The number of apartments sold and the average sale prices increased unexpectedly in July 2019 on an annual basis, after a negative dynamics of the sales combined with stagnant prices in the first half of the year, Economica.net reported.

In July, 50,890 properties were sold nationwide, 10,683 (26%) more compared to June 2019, according to data from the National Agency for Cadastre and Real Estate Advertising. The number of transactions also increased by 6,460 (14.5%) compared to July 2018.

The larger volume of sales occurred despite higher prices asked by owners: nationally, the average requested price increased by 2.7% in only one month from EUR 1,216 per square meter in June, to EUR 1,249 per square meter in July, according to online real estate marketplace imobiliare.ro.

The actual prices in transactions are not public. However, prices are likely to have increased, 2019 being the fifth year in a row when the apartment prices go up.

The source of both developers’ and buyers’ exuberance is unclear, Economica.net concluded, pointing to the macroeconomic fundamentals that have been deteriorating (wider budget deficit, rising inflation, wide trade deficit) and tighter lending terms enacted by the National Bank of Romania (BNR) since January 2019.

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editor@romania-insider.com