Romanian Property Market Looks at Long Awaited RecoveryIn an article on this site in January we suggested that Romania's property market might be about to bottom and turn around. Now it seems that our hopes are being realised.
According to a report by EFG Eurobank Property Services SA, residential property prices rose by 2 per cent across the country in the second quarter. Business Review reports that the growth follows an increase in the first quarter and takes Romanian property prices to levels not seen since 2006.
Bucharest boasted the biggest boost, with values jumping by 5 per cent compared to the beginning of the year.
"In contrast, the index shows a negative trend for Brasov, Iasi and ClujCluj Napoca. During the first two quarters of 2012, most of the large cities of Romania recorded positive performances, led by Braila, Ploiesti and followed by Galati, Constanta and Craiova," reads the report.
Romania benefits from being outside the Eurozone, although in another sense the weak Euro is proving a strength for some markets at the moment. However, Romanian property prices have crashed massively since 2010, and with the economy having continued to see strong steady growth during this time, many have been expecting the turnaround. Now it has started one would certainly expect it to continue with strong prices for the rest of the year.
Business Review also expects the growth to continue for the rest of the year, its report concluded: "The recent upward trend will prevail and keep improving residential price levels in the next quarters”.
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