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Romania’s housing market losing steam
House prices were up by a minuscule 0.39% during 2020
The average selling price of apartments in Romania increased by a meagre 0.39% in 2020, following y-o-y rises of 4.02% in 2019, 3.32% in 2018, 8.06% in 2017, 10.51% in 2016, and 7.46% in 2015. On a quarterly basis, Romanian real house prices rose by 4.39% in Q4 2020.
House price growth averaged 8.7% annually from 2015 to 2017 before slowing to 3.3% in 2018 and 4% in 2019. Romania’s strong performance over the past five years is a rebound from previous dramatic falls. House prices plunged by 24.22% in 2009, 22.08% in 2010, 6.99% in 2011, 5.96% in 2012, 10.43% in 2013, and 1.59% in 2014. It was only in 2015 that the housing market began to recover.