The requested per square meter price for new apartments for sale increased by 10% in December 2023 compared to the same month the previous year, while the price of old apartments increased by an average of 6%, according to the latest data from Storia, the real estate platform launched by OLX.

In December, Romanians made 55% more contacts compared to December 2022 but 25% less compared to the previous month (November 2023).

The highest price increases compared to the same period last year were recorded for new apartments in Sibiu (+11%) and old apartments in Oradea (+14%). The analysis considered nine of the largest cities on the Storia real estate platform.

The year 2024 brings tax changes to the real estate market. For example, the VAT for the acquisition of a dwelling with a surface area of up to 120 square meters and a price of up to 600,000 lei without VAT will increase from 5% to 9% starting from January 1, 2024.

As before, this reduced VAT rate compared to the standard rate of 19% applies only to those making their first home purchase. The proposed law introduces an exception, allowing the buyer to continue benefiting from the reduced VAT rate of 5%, provided they meet two cumulative criteria:

1. They have signed a contract for the payment of a down payment between January 1, 2023, and December 31, 2023, for the acquisition of a dwelling eligible for the reduced VAT rate.
2. They pay the full value of the dwelling between January 1, 2024, and December 31, 2024, upon its delivery by the real estate developer.

How apartment prices evolved in Bucharest in December

In Bucharest, the average asking price for a new apartment reached 1,656 euros per square meter in December 2023, a price 9% higher than the same month the previous year. As for old apartments, they had a demand price of 1,675 euros per square meter, 5% higher than in December 2022.

Price evolution in the largest cities in the country

CLUJ-NAPOCA: In December 2023, the average asking price for a new apartment was 2,563 euros per square meter, 6% higher compared to December 2022. Old apartments in Cluj-Napoca had an average asking price of 2,542 euros per square meter, 11% higher (December 2023 vs. December 2022).

IAȘI: The average asking price for new apartments in Iași increased by 9% in December 2023 compared to December of the previous year, reaching 1,498 euros per square meter. Old apartments experienced an accelerated growth in December, rising by 12% compared to December 2022, with an average asking price of 1,501 euros per square meter.

TIMIȘOARA: In December 2023, the average per square meter price for new apartments for sale was 1,524 euros, 2% higher than in December 2022. Old apartments showed an 8% growth compared to December 2022, reaching an average asking price of 1,516 euros per square meter.

BRAȘOV: The average asking price for new apartments in Brașov reached 1,984 euros per square meter, 5% higher than in December 2022. Prices for old apartments increased rapidly in Brașov, rising by 12% compared to December 2022, reaching an average of 1,744 euros per square meter.

SIBIU: In Sibiu, the average asking price for new apartments increased by 11% in December 2023 compared to December 2022, reaching 1,386 euros per square meter. At the same time, old apartments reached 1,460 euros per square meter, a price 2% higher than in December 2022.

CONSTANȚA: In December, new apartments in Constanța had a demand price of 1,747 euros per square meter, 6% higher than the same month the previous year. At the same time, old apartments had average asking prices 9% higher than in December 2022, reaching a value of 1,642 euros per square meter.

ORADEA: The average per square meter price for new apartments in Oradea was 1,549 euros (an increase of 6% in December 2023 vs. 2022), while old apartments had an average asking price of 1,446 euros per square meter, 14% higher than the same month the previous year.

CRAIOVA: In December, the average asking price for new apartments in Craiova was 1,562 euros per square meter (an 8% increase in December 2023 vs. 2022), while the asking price for old ones was 1,507 euros per square meter, 7% higher compared to December 2022.