The positive trend in the year-on-year evolution comes in conjunction with the average price increase of 1.4% per annum during the last five years. According to the Eurobank Property Services (EPS) report, the market recovery is also highlighted by the course of the Bucharest Index which experienced an increase of almost 3.0% in 1Q 2017, or more specifically that of Central Bucharest which exhibited a quarterly increase of 2.3%. Also, in terms of the wider area, the Bucharest & Ilfov Index recorded a quarterly price growth of 2.6% in the same period. The respective year-on-year figures for this region were also positive.
Eurobank Property Services (EPS) analyzes quarterly the evolution of the Residential Property Index for the Romanian Market, based on 12 years of historical data, starting from 2005.
At national level, all of the remaining divisions of Romania continue their upward course, exhibiting positive changes. The Dunare & Black Sea Index recorded a 2.5% quarterly increase, while the indices for Muntenia, Moldova and South registered quarterly increases of 1.1%, 1.6% and 1.0% respectively. On a year-on-year basis, all divisions showed positive price changes.
Focusing on the indices of the eleven large cities of Romania, the changes indicate variability, due to correlations and short term corrections. On a year-on-year basis, Ploiesti exhibited a -1.7% change, while Oradea and Iasi recorded increases of 3.9% and 4.2% respectively. On a quarterly basis, the Craiova Index increased by 3.1%, while the Cluj Index by 1.4%.
Both new and old properties in Romania have recorded positive evolution of their price indices.
The new report of the EPS Residential Index, indicate not only the continuation of the positive price trends in the majority of areas, but also an overall increasing trend which seems to gradually form.