Home sales increased by 16% at a national level and by 25% in Bucharest

by   CIJ News iDesk V
2024-07-09   16:38
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Over 77,200 homes were sold in Romania in the first six months of 2024, up 16 percent compared to the similar period from 2023, while the number of homes sold in Bucharest and Ilfov increased with an annual rhythm of 25 percent, shows a market report released by real estate consultant SVN Romania, based on official statistics.

The biggest number of homes sold in 2024 was registered in Bucharest – Ilfov region, followed by Iasi, Timis, Cluj, Brasov and Constanta, shows the data of the National Agency for Cadastre and Land Registration. Iasi became thus the second largest residential market from Romania, after Bucharest – Ilfov, surpassing for the first time all the other main regional markets in terms of residential transactions closed.

The biggest growth in home sales was registered in Iasi, where the number of dwellings sold in the first half of 2024 was 71.4 percent higher compared to the result registered in H1 2023. The increase in home sales from Iasi was determined by the registration in 2024 of the final sale-purchase documents for agreements closed in previous years. The weakest result was registered in Arges, where the number of homes sold was 11.5 percent smaller than the result registered in the similar period from 2023.

”The first half of 2024 was a good one for the local residential market, with sales home sales up nationally by 16 percent, driven by the decrease in interest rates, especially fixed ones, where the threshold of 5 percent per year was broken, but also by the best level of accessibility in the modern history of the residential market. The average net wage has exceeded EUR 1,050 nationally, which means that currently about 81 average wages (6.7 year) are needed to buy a one-bedroom new apartment in Bucharest, versus a level of 96 average wages (or about 8 years) which was necessary at the beginning of 2023,” stared Andrei Sarbu, CEO SVN Romania.

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