Storia.ro, the real estate platform launched by OLX, has analyzed the real estate market in Timișoara, the city that was awarded the title of European Capital of Culture in 2023. According to the "Real Estate Profile: Timișoara" analysis, the most sought-after apartments are two-bedroom apartments, with an average price per square meter reaching 1,407 euros.

The most popular types of properties for rent in Timișoara during the period from January to September were generally smaller residences. Thus, two-bedroom apartments (44%) were at the top of the search list, followed by studios (41%).

Only 15% of tenant searches were for three-bedroom apartments. Compared to the same period last year, there was a 21% increase in searches for studios, a 7% increase for two-bedroom apartments, and only a 3% increase in searches for three-bedroom apartments on the platform.

During the analyzed period (January - September 2023), those interested in buying a property were more inclined to search for apartments (78%) rather than houses (22%). Two-bedroom apartments were the most popular, representing 45% of the searches, followed by three-bedroom apartments (30%) and studios (25%).

Compared to the same period last year, there was a 10% increase in interest in studios in terms of searches. However, there were decreases in searches for two-bedroom apartments (-11%) and three-bedroom apartments (21%).

As for the cost of buying or renting a property, the average asking price per square meter in Timișoara was 1,407 euros. New apartments had an average price per square meter of 1,460 euros, similar to the previous year. In contrast, older apartments had a below-average price of 1,378 euros per square meter, representing a 1% increase compared to the same period last year (January - September 2023 vs. January - September 2022).

Regarding rental prices, they increased across all types of residences. Thus, in the period from January to September 2023, Romanians could rent a studio in Timișoara for an average price of 234 euros, an 11% increase compared to the same period the previous year.

Two-bedroom apartments had a higher price, with a 13% increase compared to the previous year, reaching an average asking price of 376 euros. Three-bedroom apartments were rented, on average, for 426 euros, representing a 12% increase compared to the previous year.

The total number of individual unit transactions in Timișoara since the beginning of the year follows the national trends, with decreases in each quarter compared to the same period the previous year. However, the declines become smaller from one quarter to another, indicating a recovery in the real estate market (-35% in January - March 2023 vs. 2022, -20% in April - June 2023 vs. 2022, and only -2% in July - September 2023 vs. 2022).

Similarly, credit transactions also show a recovery, with milder declines in the last quarter compared to the first half of the year (-35% in January - March 2023 vs. 2022, -27% in April - June 2023 vs. 2022, and only -2% in July - September 2023 vs. 2022).

Regarding transactions on Storia.ro, in 2022, the majority of transactions on the platform were more for sales (57% vs. 43% for rent). However, in 2023, there is a trend towards increased interest in renting. Since the beginning of the year, most transactions on Storia.ro have been for renting purposes (54% vs. 46% for sales).

The analysis was conducted by Storia.ro, the real estate platform launched by OLX, as part of the "Smart Way Home" initiative. This initiative aims to contribute to the transparency of information required by all buyers, tenants, owners, agents, and developers to help them make informed real estate decisions.