The Romanian real estate market experienced a significant price increase in 2024, with the cost of apartments rising 10% year-on-year, according to the annual Storia report. Buyer preferences also shifted, with three-room apartments becoming the most sought-after, accounting for 51% of demand, compared to two-room apartments, which led in 2023.

In 2024, the average price of new apartments reached EUR 1,840/sqm, a 10% increase from the previous year, while older apartments rose by 11%, averaging EUR 1,661/sqm, Economica.net reported. 

Bucharest saw an average asking price of EUR 1,904/sqm (+10%) for apartments, while Cluj-Napoca retained its position as the most expensive city, with prices averaging EUR 2,737/sqm (+10%).

Bucharest led in transaction speed, with properties selling faster than in other cities, followed by Iași, Brașov, and Galați. Conversely, the slowest markets were Călărași, Brăila, Bistrița, and Focșani. 

January saw the highest demand for properties, in contrast to 2023 when interest peaked in August.

Interactions between buyers and sellers increased by 43% in 2024, reflecting sustained activity in the market. 

“Buyers’ interest shifted to three-room apartments this year, with increased engagement and a greater number of contacts compared to 2023,” said Monica Dudău, Senior Marketing Manager at Storia & OLX Imobiliare.

iulian@romania-insider.com

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