a total of 5,419, down from the last quarter of 2018). Just as in the previous quarters,
7,020 in the three previous months. this “radiogram” of the trading activity reveals the fact that
the interest in new constructions (housing in particular)
In the county of Ilfov, more than half of the real estate continues to stay high around the Capital.
transactions concluded in the first quarter of 2019
București
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
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
Ilfov county
15,000
10,000
5,000
0
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
27
in Cluj county
Just as in Bucharest, real estate activity in the county of Ranking second in terms of transactions performed in Cluj
Cluj was, during the course of this year’s first quarter, is the land segment in built-up areas with constructions,
rather balanced. In the analysed period, the most which attracted 2,095 purchases last quarter (up from
numerous were the purchases of land in built-up areas 2,009). The contracts for individual units were almost as
without constructions - which reached the level of 2,253 many in the analysed period - they amounted to 1,931, as
(out of a total of 7,017), on the increase as compared to the compared to 1,764 in the three previous months. Worth
2,194 contracts concluded in the previous quarter. Just like mentioning is the fact that a significant market share, of
in Ilfov, as well as in Bucharest, the significant weighting of more than 10% in total, is represented by the procurement
such purchases indicates the high appetite for real estate of land in the unincorporated area, which totalled 738
development (most of which would probably be (from 737).
residential).
Cluj county
6,000
5,000
4,000
3,000
2,000
1,000
0
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
28
Evolution in the number of transactions by quarters in
Timiş county
Unlike the other counties subject to analysis, in Timiş serious rebound as compared to the three previous
county, the transactions having in view land in months, when 2,736 such operations were registered. On
unincorporated areas were the most numerous in the first the other hand, the purchases of individual units and the
quarter of 2019; they totalled 2,064 contracts (out of the purchases of land in built-up area with constructions were
total of 6,572), slightly less than the 2,105 recorded in the performed equally, with a total of 1,354 concluded
last quarter of 2018. Purchases of land in the built-up area transactions each.
without constructions ranked second, reaching 1,800 - a
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Evolution in the number of transactions by quarters in Iaşi county
In Iaşi county, transactions with land in built-up areas considerable distance behind (amounting to 806, down
without constructions clearly gained the upper hand: from 1,092), as well as the purchases of individual units
according to the data held by ANCPI, last quarter 1,685 (726 as compared to 996 in the last quarter of the previous
such operations were recorded (out of the total of 3,527), as year). Last, but not least, the 310 transactions (down from
compared to 2,301 in the last quarter of 2018. The 321) transactions with unincorporated land have a market
purchases of built-up land with constructions stand at a share of less than 10%.
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
29
in Braşov county
In Braşov county, transactions with land from the built-up in the analysed period (down from 1,962). On the other
area without constructions were the most numerous, as hand, the purchases of land with individual units
well: in the first three months of 2019, they amounted to amounted to 1,444, down from 1,675 in the three previous
2,455 (out of the total 6,120), down from 2,850 in the months. Also, transactions with unincorporated land,
previous quarter). Ranking second are the purchases of amounting to 378 (up from 328) have a rather low market
built-up land with constructions, which amounted to 1,843 share.
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0

in Constanţa county
Just as in Iași and Brașov, in the county of Constanța, note that, in the last quarter of 2018, this segment held the
transactions with land in the built-up area without lowest market share. In the January-March period, similar
constructions were the most numerous in the first three trading volumes were recorded for the other market
months of 2019: they increased significantly as compared segments: 906 purchases of land in built-up area with
to the previous quarter, from 826 to 1,382 operations (out constructions, 888 lands in unincorporated areas and,
of a total of 4,025). At the same time, it is interesting to respectively, 849 individual units.
3,000
2,500
2,000
1,500
1,000
500
0
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
30
SALES PE RI OD
In the January-March 2019 interval, the time needed for right property. Against the background of a market
the sale of an apartment in the country’s capital increased, “relaxation”, the exception to this rule occurred in the year
as compared to the last quarter of 2018, reaching a 100-day 2018, when the average sales period recorded in Q4 (90
average (as compared to the 90 days of the three previous days) was longer than the one recorded in Q1 (87 days).
months). At least in part, this evolution can be ascribed to
the fact that the first two months of the year were Upon analysing the evolution of this indicator since 2014
characterized by a waiting period on the residential we can, however, note a growth trend in terms the
market, given the fact that some potential buyers waited average sales price for an apartment in the Capital. From
for the funds for the “Prima Casă” programme to be this point of view, the maximum value was reached in the
released. first quarter of 2017, when such a housing unit was sold in
105 days on average. This trend can be ascribed to the fact
On the other hand, looking at the quarterly variations of that, over the past years, supply and demand for housing
this indicator, we can, in fact, note that this increase in the have become more balanced, as has the market on the
sales period is closely related to the seasonal character of whole, and buyers no longer feel the pressure to quickly
the market. Thus, the year’s first quarter is generally decide upon a purchase.
characterized by the longest sales period - given that
potential buyers tend to allow this time to identify the
“The longest average period, namely 105 days, needed for the sale of an apartment,
was registered in the first quarter of 2017.”
Time on market in Bucharest (average no. of days)

120
100
80
60
40
20
0
7
4
8
14
14
15
15
16
16
17
17
18
18
9
18
14
15
16
17
01
01
01
01
01
01
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
12
12
12
12
12
12
2
3
2
3
2
4
4
4
4
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
31
CONSTR U CTI ON O F DWE L L I N G S
Concerning the construction of dwellings, the most recent Worth mentioning is the fact that, given that in 2017
data published by the National Institute of Statistics (INS) deliveries were below expectations, the market’s upward
indicate that, in the fourth quarter of last year, a number of impetus was only manifest in the second half of 2018,
19,347 housing units were completed nationwide - which particularly in the last quarter (given that the results of the
marks a growth of approximately 11% as compared to the first quarter were quite close to the ones recorded in the
three previous months, when 17,363 housing units were previous year).
delivered, An ascending trend may also be noted as
compared to the similar period of the year 2017, when, Taking into account the fact that 2018 is the fifth year
nationwide, 13,929 dwellings were delivered - the volume when the volume of dwellings completed nationwide saw
of deliveries registered in the last quarter of the past year an upward trend, the significant growth recorded last year
being, therefore, almost 39% higher (a difference of 5,418 represents a significant positive signal to the local
housing units). residential market. All the more so as last year was
practically the best year for new constructions since 2009
Over the course of 2017, an obvious growth trend can be - thus, in 2008, 64,400 housing units were delivered
noted in the area of residential constructions. According to nationwide, and, in 2009, 61,100 units. Thus, whether 2019
official statistics, last year a total of 59,725 dwellings were will manage to exceed such performance is yet to be seen.
completed nationwide. This is equivalent to a growth of
approximately 12% (6,424 housing units) as compared to
2017, when the volume of delivery reached 53,301 units.
“The volume of dwellings completed in the fourth quarter of 2018 was almost 40%
higher than the one recorded in the similar period of the previous year.”
Construction of new dwellings
30,000
25,000
20,000
15,000
10,000
5,000
0
2
4
4
4
2007-Q
2008-Q
2009-Q
2010-Q
2011-Q
2012-Q
2013-Q
2014-Q
2015-Q
2016-Q
2017-Q
2018-Q
2018-Q
2006-Q
2007-Q
2008-Q
2009-Q
2010-Q
2011-Q
2012-Q
2013-Q
2014-Q
2015-Q
2016-Q
2017-Q
32
Dwellings built in Romania by regions
The most recent data published by the National Institute classification of the regions according to the annual
of Statistics (INS) indicates that, throughout the year 2018, number of delivered dwellings only saw a small change as
increases were registered in the number of completed compared to the year 2017: the Bucharest-Ilfov area
dwellings (as compared to the previous year) in almost all continues to rank first, followed by the North-Western
development regions of the country. The only exception to region. The third place is now held by the Central region
the rule is represented by the North-Eastern area, where (which ranked fourth in 2017), followed by the
the annual volume of deliveries dropped from 8,082 to North-Eastern area (after it lost the third place). At a small
7,522 housing units. The rest of the country saw growth: distance in terms of the volume of deliveries stands the
from 6,083 to 7,408 in the South-East, from 5,357 to 5,615 in South-Eastern area, and the list is rounded off, just as in
the South-Muntenia, from 2,315 to 2,932 in South-West 2017, by South - Muntenia, the West and South - West -
Oltenia, from 5,153 to 5,465 in the West, from 9,482 to 11,074 Oltenia. We should note the fact that the last region in the
in the North-West, from 7,296 to 8,437 units in the Central ranking is distinguished by a significantly smaller number
region and, respectively, from 9,533 to 11,272 dwellings in of completed dwellings, as compared to the other areas,
the Bucharest-Ilfov area. namely less than 3,000 units per year - three times less
than the first in rank, Bucharest-Ilfov.
As a result of the developments registered last year, the
“Unlike the year 2017, two of the country’s regions registered in 2018 an annual
volume of deliveries of more than 10,000 housing units - namely Bucharest-Ilfov,
closely followed by the North-West.”
Number of units built by region
12,000
10,000
8,000
6,000
4,000
2,000
0
Bucureşti-Ilfov Nord-Vest Centru Nord-Est Sud-Est Sud-Muntenia Vest Sud-Vest Oltenia
2014 2015 2016 2017 2018 Source: ANCPI, data processed by Analize Imobiliare
33
Property transactions in Sector 2, Bucharest
In the Capital’s Sector 2, 3,956 property transactions were commercial areas represented 8.8 million euro (44
concluded in the year 2018, having a total value of 309.3 operations), those with parking lots 2.9 million euro (177
million euro. The highest number of such operations, sales), those with storage stalls/cellars 1.3 million euro (80
namely 3,343, concerned apartments, which was contracts), the premises intended for medical practice 0.5
equivalent to a share of 84.5% of the total; on the other million euro (6 transactions), and those with garages 0.1
hand, 203 contracts concerned houses or villas (5.1% of the million euro (8 contracts).
total), 95 of them were concluded for land (2.4%) and 315
for other types of property (8%). In terms of value, the share In terms of the number of agreements concluded in 2018,
held by each of these categories is different: apartments the best results were registered in the second quarter of
have increasing majority, but lower, respectively 77.8% of the year, when 1,169 transactions took place (amounting to
the total, whereas houses and villas cumulate 8.2%, land 92.3 million euro). However, in terms of value, the third
9.7%, and the remaining properties 4.4%. quarter was the most prolific, as it incurred sales of 94.9
million euro (for a total of 1,154 transactions).
The 315 transactions with other types of properties
amounted to a total of 13.5 million Euro; properties having
Real estate transactions in Sector 2 in 2018
apartment house land other TOTAL
Value (mil. €) 240.5 25.3 30 13.5 309.3
Structure value (%) 77.8% 8.2% 9.7% 4.4% 100%
Transactions 3,343 203 95 315 3,956
Transaction structure (%) 84.5% 5.1% 2.4% 8% 100%
Transaction value (mil.€)

90
80
70
60
50
40
30
20
10
0
2017-Q3 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4
apartment 57.4 77.2 47.0 75.9 74.9 42.7
house 6.1 8.0 7.1 8.0 5.8 4.3
land 0.7 3.8 14.3 3.0 10.9 1.8
other 0.8 3.7 1.5 5.4 3.3 3.4
Source: Local Budget Revenue Department Sector 2, data processed by Analize Imobiliare
34
Property transactions in Sector 2, Bucharest
In terms of the number of transactions concluded in the Comparing the last quarter of 2018 with the same period
year 2018, the most active areas in Sector 2, standing at a of 2017, a drop in the number of property transactions can
considerable distance from the others, were the Centre be noted for all the above areas: in the Centre from 235 to
(849 sales), followed by the neighbourhoods Pantelimon 189, in Pantelimon from 316 to 160 in Tei from 240 to 142, in
(808 purchases), Tei (695 sales) and, respectively, Colentina Colentina from 172 to 137, and in Pipera South from 52 to
(603 contracts). However, in terms of value of the sold 23. The same downward trend can be noted in terms of
properties, the central area (with 80 million euro, is value, as the value of the transactions was reduced from
followed by Pipera South (totalling 53.1 million euro for a 27.9 to 13.8 million euro in the Centre, from 17.4 to 9.5
number of only 301 transactions), Tei (50.9 million euro), million euro in Pantelimon, from 16.8 to 10.7 million euro in
Pantelimon (44.5 million euro) and, on the fifth place, by Tei, from 10.3 to 7.3 million euro in Colentina and,
Colentina (33.5 million euro). Surely, the differences respectively, from 5.3 to 1.3 million euro in Pipera South.
between the two classifications merely underline the
comparatively higher values of properties traded in the
centre and in the Northern part of the Capital.
PIPERA SUD
Total value - 53.1 mil.€ ANDRONACHE
No. of transactions - 301 Total value - 6.8 mil.€
No. of transactions - 106
ION CREANGĂ
Total value - 6.1 mil.€
FLOREASCA
TEI
No. of transactions - 695 COLENTINA
IANCULUI
CENTRAL
Total value - 80 mil.€
No. of transactions - 157 PANTELIMON
VATRA LUMINOASĂ
Source: Local Budget Revenue Department Sector 2, data processed by Analize Imobiliare
35
A BOUT U S
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Launched in January 2000, Imobiliare.ro is the first and Launched in 2011, Analizeimobiliare.ro is the first Real
the most visited real estate portal in Romania. The portal Estate Data Intelligence platform in Romania, developed
has recently exceeded 1,650,000 visitors per month and by Imobiliare.ro, in collaboration with leading statisticians
includes the largest base of o ers across all property and valuers from the country and from abroad. Currently,
categories nationwide. Since 2016, Imobiliare.ro has been over 200 corporate clients - leading companies in the field
part of the Swiss Ringier Group - one of the largest of valuation, real estate and financial - banking
international media groups - and benefits from investments - have benefitted from the expertise of the
cutting-edge digital technology. AnalizeImobiliare.ro team. The platform’s ultimate benefit
is its access to the largest real estate data base in Romania,
Over 18 years of experience, Imobiliare.ro has built up a with information in over 9,000 localities about Demand,
strong brand among real estate portals, being recognized Supply (sales and rental listings from private individuals,
by 88% of Internet users with an active real estate need real estate agencies, banks and real estate developers),
(according to a study carried out in December 2016). Transactions, Sales and Rental Prices for apartments,
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Furthermore, Imobiliare.ro is the main provider of real offices.
estate data and statistics for the business press and TV in
Romania (Ziarul Financiar, Wall-Street, Forbes, Business We verify the offers in more than 10 major cities and
Review, Digi24, PRO TV, TVR1 etc.), issuing regular suburbs, whether the supplied data is complete and
communications on developments in the real estate accurate, and we register the property’s address. We
market. provide various periodic studies on the real estate market
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Imobiliare.ro has Romania’s largest specialist real estate liquidity analysis. We have developed reports intended for
team (online, statistics, communications and consulting), real estate developers: Monitoring of residential projects in
with a total staff of 100 in 2019. At present, over 1,200 the main cities and suburban localities, Market and
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banks) benefit from all the expertise of Imobiliare.ro portfolios, in partnership with renowned consulting and
real estate valuation companies. The model was
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36
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ROMANIAN RESIDENTIAL

Maturity and potential of the residential market

Even though almost 60,000 homes were completed at national

Similarly, the newest data published by Eurostat and the National

I believe price levels have developed within a

The decision-making interval concerning a purchase has

Another positive note was incurred by the recent

Residential price index (2015=100)

Romania (Analize Imobiliare and Imobiliare.ro)

European Union (Eurostat, EU28))

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

Quarterly rate of change in prices

Source: Analize Imobiliare and Imobiliare.ro

After Brașov, Cluj-Napoca ranks second in terms of price

Price trends across main cities - apartments for sale

1,560 1,320 1,200 1,140 1,100 990

Source: Analize Imobiliare and Imobiliare.ro

Maximum price per sq. m. +1.7% +1.3% +0.3% -0.4% +2%

Smallest price per sq. m. -4.4% +1.8% +2.2% +2.9% -0.6%

Source: Analize Imobiliare and Imobiliare.ro

Drobeta Turnu-Severin 155

Piatra-Neamţ 190 registered in Bucharest, where the average asking price

Giurgiu 210 In Drobeta Turnu-Severin, a two-room apartment can

Târgu Mureş 270

Cluj-Napoca 400 Source: Analize Imobiliare and Imobiliare.ro

1,560 € +1.7% +6.4%

Neighborhoods with the largest price per sq. m.

+0.2% +3.2% +2.5% -0.4% +0.8%

1,800€ 1,770€ 1,680€ 1,580€ 1,580€

Someșeni 1,280€ / +5.9% Florești 880€ / -2.1%

Baciu 1,010€ / +3.5% Gruia - Dâmbul

Gheorgheni - Zorilor 1,580€ / -0.4%

Neighbourhoods with the

Florești 880€ / -2.1%

Baciu 1,010€ / +3.5%

Someșeni 1,280€ / +5.9%

Iris 1,400€ / +2.5%

1,320 € +1.3% +5.7%

Neighborhoods with the largest price per sq. m.

0% +11.4% +9.7% +0.3% +2.3%

2,560€ 2,340€ 2,190€ 1,920€ 1,750€

Source: Analize Imobiliare and Imobiliare.ro

Kiseleff-Aviatorilor 2,340€ / +11.4% Griviței-

Victoriei-Romana- Ghencea 890€ / -0.9%

Neighbourhoods with the

Ghencea 890€ / -0.9%

Rahova 980€ / +2.5%

Drumul Taberei 1,060€ / +1.9%

1,200 € +0.3% +5.1%

Neighborhoods with the largest price per sq. m.

+3.4% +3.1% +2.3% +0.3% +0.6%

1,510€ 1,300€ 1,250€ 1,220€ 1,210€

Ultracentral Braytim 1,170€ / -0.2%

Central - Bălcescu Circumvalațiunii 1,220€ / +0.3%

Lipovei - Aradului 1,210€ / +0.6%

Neighbourhoods with the

Braytim 1,170€ / -0.2%

The demand for residential properties for sale

88,300 16,800 16,400 15,500 14,800 12,500

București Timișoara Constanța Brașov Cluj-Napoca Iași

Source: Analize Imobiliare and Imobiliare.ro

Demand for new vs existing properties in 2019-Q1

47% 42% 42%

53% 58% 58%