Home sales, up by 3.4% at a national level and by 16.6% in Bucharest in H1 2022
Over 85.000 homes were sold in Romania in the first six months from 2022, up 3.4% compared with the similar period from 2021, while the number of homes sold in Bucharest and Ilfov increased annually by 16.6%, shows a reported released by real estate consultant SVN Romania, based on official statistics.
The biggest number of homes sold in 2022 was registered in Bucharest and its surroundings, followed by Timis, Cluj, Brasov, Constanta and Iasi, shows the data of the National Agency for Cadastre and Real Estate Advertising.
Timisoara became thus the second largest residential market from Romania, after Bucharest – Ilfov region, surpassing Cluj – Napoca both in terms of deliveries and projects under development and also in terms of residential transactions closed.
Almost 5,300 new homes were delivered last year in Timisoara and its surroundings according to the National Institute of Statistics, while almost 5,800 homes were sold in Timis during the first half of this year – the vast majority of transactions closed at a county level are being concluded in the city and its surroundings.
Little over 4,100 new homes were delivered in Cluj – Napoca and its surroundings last year. The data of SVN Romania | Cluj local office indicates a further decrease in home deliveries, to approximately 3,500 units that could be completed this year, a level more than twice lower than the peak registered in 2019, when over 7,500 new homes were delivered. This contributed also to the fact that Cluj – Napoca became the most expensive residential market in the country.
Approximately 5,170 homes were sold in Cluj in the first six months from 2022, followed by Brasov, with approximately 5,130 closed transactions.
“The local residential market registered good results in the first six months of 2022, with transaction increases, which are being reported to 2021, the best year in the history. On the one hand, we’re talking about home delivery increases but on the other hand, we’re talking about transactions closed on the secondary market, regardless of the year of delivery. The demand is still solvable, in a context in which wages increased annually by almost 13% at a national level. Fears regarding macroeconomic and geopolitical developments in the next period, as well as the reduction in the degree of accessibility of accessing a mortgage loan, because of accelerated increases of interest rates, represent the main difficulties encountered at this moment”, said Andrei Sarbu, CEO SVN Romania.
The ranking of the largest regional residential markets in Romania, after Bucharest – Ilfov, Timisoara and Cluj – Napoca, is completed by Constanta and Brasov, both with approximately 2,800 deliveries, and Sibiu and Iasi, the other two regions where over 2,000 new homes are being completed every year.
The county seat city where the fewest new homes were completed last year was Resita, with five units, according to NIS data, followed by Miercurea Ciuc, Giurgiu, Slobozia and Alexandria, each with less than 50 new homes delivered.
SVN Romania’s data shows that over 27,000 new homes were under construction in Bucharest and its surroundings at the beginning of this year, the biggest figure in recent history. The number of homes completed in the region increased by 43% in the first quarter of 2022.
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