Housing market in the second quarter: prices asked by sellers recorded the largest growth since the outbreak of the pandemic (analysis)

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The residential market continued its upward trend in the second quarter of 2021, and the prices requested by home sellers recorded the largest advance since the outbreak of the pandemic, according to data centralized by the Imobiliare.ro portal. Demand prices increased by 7.6% compared to the same period last year. Also, the interest for the acquisition of residential properties registered a visible advance. In the second quarter of this year, about 158,000 properties were sold nationwide, up about 49% from the same period last year, according to official statistics.

Regarding the prices demanded by the owners for apartments and houses, during April-June, they increased, on average, by 3.1% compared to the previous quarter – compared to an increase of 2.2% in Q1 2021 , + 1.9% in Q4 2020 and + 0.3% in Q3 2020, respectively. “The growth margin recorded last quarter is, however, specific to normal market conditions, with a similar trend recorded, for example, in the third quarter of 2019 “, say the portal’s representatives.

Regarding the annual price difference, another important indicator for the evolution of the residential market, it reached, in Q2 2021, a value of + 7.6% – which marks an advance of 4.6% percentage points compared to the previous three months, when it stood at + 3%. It should be noted, however, that in the first three months of this year this indicator was at a minimum of the last six years.

Increases in all major cities

In line with the upward trend in residential property prices observed nationally, all 11 large cities (with over 200,000 inhabitants) constantly monitored by Real Estate Analysis recorded, in the second quarter of 2021, increases in the average amount requested when selling an apartment . More precisely, the most significant quarterly advance was recorded by Craiova (+ 4.8%, up to 1,260 euros per square meter), the capital of Oltenia being followed by Brașov (+ 4.7%, up to 1,320 euros per square meter) and Bucharest (+ 4%, up to 1,540 euros per square meter). On the next places in the ranking of price increases are Constanța (+ 3.3%, up to 1,320 euros per square meter), Cluj-Napoca (+ 2.2%, up to 1,890 euros per useful square meter), Iași (+ 1.9%, up to 1,110 euros per square meter), Timisoara (+ 1.6%, up to 1,310 euros per square meter), Ploiesti (+ 1.5%, up to 980 euros per square meter) , Brăila (+ 1.5%, up to 900 euros per square meter), Oradea (+ 1.4%, up to 1,100 euros per square meter), and, finally, Galați (+1.2 %, up to 1,010 euros per square meter). It is noteworthy that Bucharest registered, in the previous three months, the smallest advance, namely + 0.4%.

Demand, supply and sales of real estate

Against the background of easing restrictions on COVID-19, demand for residential properties (apartments and houses available for sale) was higher last quarter compared to the same period in 2020 – when the transition from emergency to the alert one, notes the Imobiliare.ro analysis. Thus, approximately 151,000 potential buyers searched, on Imobiliare.ro, for homes in the six largest regional centers in the country. “This figure shows an advance of 12% compared to the second quarter of the previous year. Compared to the last 12 months, the interest for the acquisition of residential properties was registered, in five of the six big regional centers, on an ascending trajectory – the exception to the rule being represented by Constanța, where the demand decreased by 4% in the last year. On the other hand, positive developments took place in Bucharest (+ 12%), Timișoara (+ 20%), Brașov (+ 9%), Cluj-Napoca (+ 29%) and, respectively, Iași (+ 12%) “, Shows the quarterly report.

Despite the difficulties created by the COVID-19 epidemic, 2021 was also characterized by a positive evolution in terms of real estate sales. Thus, the data published by the National Agency for Cadastre and Real Estate Advertising (ANCPI) show that in the second quarter of this year were sold about 158,000 properties nationwide, up about 49% compared to the same period last year, when about 106,000 properties were traded. It is noteworthy that on the segment of individual units there was an advance of over 100%, from about 19,000 properties sold to about 43,000.

Compared to the previous quarter, the total supply of apartments and houses built before 2000 and available for sale in the six major regional centers of the country was, in Q2 2021, about 13% higher – this was, more precisely, at 17,780 offers, compared to 15,750 in the previous three months. In the context of the health situation, however, compared to the similar period of the previous year, a more significant (positive) difference can be observed, respectively 24.6%. Over the last 12 months, all six major cities analyzed have seen increases in the residential supply on the market – the growth margins being, in most cases, double-digit. Thus, the largest advance, amounting to about 34%, took place in Bucharest, the country’s capital being followed by Timisoara (an increase of 31.6%), Brasov (+ 13.3%), Constanta (+11, 9%), Iași (+ 11.9%) and, respectively, Cluj-Napoca (+ 7%).

How the pandemic has changed buyers preferences

“The Pandemic changed Romanians’ preferences in the selection of housing units, people have understood the importance of their choices in the long term and that the apartment is more than” a home “, is the best way to keep or increase the money invested. As a general trend, people are looking for brighter, more spacious apartments with large balconies or gardens, looking for free and open spaces, they want more greenery. Most buyers sought to upgrade their living space during this period, from the studio to two rooms or from two to three rooms, because people had to turn the house into an office or school for children without giving up. in a place where they can also spend their free time “, said Liviu Lepădatu, General Manager, Atria Urban Resort.

“In Q2, the most traded apartments remain the two-room ones, of about 50-60 usable square meters, but there are also requests for structures with larger areas, of 80-100 square meters. Three-room apartments are the first choice for families with children. A trend identified in the last year has been the desire of customers to have at hand, in the neighborhood, as many facilities and services as possible, such as shops, medical offices or pharmacies that will serve the community. The medium and large projects also integrate an area dedicated to commercial spaces “, says Dragoș Țigău, General Manager, Qualis Properties.

Translated from Romanian by Service For Life S.R.L.

Sursa foto: Inquam Photos / Octav Ganea

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