ROMANIAN RESIDENTIAL

MARKET REPORT

Q3 2021
91% OF ROMANIANS KNOW ABOUT IMOBILIARE.RO*
and 75% of the users are happy with their experience and would use it again.
Imobiliare.ro is the first real estate portal in Romania, being one of the
first 100 .ro pages launched.

OVER 1,900 AGENCIES AND PROPERTY DEVELOPERS

are present, with over 153,000 properties on the platform. 79% of the partners see
Imobiliare.ro as an essential channel for online promotion of the properties
within the portfolio.

WE FIND THE CLIENT FOR YOUR PROPERTY

using artificial intelligence, to search for your client in a complex ecosystem
within the Ringier network (Imobiliare.ro, ImoRadar24.ro, Gazeta sporturilor,
Libertatea, Unica, etc.)

QUALITY LEADS - ONGOING ASSISTANCE

You have you own contact person and an entire specialized team to support you.

THE IMOBILIARE.RO INDEX - A REFERENCE IN THE FIELD

We are the most frequently quoted source for statistical data. Numerous banks, all
Romanian periodicals and televisions, as well as National Institute of Statistics (INS)
or the Stock Exchange, use the Imobiliare.ro Index *

*Market survey conducted by Imobiliare.ro in 2020

CONTENTS

4 QIII 2020 vs. QIII 2021

7 Opinion: The platform Analize Imobiliare is integrated

by the brand Imobiliare.ro
9 Residential price index
10 Evolution of residential prices
11 Asking prices in major cities
12 Prices of apartments for sale by areas
14 Demand for apartments and houses
17 Property sales nationwide
20 Number of properties for sale in the major cities
21 Apartments and houses newly-entered
23 Residential constructions
26 Residential rental market-demand
27 Residential rental market-supply
28 Rental market
31 About us
 DEMAND

QIIi 2020 qIIi 2021

Demand for residential property
purchases in six major cities
(source Imobiliare.ro)

154,000 152,000
potential buyers potential buyers

Real estate properties sold nationwide

(source: NACLR)

142,500 186,000
Sold real estate properties Sold real estate properties

Of which, individual units:

28,500 51,800
Individual units sold Individual units sold

Balance of housing loans granted

to the population nationwide
(source: NBR)

84.8 mld lei

balance in Aug. 2020
96.6 mld lei
balance in Aug 2021

Net nominal average salary

(source: INS)

3,372 lei
Jul. 2020
3,545 lei
Jul. 2021

Unemployment rate
(source: INS, according to BIM definition)

5.3%
May 2020
5,2%
May 2021
 SUPPLY

qIii 2020 qIii 2021

Sales offer, existing (old) properties,
in six major cities
(source Imobiliare.ro)

16,700 16,000
Apartments and houses
Apartments and houses
for sale for sale

Supply for rent in six major cities

(source: Imobiliare.ro)

30,300
Apartments and houses
26,200
Apartments and houses
for rent for rent

Supply for sale, new properties Bucharest

(source Imobiliare.ro)

16,500 19,500
Apartments in 400 Apartments in 470
residential projects residential projects

Newly-built housing nationwide

(source: INS)

14,846 17,053
QII 2020 QII 2021

Number of residential building

permits nationwide
(source: INS)

12.,326 14,665
Jun – Aug 2021
Jun – Aug 2020
 PRICES AND COSTS

qIiI 2020 qIiI 2021

Quarterly rate of changes in prices for
residential properties for sale, nationwide
(surce Imobiliare.ro)

+0.3%
QIII 2020 vs QII 2020
+2.8%
QIII 2021 vs QII 2021

Annual rate of changes in prices for

residential properties for sale, nationwide
(source Imobiliare.ro)

+4.6%
QiII 2020 vs QIII 2019
+10.3%
QIII 2021 vs QIII 2020

Annual rate of changes in prices for residential properties

for sale, nationwide - existing (old) properties
(source Imobiliare.ro)

+4.5
QIII 2020 vs QIII 2019
+9%
QIII 2021 vs QIII 2020

Annual rate of changes in prices for residential properties

for sale, nationwide - new properties
(source Imobiliare.ro)

+0.1%
QIII 2020 vs QIII 2019
+13.9%
QIII 2021 vs QIII 2020

Cost index in constructions for residential

buildings nationwide
(2015 = 100, source: INS)

135.8
Jul. 2020
155.5
Jul. 2021
TH E I NSTRU ME N TS DEVELO PED O N THE ANALI Z E
IMO B I LI A RE PL ATFO RM CO ME UNDER THE
U MB R EL L A OF T H E IMO BILIARE . RO BRAND

valuers and real estate brokers, banks and financial institutions,

as well as government institutions. We have organized the
most important professional conferences focusing on
residential market data. We have become relevant and we
have proven that we are a trustworthy partner. We are aware of
the importance of data and we have learned to centralize and
manage it, generating value.

Today, we are taking one further step. We bring the know-how

and the products developed on the Analize Imobiliare platform
under the umbrella of the Imobiliare.ro brand. For this reason,
the Residential Market Report Q3 is presented in a new visual
format, aligned with the Imobiliare.ro identity.

With regard to the evolution of market data during the third

quarter, corroborated with the activity registered on
Imobiliare.ro, we can note a peak in the market registered this
August, for the first time bringing forward the seasonality we
all know, as well as a market slowdown in the second part of
In direct contact with the media in Romania, in terms of the
September. As a matter of fact, compared to 12 months ago, we
responsibilities have within the Imobiliare.ro ecosystem, as it is
have identified significant price increase, generated by a
a well-known fact that Imobiliare.ro has been, for at least ten
favourable context provided by the price increase seen for
years, the main source of information regarding the local
construction materials, against the background of a higher
residential market, I am often addressed the following
interest in new apartments (two thirds of the buyers intend to
question: “How will apartment prices evolve by the end of the
purchase a new property). However, the acceleration of the
year?” However, those who work closely with us know that we
growth trend seen during the past months has overlapped,
have always avoided launching forecasts simply for the sake of
since September, the pandemic crisis, the high inflation rate,
capitalizing image, saying, in an unsubstantiated manner,
and the risk of increasingly high prices for energy, leading to a
what people want to hear – namely that apartment prices will
state of insecurity. As few markets react to the emotional factor
drop. For that matter, as there already are a few “apostles” of
as strongly as the residential market, it is very likely that we will
the crisis and specialists on all matters, this is under their
witness a slowdown in the increase of prices applied in the
competence.
residential segment over these past months of the year.

On the contrary, ever since the launch of the Imobiliare.ro

The next concern on anyone’s mind is whether we are at a
Index, in 2009, we have continued to develop various facilities,
crossroads. Over the past few months, the question of choice,
whereby we aimed to bring more transparency to the market,
especially for television journalists, has acquired an undertone:
showing the existing trends, adapted to the level of
“How much will apartment prices drop by the end of the year?”
understanding of all stakeholders - both professionals of the
The question is not a random one. The 2008 crisis, which
residential market or buyers, respectively sellers. That is how
extended until 2012, is still alive in the collective mindset of
instruments such as Price Expert arose (providing owners and
Romanians, we all fear becoming victims of a similar
buyers with a comparative analysis of the price and the
phenomenon. Whereas the Imobiliare.ro Index shows a sure
potential return obtained by renting the property), respectively
slowdowns trend in September, nothing heralds a drop. We will
the Analize Imobiliare division, where we have developed
always have fluctuations over the short term, but, over the
advanced instruments intended for professionals: automated
medium and long term, we can reasonably believe that
assessment services, solutions for market research and
apartment prices in Romania’s major cities will grow.
analysis, instruments, and data bases. We have developed
long-term partnerships with the most important developers,
Daniel Crainic
the greatest real estate agencies, professional associations of
Marketing Manager Imobiliare.ro

7
T HE C RA I OVA RE A L E STAT E MA R K E T I N Q3 2021

registered in the second quarter. In Craiova, the average

purchase price per square metre reaches EUR 1,260, according
to the Imobiliare.ro data.

Most sales mediated by our agency during the third quarters

were for apartments located in new building under
development, as well as houses, and also new constructions.
Houses in high demand were new, having three or four rooms,
located on land plots with areas between 250 and 500 square
metres, in Craiova’s metropolitan areas.

For instance, in the locality Cârcea-Sat, houses having only one

floor or two floors were sold, with all utilities, for prices ranging
between EUR 70,000 and 90,000. In Ghercești-Aeroport, sale
prices were between EUR 80,000 and 130,000, and in the
Damila area, between EUR 85,000 and 150,000.

However, in the rental segment, only a slight increase was seen

during the first two quarters of the year, which increase
As early as the start of the year 2021, prices for housing and land
accelerated in the months of August and September, during
in Craiova and the Dolj county have seen an upward trend.
peak season. In October, the owners reduced their claims to a
During the first quarter of the year, the local real estate market
certain extent, the average rental price being approximately
registered its highest increase. The National Agency for
EUR 200 per month for a studio apartment, EUR 250 per
Cadastre and Land Registration recorded a number of 2,715
month for a two-room apartment, and EUR 250-300 per month
sales of houses, apartments, and land plots in incorporated
for a three-room apartment.
areas, respectively 786 in January, 930 in February, and 999 in
March.
As a result of the healthcare crisis, most of our buyer clients are
still looking for a larger, more modern living space, with a
During the second quarter, prices increased, particularly the
generous garden or balconies, which is a mix between working
prices of new properties, mainly due to the growth in the prices
area, learning space, friends’ meeting place, and living space.
of construction materials, thus decreasing the number of sales
Consequently, our clients’ requests are particularly aimed at
registered with the Office for Cadastre and Land Registration.
houses having prices up to EUR 120,000, located at the
Consequently, a number of 1,725 sold properties was reported,
outskirts, but also for apartments in new buildings, with
namely: 676 in April, 520 in May, and 529 in June.
balconies, parking places, and modern finishes. Taking these
matters into account, the real estate developers from the
During this time, although the buyers’ interest did not
Banship have turned to offering apartments or houses which
decrease significantly, the start of the vacation period and the
meet as many of the requirements of buyers looking for a place
increase in the prices of construction and finishing materials
they can call “home”.
led to a two-three week block, causing the developers to start
making new calculations, in order to reposition their prices.
Ștefania Milosavlevici
Imperia Imobiliare
During the third quarter, the number of sales of apartments,
houses, and incorporated land plots reported at NACLR was
growing. Thus, 699 properties were sold in July, 622 in August,
and 730 in September, registering a total number of 2,051
purchases, compared to the 1,725

8
 R ESIDE N TI A L PRI CE I N D EX

On the background of a sensible loosening of the
restrictive measures enacted due to COVID-19, the local
residential market continued its upward trend in the third
quarter of 2021. Thus, the data centralized by the
Imobiliare.ro portal indicates that, in the July-September
period, the lust values for residential properties in
Romania (apartments, as well as houses), registered a 2.8%
increase, compared to the previous quarter.
Worth mentioning is the fact that, in the second quarter of
the current year, the claims of housing sellers registered
an added 3.1%, after the prices had gone up by 2.2% (in Q1
2021) and, respectively, by 1.9% (in Q4 2020) in the two
previous quarters. Thus, after the drop recorded strictly
during the state of emergency, asking prices for the
housing available for sale in Romania saw
a quarter of stabilization, followed by 12 months of growth.
As for trading values for housing in the European Union
(EU), the latest official data, published by Eurostat,
indicates, for a second quarter of 2021, a 2.7%
advancement, compared to the three previous months
and, respectively, an added 7.3% from the similar period of
last year. On the other hand, the statistics for Romania
indicate a 1.6% increase compared to the previous quarter,
whereas the price difference over 12 months stood at 3%.
For the purposes of a comparison, in the first quarter of
the current year, the official data indicated a 2.7%
quarterly growth of sale prices on the local residential
market.

“After one
După un trimestru
quarter ofdestabilization,
stabilizare consemnat
recorded after
în urma
the end
ieșirii
ofdin
thestarea
state ofdeemergency,
urgență,
pretențiile
the claims vânzătorilor
of housing sellers
de locuințe
in Romania
din România
saw 12 months
au consemnat
of increase
12 luni
- with
de creștere
the most–
cea mai semnificativă
significant positive evolution
evoluție
taking
pozitivă
place
având
in Q2loc
2021.”
în T2 2021.

Residential price index (2015=100), quarterly data

250

Imobiliare.ro Q3-2021: INS Q2-2021:

200 QoQ +2.8% ↑ QoQ +1.6% ↑
YoY +10.3% ↑ YoY +3% ↓

150

100

50
3

Q1

Q3

3
1

1
-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q
-Q

-Q

-Q
-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q

-Q
11-

11-
10

16

19
12

18
13

15
14

17

20

20
04

06

07

09
05

08

19
10

12

15

16

18
13

21
14

17
04

06

07

09
05

08

20

20

20

20
20

20
20

20
20
20

20

20
20

20

20
20
20

20
20
20

20
20

20

20
20
20

20
20
20

20

20
20

20
20
20

Romania (Imobiliare.ro) Bulgaria Czech Republic

Source: Imobiliare.ro
European Union (Eurostat) Hungary

Romania (INS) Poland

9
 EVOLUT I ON O F RE S I D E N T I A L
PR OPERTY PRI CE S

The fact that the local residential market managed to
register 12 months of sustained increase in housing prices,
in spite of the COVID-19 epidemic, proves that it capitalizes
on the population’s solid demand. However, we have yet
to see how things will evolve over the next months, having
in view the harsher restrictions imposed in the context of
the pandemic, as well as the rises in the price of food and
also in the energy area. However, these social-economic
factors should be correlated with specific aspects of the
real estate area, such as the growth in the price of
construction materials and the difficulties encountered in
developing new real estate projects in the Capital.
With regard to the annual price difference, another
important indicator in the analysis of the evolution of the
residential market, it attained, in the third quarter of 2021,
a value of +10.3% - which marks a 2.7% advancement from
the previous three months, when they stood at +7.6%.
However, worth mentioning is the fact that, in the first
three months of the current year, the lowest value of this
indicator over the past six years had been attained,
respectively +3%. But the current level is superior to the
one recorded in Q1 2020 (+9.45%), when the effects of the
pandemic were not yet felt on the real estate market.

“After reaching a six-year low in the first quarter of 2021, the price difference over 12
months increased in Q3 2021, as well, the current level being higher than the one
registered before the start of the pandemic.”

Quarterly rate of change in prices

20
Average over the last four quarters
15

10

-5

-10

-15

-20
3

3
3

3
3

3
3

3
3

3
3

3
1

1
1
1

1
1
1

1
1
-Q

-Q

-Q

-Q

-Q
-Q

-Q
-Q

-Q
Q

-Q
Q

Q
-Q

-Q

-Q
Q

-Q
Q
Q

-Q

-Q

-Q

-Q
-Q
-Q

-Q

-Q

-Q

-Q
-Q
7-
6-

9-
8-

9-
7-

11

17
15
13
12

16
14

18

19
10
8

20

21
20
10

12

18
11

13

15

21
16

17

19
14
0
0

0
0
0

20
0

20

20

20

20

20
20

20
20

20
20

20
20

20

20

20
20
20

20
20
20

20

20
20
20

20
20

20
20

20
20

50
Average over the last four quarters
40
30
20
10
0
-10
-20
-30
-40
3

3
3

3
3

3
3

3
3

3
3

3
1

1
1

1
1

1
1

1
1
-Q

-Q

-Q

-Q

-Q
-Q

-Q
-Q

-Q
Q

-Q
Q

Q
-Q

-Q

-Q
Q

-Q
Q

-Q
Q

-Q

-Q

-Q
-Q

-Q

-Q

-Q

-Q

-Q
-Q
7-
6-

9-
8-

9-
7-

11

17
15
13
12

16

18

19
10

14
8

20

21
20
10

12

18
11

13

15

21
16

17

19
14
0
0

0
0
0

20
0

20

20

20

20

20
20

20
20

20
20

20
20

20

20

20
20
20

20
20
20

20

20
20
20

20
20

20
20

20
20

Source: Imobiliare.ro

10
 Asking prices in the major cities - apartments for sale

In accordance with the upward trend of residential property
prices noticed nationwide, 10 of the 11 major cities (with
more than 200,000 inhabitants) constantly monitored by
Imobiliare.ro registered, in the third quarter of 2021,
increases in the average asking price for the sale of an
apartment. Worth noting is the fact that, just like in the
three previous months, some regional centres have
managed to attain growth margins of over 4%.
More specifically, the most significant quarterly
advancement, respectively +4.5%, was equally recorded by
Brașov and Oradea, the two cities being followed by
Cluj-Napoca (+3.9%). Next in the national price growth
ranking are Constanţa (+3.4%), Bucharest (+3%), Iași (+2.4%),
Ploiești (tot +2.4%), Craiova (+2%), Timișoara (+1.1%) and,
respectively, Galaţi (+1%). The exception to the rule is
provided by Brăila, where a slight price decrease was seen
over the past three months, in the amount of 0.2%.
Following the developments recorded in the third quarter
of 2021, certain changes occurred in the first half of the
national ranking of the major regional centres, in terms of
apartment prices (new and old). Thus, Cluj-Napoca still
holds the first position in the ranking (with an average of
EUR 1,960 per net square metre), at a significant distance
from Bucharest (with EUR 1,630 per square metre), the two
cities being followed by Brașov (EUR 1,380 per square
metre), which outperformed Constanţa (EUR 1,360 per
net square metre). The fifth place in the ranking is held by
Timișoara (with EUR 1,320 per square metre), the latter
being followed by Craiova (EUR 1,280 per square metre), and
also by Oradea (EUR 1,150 per square metre), which has
exceeded Iași (EUR 1,140 per square metre).
We note that Galaţi maintains its position in the ranking of
cities having over 200,000 inhabitants and apartments of at
least EUR 1,000 per net square metre, with an average list
price of EUR 1,020 per square metre in Q3 2021. However,
this psychological threshold was also reached by Ploiești, so
only Brăila is currently below this level (at EUR 900 per
square metre).
Compared to the similar period of the previous year, the
Imobiliare.ro data only reveals growth in the sellers’ asking
prices in the major cities. The most significant
advancement occurred in Brașov (+14.8%), two-digit
margins being registered also in Bucharest (+13.2%) and,
respectively, Oradea (+10.3%). Next in a ranking of price
growths is Craiova (+9.7%), Constanţa (+9.6%), Cluj-Napoca
(+8.8%), Galaţi (+7.5%), Ploiești (+6.5%), Iași (+6.3%), Brăila
(+4.8%) and, respectively,, Timișoara (+4.4%). Compared to
two years ago, the highest price difference, namely
+21.8% can be seen in Brașov, whereas Cluj-Napoca ranks
second, at 21.4%, and the Capital is fourth, with +17.8%, after
Constanţa (+17.1%).

Price trends across main cities - apartments for sale

21,4%
21.4% 17,8%
17.8% 21,8%
21.8% 17,1%
17.1% 7,9%
7.9% 18,2%
18.2% 16,4%
16.4% 12,5%
12.5% 13,4%
13.4% 10,2%
10.2% 14,1%
14.1%

8,8%
8.8% 13,2%
13.2% 14,8%
14.8% 9,6%
9.6% 4,4%
4.4% 9,7%
9.7% 10,3%
10.3% 6,3%
6.3% 7,5%
7.5% 6,5%
6.5% 4,8%
4.8%

3,9%
3.9% 3% 4,5%
4.5% 3,4%
3.4% 1,1%
1.1% 2% 4,5%
4.5% 2,4%
2.4% 1% 2,4%
2.4% -0,2%
-0.2%

1,960 1,630 1,380 1,360 1,320 1,280 1,150 1,140 1,020 1,000 900

Cluj-Napoca București Brașov Constanța Timișoara Craiova Oradea Iași Galați Ploiești Brăila

Price change over last 2 years % Price change over last 3 months % Source: Imobiliare.ro
Price change over last 12 months % Median price per sq.m. (€)

11
PR I C E S OF APA RT MENTS FO R SALE
BY A R EAS

Bucharest:
In the Capital, the most expensive apartments can be
found in the central and ultracentral areas, where the
average list price stands at EUR 2,320 per net square
metre, after a quarterly advancement of 3.1% and an
annual 5.6% growth. In the semi-central areas, such a
property is listed for sale for EUR 1,730 per square metre,
after an added 2.3% over three months and, respectively,
10.2% over 12 months. On the outskirts, the average asking
price is EUR 1,430 per net square metre, up by 3.9%
compared to the previous quarter and, respectively, by
15.6% compared to Q3 2020.
Timișoara:
In the city along the Bega river, housing in the central and
ultracentral area can be purchased, on average, at EUR
1,490 per net square metre, after a 1.8% advancement over
three months and, respectively, 3.1% over 12 months. In the
semi-central areas, an apartment is available for sale for
EUR 1,330 per square metre, after an added 1.2% over three
months and, respectively, 4.9% over 12 months. On the city
outskirts, the sellers’ average asking price stands at EUR
1,310 per net square metre, up by 1% compared to the
previous quarter and, respectively, by 4.9% compared to
Q3 2020.

Cluj-Napoca:
In the city on the Someș river, the apartments listed for
sale in the central and ultracentral area cost, on average,
EUR 2,350 per net square metre, after registering a
quarterly advancement of 4.2% and an annual growth of
8.4%. In the semicentral area, a piece of property in a block
of flats has an average list price of EUR 2,110 per square
metre (+3.4% over three months and, respectively, +10.4%
over 12 months). In the city’s outermost neighbourhoods,
the sellers’ claims stand at EUR 1,800 per net square
metre, up by 5.4% compared to the three previous months
and, respectively, by 7.4% from the similar period of 2020.
Iași:
In the city located in the North-Eastern part of the country,
apartments in the central and ultracentral areas have an
average list price of EUR 1,650 per net square metre, after
a quarterly advancement of 3.1% and an annual 7.4%
growth. In the semi-central area, such a property is listed
for sale for EUR 1,150 per square metre, after a 2.1% growth
over three months and, respectively, 5.2% over 12 months.
In the city’s outermost neighbourhoods, the sellers’
average asking price is of EUR 1,130 per net square metre,
up by 2.9% compared to the previous quarter and,
respectively, by 6.1% compared to Q3 2020.

Bucharest Timișoara

5.6% 10.2% 15.6% 3.1% 4.9% 4.9%

3.1% 2.3% 3.9% 1.8% 1.2% 1%
2,320 € 1,730 € 1,430€ 1,490 € 1,330 € 1,310 €
Ultracentral/Central Semicentral Periphery Ultracentral/Central Semicentral Periphery

Cluj-Napoca Iași

8.4% 10.4% 7.4% 7.4% 5.2% 6.1%

4.2% 3.4% 5.4% 3.1% 2.1% 2.9%
2,350€ 2,110 € 1,800 € 1,650€ 1,150 € 1,130 €
Ultracentral/Central Semicentral Periphery Ultracentral/Central Semicentral Periphery

Annual change
Quarterly change Source: Imobiliare.ro

12
PR I C E S OF APA RT MENTS FO R SALE
BY A R E AS

Constanța:
In the city located in the South-Eastern part of the country,
apartments listed for sale in the central and ultracentral
area costs, on average, EUR 1,460 per net square metre,
under the conditions of a quarterly growth of 5.7% and,
respectively, an annual increase of 12%. In the semi-central
areas, such a property has an average asking price of EUR
1,410 per square metre, after an added 2.2% over three
months and, respectively, 9.3% over 12 months. On the city
outskirts, the sellers’ average asking price reaches EUR
1,200 per net square metre, up by 2.9% compared to the
previous quarter and, respectively, by 9.2% over 12 months.
Brașov:
In the city located at the foot of Tâmpa Mountain, housing
in the central and ultracentral area has an average list
price of EUR 1,530 per net square metre, after a 2.7%
advancement over three months and, respectively, 17.6%
over 12 months. In the semi-central neighbourhoods, an
apartment can be purchased for EUR 1,370 per square
metre, after an added 4.3% over three months and,
respectively, 14.3% over 12 months. In the city’s outermost
neighbourhoods, the sellers’ average asking price is of
EUR 1,330 per net square metre, up by 3.6% compared to
the previous quarter and, respectively, by 14.2% compared
to Q3 2020.
Oradea:
In this city located in the North-Western part of the
country, housing in the central and ultracentral area can
be purchased, on average, at EUR 1,140 per net square
metre, after a 5.3% growth over three months and,
respectively, 7.2% over 12 months. In the semicentral areas,
the average asking price for this market segment stands
at EUR 1,100 per square metre, after a quarterly growth of
3.9% and, respectively, an annual 8.7% increase. On the city
outskirts, the owners’ average asking price reaches EUR
1,070 per net square metre, up by 4.9% compared to the
previous quarter and, respectively, by 10.1% compared to
last year’s similar period.
Craiova:
In Oltenia’s capital city, apartment sellers from the central
and ultracentral area ask, on average, EUR 1,370 per net
square metre, given a 1% quarterly growth and,
respectively, a 2.1% annual growth. In the semi-central
areas, the list price for such a property is EUR 1,300 per
square metre, after an added 2.6% over three months and,
respectively, 12.6% over 12 months. In the city’s outermost
neighbourhoods, the average asking price reaches EUR
1,270 per net square metre, up by 5.1% compared to Q2
2021 and, respectively, by 14.4% compared to Q3 2020.

Constanța Oradea

12% 9.3% 9.,2% 7.2% 8.7% 10.1%

5.7% 2.2% 2.9% 5.3% 3.9% 4.9%
1,460 € 1,410 € 1,200€ 1,140 € 1,110 € 1,070 €
Ultracentral/Central Semicentral Periphery Ultracentral/Central Semicentral Periphery

Brașov Craiova

17.6% 14.3% 14.2% 2.1% 12.6% 14.4%

2.7% 4.3% 3.6% 1% 2.6% 5.1%
1,530€ 1,370 € 1,330 € 1,370€ 1,300 € 1,270 €
Ultracentral/Central Semicentral Periphery Ultracentral/Central Semicentral Periphery

Annual change
Quarterly change Source: Imobiliare.ro

13
 DEMAN D FOR RE S I DE N T I A L PR O PE RT I E S
FOR SAL E (apartments and houses)
In spite of the marked relaxation regarding COVID-19,
demand for residential properties (apartments and
houses available for sale) stood, in Q3 2021, at a level very
close to the one registered in the three previous months -
which can be explained by the Romanian’s increased
appetite to go on a vacation, after more than one year
marked by limitations in this regard. Thus, approximately
152,000 potential buyers searched for housing
Imobiliare.ro, in the country’s major regional centres,
compared to 151,000 in the previous quarter.
In relation to Q2 2021, interest in the procurement of
residential properties followed an upward trend in four of
the six major centres constantly monitored
Imobiliare.ro. The highest increase in this regard was seen
in Iași, where this indicator grew by 14.7% (up to 12,200
potential buyers).
A lower increase was also seen in Cluj-Napoca (+5.5%, up to
13,500 unique visitors), Brașov (+5.4%, up to 13,700
potential buyers) and, respectively, in Timișoara (+1.4%, up
to 14,600 interested persons). On the other hand, this
indicator decreased in Bucharest (-2.8%, down to 85,500
visitors) and in Constanţa (-0.4%, down to 12,800 potential
buyers).
on
However, compared to the similar of last year, interest in
the procurement of housing was, in the third quarter of
2021, 1% lower at the level of the six centres subject to
analysis. From this point of view, three cities registered
decrease, respectively Constanţa (-12%), Timișoara (-5%)
by and Iași (-2%). On the other hand, demand was
maintained constant over the past 12 months in Bucharest
and in Brașov. Practically, the only city which registered
growth in this regard, to a 3% rate, was Cluj-Napoca.

Demand for residential properties for sale

houses and apartments - new and old

TOTAL

85,500 14,600 13,700 13,500 12,800 12,200 152,200

Bucharest Timișoara Brașov Cluj-Napoca Constanța Iași

0% -5% 0% 3% -12% -2% -1% Change over last 12 months %

-2.8% 1.4% 5.4% 5.5% -0.4% 14.7% 0.4% Change over last quarter %

* By demand, we refer to the potential buyers who generated Leads A lead is recorded when a visitor performs an action (views the
for sale properties on the Imobiliare.ro portal, in a certain period. phone, sends an email to request more details, prints or saves your
ad).

Suource: Imobiliare.ro

14
DEMAN D FO R RE S I DE N T I A L PR O PE RT I E S
FOR SA LE (Bucharest + Cluj-Napoca)
Regarding the evolution of demand for housing
(apartments and houses) in Bucharest, we note that this
indicator started the year 2021 at a level similar to that of
2020, nearing the threshold of 50,000 potential buyers,
compared to less than 40,000 at the start of 2019.
However, unlike last year, when a downward trend was felt
starting as early as February, in the first quarter of the
current year, the interest in the procurement of housing
was practically maintained stable. Following a slight
decrease in the second quarter of 2021, this indicator
reached, in the third one, a level similar to the one
registered in both 2020 and 2019, staying close to the
threshold of 50,000 potential buyers.
In Cluj-Napoca, interest in the procurement of housing
was, at the start of 2021, lower than in 2020, but higher
than in the similar period of 2019; Thus, Imobiliare.ro
registered a little under 7,000 potential buyers, compared
to approximately 9,000 one year ago and, respectively, less
than 6,000 two years ago. However, just like in Bucharest,
the demand curve was much more stable in the first three
quarters of the current year, so, in June, this indicator
reached approximately 6,000 users - a level somewhat
lower than the one registered in 2019, but higher than it
was in June 2020, when demand had, however, started to
recover. In September, the number of potential buyers in
the city along the Someș river, which exceeded the
threshold of 6,000, was slightly higher than it was in 2020,
but markedly lower than in 2019 (when it neared 7,700).

Bucharest
60.000

50.000

40.000

30.000

20.000

10.000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Cluj-Napoca
10.000

8.000

6.000

4.000

2.000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Source: Imobiliare.ro, potential buyers

15
DEMAN D FOR RE S I DE N T I A L PR O PE RT I E S
FOR SAL E (Timișoara + Iași)
In Timișoara as well, demand for residential properties
was, at the start of 2021, lower than in 2020, but higher
than in 2019: Thus, Imobiliare.ro registered almost 8,000
potential buyers in January, compared to approximately
9,000 twelve months before that and, respectively, less
than 6,500 two years ago. In the next two months of the
current year, this indicator registered a slight decrease,
nearing 7,000 users in March. Interest in the procurement
of housing remained around this threshold in the next
three months of 2021, as well, with a slight increase in May,
followed by a small decrease in June. A (relative)
stabilization in demand can also be seen in the third
quarter of the year, the high point being reached in
August (up to almost 7,000 visitors), and then, in
September, a slight decrease was seen.
Just like in Cluj-Napoca and Timișoara, at the start of 2021,
Iași also had a lower level of interest in the procurement of
housing compared to 2020, but higher than it was in 2019;
thus, the largest local portal of real estate listings had
almost 5,500 potential buyers in January 2021, down from
the approximately 7,000 in the similar period of 2020, but
on the increase compared to the approximately 5,700
visitors since the start of 2019. On the Iași market, as well,
demand for residential properties was characterised by an
obvious stability in the first two quarters of the current
year. However, in the third quarter, we note a growth
trend, the high point being reached in August, when the
number of potential buyers neared 6,000 - only to
decrease towards the 5,000 level in September.

Timișoara
10,000

8,000

6,000

4,000

2,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Iași
8,000

7,000

6,000

5,000

4,000

3,000

2,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Source: Imobiliare.ro, potential buyers

16
REAL ESTATE UNITS SALES, NATIONWIDE

In spite of the difficulties incurred by the COVID-19
epidemic, the first nine months of 2021 were characterized
by a positive evolution in terms of real estate sales,
compared to 2020, as well as with 2019. Thus, the data
published by the National Agency for Cadastre and Land
Registration (NACLR) reveals that, in the third quarter of
the current year, approximately 186,000 properties were
sold nationwide, up by 31% compared to the similar period
of the previous year, when 142,500 properties were traded.
We must note the fact that the individual units segment
had an even more significant advancement, of over 80%,
from approximately 28,500 properties sold, to
approximately 51,800.
According to the official statistics, the number of sales
registered in the first nine months of the current year
were, without exception, above the levels attained in the
two previous years. Thus, in January 2021, at the level of the
entire country, 48,736 properties were traded, in February
50,147 properties were purchased, in March - 62,891, in
April – 55,569, in Mai – 47,773, in June – 54,781, in July –
59,328, in August – 62,137, and in September – 64,550.
Worth mentioning is the fact that, during the course of
2020, 602,805 properties were purchased nationwide,
which represents a growth of 11.6% (or 62,625 units)
compared to 2019, when 540,180 such operations were
registered.

“Although the number of properties sold nationwide in the third quarter of 2021
was approximately 30% higher than in the previous year, an advancement of over
80% was registered in the individual units segment.”

Sold units
90,000

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Source: ANCPI, data processed by Imobiliare.ro

17
SALES O F I ND IVI D UA L U N I TS
(Nationwide + Bucharest)

Regarding the procurement of individual units, of which
Imobiliare.ro estimates that approximately 80% are
apartments, the official data indicates a growth trend in
the months of July and August, followed by a slight
decrease in September. Thus, in July, approximately 16,523
such operations were registered nationwide, compared to
14,562 in June. In August, the high point of individual unit
sales was reached, in relation to the entire year: thus, in the
last summer month, 17,883 such properties were
purchased, In September, the number of purchases saw a
slight decrease, reaching 17,404 units. Worth noting is the
fact that sales in this category stood, in the first nine
months of the current year, at a significantly superior level,
compared to 2020, as well as with 2019.
In the Capital, a growth curve can be noticed, similar to
the national curve, with regard to the trading activity
carried out in the individual units segment. Thus, the
number of sales stood at approximately 4,693 in April 2021,
up from approximately 3,118 in the similar period of 2020
and, respectively, from approximately 2,964 in July 2019. In
August 2021, the number of individual units purchased at
the level of the Capital stood at over 5,000, compared to
approximately 2,700 twelve months ago and, respectively,
a little over 3,000 twenty-four months ago. Finally, in the
month of September of the current year, the volume of
purchases on the Bucharest market reached 5,138,
whereas, in the previous years, a little under 3,000 such
properties were traded.

Nationwide
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Bucharest
6,000

5,000

4,000

3,000

2,000

1,000

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Source: ANCPI, data processed by Imobiliare.ro

18
SALES O F I ND IVI D UA L U N I TS
(Ilfov + Cluj counties)

In the individual units segment, in Ilfov county we can
note a somewhat different evolution in terms of
purchases, compared to Bucharest, as well as with the
situation noticed nationwide. Thus, the results registered
in July 2021 indicate the closure of 523 such purchases - a
figure higher than the one registered in the same period
of 2020 (383), but lower than the level seen in 2019 (586). In
the two months that followed, the sales of individual units
remained at the level registered last year, and, in August, it
neared the value of 2019, with 576 traded units. In
September, the purchasing curve registered a slight drop,
543 such operations being registered.
Just like in the three previous months, interest in the
procurement of individual units in Cluj county was above
the level reached in 2020, throughout the third quarter of
2021. Thus, the number of properties sold in July 2021
exceeded the threshold of 1,000, compared to less than
800 one year ago and, respectively, less than 900 two years
ago. The trading activity saw a slight increase in August,
up to over 1,100 individual units sold - compared to
approximately 900 in 2020 and, respectively, over 500 in
2019. In September 2021, the number of purchases of
individual units was of 1,085, compared to approximately
600 in the similar period of 2020 and, respectively,
approximately 700 in 2019.

Ilfov county
800

600

400

200

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Cluj county
2,000

1,500

1,000

500

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Source: ANCPI, data processed by Imobiliare.ro

19
 NUM BE R OF EXI STI N G PR O PE RT I E S FO R S AL E
IN THE M A J OR CI TI E S

Compared to the previous quarter, the total supply of
apartments and houses built before the year 2000,
available for sale in the nine major cities subject to analysis
was, in Q3 2021, approximately 6.4% higher. More
specifically, this meant 18,920 offers, compared to 17,780 in
the three previous months. Against the background of the
healthcare situation, but also in relation to the similar
period of the previous year, we can note a negative
difference, in the amount of 12.6%.
A 19% annual decrease was seen in Cluj-Napoca (where
1,970 properties were listed for sale), the city along the
Someș river being followed by Constanţa (-15.6%, down to
1,080 offers), Brașov (-14.6%, down to 1,060 offers), Iași
(-9.1%, down to 1,320 ads) and Timișoara (-1.6%, down to
2,470 offers). During the analysed period, the exception to
the rule is represented by Bucharest, where the number of
properties listed for sale increased by 3.7%, up to a total of
8,100.

During the course of the past 12 months, almost all major
cities subject to analysis registered increase in terms of
the residential supply on the market - with two-digit
decrease margins in most cases. Thus, the highest
setback, in the amount of approximately 47%, was seen in
Craiova, where 890 residential properties were listed for
sale during last quarter. Sibiu holds the second place in
this ranking, at minus 40% (down to 580 residential
properties), followed by Oradea, with a decrease of
approximately 36% (down to a total of 1,450 ads.
An overall downward trend can also be noted with regard
to the number of properties newly introduced to the
market, which was of 9,150 at the level of the nine cities
included in the analysis - namely 16.4% less than in the
similar period of last year. This time, a negative evolution
was seen in all cities, starting with Craiova (-45%) and
continuing with Sibiu (-31.4%), Cluj-Napoca (-26.5%),
Constanţa (-22.3%), Oradea (-19.4%), Iași (-15.2%), Brașov
(-10.4%), Timișoara (-9.7%) and, finally, Bucharest (-8%).

Properties listed for sale in the major cities in Q3 2021

apartments and houses built before 2000
8,100

New listings
All listings for sale

3,800

TOTAL
2,470
1,970
18,920
1,450 1,320
1,050 1,040 1,080 1,060 890
9,150
680 690 560 630 580
390 310

Bucharest Timișoara Cluj-Napoca Oradea Iași Constanța Brașov Craiova Sibiu TOTAL

New listings -8% -9.7% -26.5% -15.2% -19.4% -10.4% -22.3% -45.1% -31.4% -16.4%

All listings for sale 3.7% -1.6% -19% -36.1% -9.1% -15.6% -14.6% -47% -40.2% -12.6%

Change over last 12 months %

Source: Imobiliare.ro

20
APARTM E NTS A ND H O U S E S N EWLY- E N T E R E D
sold by individuals

With regard to the number of apartment and houses
offers newly entering the secondary market (old
properties, sold by owners), in the Capital we can notice
that this indicator was maintained, in the second quarter
of the current year, below the levels reached in the two
previous years. Thus, in July 2021, approximately 1,100 new
properties entered this segment of the Bucharest market,
compared to over 1,700 in 2019 and, respectively, over 1,800
in 2020. In August and in September 2021, the number of
offers in this category exceeded 1,300, compared to over
1,600 in the similar period of the two previous years. On the
whole, the number of new listings for sale remained below
the 2019 level throughout the nine months of the current
year; however, compared to 2020, growth was registered
in March and in April.
Just like in the Capital, the number of new offers on the
secondary residential market in Cluj-Napoca (apartments
and houses sold by owners) stood, in the third quarter of
the current year, below the levels reached in 2019 and
2020. More specifically, in 2021, approximately 250 new
properties entered this segment of the Cluj market,
compared to over 600 in 2019 and, respectively, over 500 in
2020. In August and in September 2021, the number of
offers in this category was maintained around the
threshold of 400, compared to over 500, and, respectively,
600, in the similar intervals of the two previous years.
Except for the month of January, the number of new ads
posted for sale stood below the 2019 level and,
respectively, 2020, for the remaining period of this year.

Bucharest
3,000
3.000

2,000
2.000

1.000
1,000

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Cluj-Napoca
800

600

400

200

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Source: Imobiliare.ro, potential buyers

21
APARTM E NTS A ND H O U S E S N EWLY- E N T E R E D
sold by individuals

In the third quarter of 2021, the number of offers for
apartments and houses newly entered on the secondary
market was lower than in the two previous years in
Moldova’s capital city, as well. Thus, in July 2021, less than
200 new residential properties from this segment of the
Iași market were listed for sale, compared to over 300 in
2019 and 2020. In August, the gap compared to the
previous years was somewhat reduced, the number of
new ads nearing 300 (compared to approximately 330
and, respectively, 350, in 2019 and 2020). In September
2021, this indicator went slightly below the threshold of
200 offers, whereas, in 2019 and 2020, it reached
approximately 300 ads. The results recorded in 2021 were
constantly below those of 2019, but they exceeded the
ones of 2020 in March and in April.
Just like in the other three major cities subject to analysis,
the number of old properties newly listed for sale on the
market of Timișoara was lower in the third quarter of 2021,
compared to the same interval of the two previous years.
More specifically, in July of this year, approximately 320
new properties entered this segment of the local market,
compared to over 400 in 2019 and 2020. In August 2021,
the number of offers in this category reached
approximately 370, and then it decreased slightly in
September; by comparison, in the appropriate periods of
2019 and 2020, this indicator remained constantly over the
threshold of 400 new offers. After starting the year at a
level similar to that of 2019, the new offer in Timișoara
managed to exceed the results of 2020 in March and April.

Iași
400

300

200

100

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Timișoara
800

600

400

200

0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020 2021

Source: Imobiliare.ro, potential buyers

22
RESIDE NT I A L CON ST R U CT I O N S , H O U S I N G
COMPLE T E D

Concerning the construction of housing, the most recent 14,302 housing units were delivered. Compared to the
data published by the National Institute of Statistics (INS) similar period of the previous year, when 14,846 housing
indicates that, in the second quarter of current year, a units were delivered nationwide, we can note an increase
number of 17,053 housing units were completed in the of approximately 15%.
entire country - which marks a growth of approximately
19% compared to the three previous months, when

30,000

25,000

20,000
Average over the last four quarters

15,000

10,000

5,000

0
07

07

08

08

09

09

10

10

14
11

11

12

12

13

13

14

15

15

16

16

17

17

18

18

19

19

20

20

21
20

20

20

20
20

20
20

20
20

20

20
20

20
20

20
20

20
20
20

20
20

20

20
20

20

20

20
20

20

Q2

Q4

Q2

Q2
Q2

Q2
Q4

Q4
Q4

Q2

Q4
Q2

Q2
Q4

Q4
Q2

Q4
Q2

Q4
Q4

Q2

Q4
Q2

Q4

Q2

Q4

Q2
Q2

Q4

Source: INS, data processed by Imobiliare.ro

23
 RESIDE NT I A L CON ST R U CT I O N S , H O U S I N G
COMPLE T E D

As a result of the evolution recorded during the first We must note that, whereas the year 2019 was a peak in
quarter of 2021, the number of housing units completed terms of deliveries of new homes, 2020 practically became
nationwide stood at 31,355. This figure marks a 5.3% the new record in this market segment ever since the
advancement, compared to the similar period of the Revolution. Taking into account the fact that the first half
previous year, when 29,765 housing units were delivered. of the current year marked an advancement of housing
In 2020, the total number of housing unit deliveries property deliveries, we have yet to see whether the
reached 67,816 units, according to the official data. By upward trend will be maintained, making 2021 the new
comparison, in the previous year, fewer units were record in the area of residential constructions.
completed at national level, namely 67,488.

“Compared to Q1 2021, in the April-June period, we saw a growth of approximately 19%

in the volume of housing units completed nationwide - an advancement making the
difference from the first semester of the previous year to be a positive one.”

Annual evolution
80,000
67,816
70,000 67,255 67,488

60,000

50,000
43,587

40,000

30,000

20,000

10,000

0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

Source: INS, data processed by Imobiliare.ro

24
 CONSTR U CT I O N PE R MI TS FO R
R ESIDE N TI A L B U I LD I N G S

Another important indicator to consider in an analysis of
the residential market evolution is the number of permits
issued for the construction
According to the latest data published by the National
Institute of Statistics (INS), in the second quarter of 2021,
14,242 such endorsements were issued nationwide. We
note that this figure is equivalent to an important growth,
of almost 40% compared to the previous quarter, when
10,209 construction permits were issued.
By comparison to the similar period of the previous year,
when 9,233 permits were granted nationwide, we can not
of housing buildings. a visibly growing trend for the indicator subject to analysis.
More specifically, we are speaking of an advancement of
more than 50% - an evolution which may be explained by
the boost of confidence given to the residential market
since the loosening of the COVID-19-related restrictions, in
correlation with the demand existing on the market.

20,000
18,000 Average over the last four quarters

16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
02

02

03

03

04

04

05

05

06

06

07

07

08

08

09

09

10

10

11

11

12

12

13

13

14

14

15

15

16

16

17

17

18

18

19

19

20

20

21
20

20

20
20

20

20
20
20

20

20

20
20

20
20

20
20

20
20

20
20

20
20

20
20

20

20

20

20

20
20

20
20

20

20

20
20

20
20

20

Q2

Q4

Q2
Q2

Q2

Q2
Q4
Q4

Q4

Q2

Q4
Q2

Q2
Q4

Q4
Q2

Q4
Q2
Q4

Q4
Q2

Q4
Q2

Q4

Q2

Q4

Q2

Q4
Q2

Q4
Q2

Q4

Q2

Q4

Q2
Q2

Q4
Q2

Q4

Source: INS, data processed by Imobiliare.ro

In spite of the downward trend with regard to the number mid-year, given that the difference compared to 2019 was,
of permits issued during the state of emergency, this in Q2 2020, of 12%. On the whole, the official statistics
indicator saw, throughout the year 2020, only a slight regarding the construction permits issued in the past, as
setback, of approximately 3% compared to 2019, from well as in the first half of 2021, suggest a satisfactory
42,541 to 41,311 endorsements for residential buildings. evolution of the residential market development activity
Worth mentioning is the fact that this final result during the coming period.
constitutes an obvious improvement compared to

Annual evolution
70,000

60,000

50,000

40,000

30,000

20,000

10,000

0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

25
 RESIDE N TI A L RE NTA L MA R K E T - D E MA N D

Although remote work (or the “hybrid” version) is
maintained on the employment market, the data
centralized by Imobiliare.ro reveals that demand for
apartments and houses for rent is, on the whole, at a
higher level compared to the previous year, at the level of
the six major regional centres observed. Thus, in
July-September, approximately 95,100 visitors searched for
housing for rent on the portal, 6% more than the similar
interval of 2020.
Worth noting is the fact that four of the six major cities
covered by the analysis registered an advancement in this
regard, whereas two of them decreased. Thus, higher
interest on this market segment was noticed
Cluj-Napoca (+27%), Constanţa (+21%), Iași (+9%) and,
respectively, Bucharest(+4%). On the other hand, a
decrease in the demand for housing for rent, compared to
last year’s similar period, was seen in Timișoara (-10%) and
Brașov (-7%).
With regard to the gross volume of demand on this
market segment, Bucharest is, naturally, first in this
ranking, at a considerable distance from the other major
cities, with 51,300 potential renters registered in Q3 2021.
The next places in the ranking are held by Cluj-Napoca,
with 13,000 visitors interested in properties for rent, then
by Timișoara with 8,400), Constanţa (8,200), Iași (with
7,900) and, respectively, Brașov (with 6,300 potential
in clients).

Demand for residential properties for rent

houses and apartments - new and old

TOTAL

51.300
51,300 13.000
13,000 8.400
8,400 8.200
8,200 7.900
7,900 6.300
6,300 95,100
95.100

Bucharest Cluj-Napoca Timișoara Constanța Iași Brașov

4% 27% -10% 21% 9% -7% 6% Change over last 12 months %

-2% +8% -14% 0% 2% 0% -1% Change over last 2 years %

* By demand, we refer to the potential renters who generated Leads A lead is registered when a visitor performs an action (views the
for sale properties on the Imobiliare.ro portal, in a certain period telephone number, send an email asking for more details, prints or
saves the ad).

Source: Imobiliare.ro

26
 R ESID E NT I A L RE NTA L MA R K E T - S U PPLY

Compared to the similar period of the previous year, the
total offer of apartments and houses available for rent in
the major regional centres subject to analysis was, in Q3
2021, 15.5% lower - being, more specifically, of over 29,650
offers. A downward trend in this regard could be noticed in
all major cities, with Sibiu opening the list, with a 34.3%
decrease, down to 1,090 ads. In Constanţa, on the other
hand, an annual decrease of 33.8% was registered (down
to almost 1,170 offers), and in Craiova, a 30.2% drop (down
to 890 ads).
Significant, two-digit decrease was also registered in
Brașov (-23.8%, down to almost 1,530 offers), Oradea
(-20.5%, down to 1,510 offers), Cluj-Napoca (-19%, down to
4,240 offers), Iași (-18.5%, down to 2,050 offers) and,
respectively, Timișoara (-12.1%, down to 3,560 offers).
Practically, the only city in which the decrease margin
stood
below the 10% Threshold is Bucharest: here, the available
offers were reduced by 7.5% over 12 months, down to
13,620 ads.
A general downward trend can also be noticed with
regard to the number of new properties for rent, which
stood at approximately 18,000 in Q3 2021. the equivalent of
a 22.8% decrease compared to the similar period of 2020.
In this case, the downward trend can also be noted in all
nine cities subject to analysis, namely in Constanța (-34%),
continuing with Sibiu (-31.4%), Brașov (-27.1%), Craiova
(-26.1%), Timișoara (-25.9%), Iași (-25.8%), Cluj-Napoca
(-23%), Bucharest (-19.6%) and, respectively, Oradea (-11.7%).
The number of offers newly placed on the market in the
July-September period was of 7,950 in the Capital, 2,740 in
Cluj-Napoca, 1,910 in Timișoara, 1,320 in Iași, 1.020 in
Oradea, 970 in Brașov, 890 in Constanţa, 650 in Sibiu and
570 in Craiova.

Properties listed for rent in the major cities in Q3 2021

apartments and houses built before 2000
13,620

New listings
All listings for rent

7,950
TOTAL

4,240
29,650
3,550
2,740
1,910 2,050 18,020
1,320 1,530 1,510
970 1,020 890 1.,170 650
1,090
570 890

Bucharest Cluj-Napoca Timișoara Iași Brașov Oradea Constanța Sibiu Craiova TOTAL

New listings -19.6% -23% -25.9% -25.8% -11.7% -27.1% -34% -31.4% -26.1% -22.8%

All listings for rent -7.5% -19% -12.1% -18.5% -23.8% -20.5% -33.8% -34.3% -30.2% -15.5%

Change over last 12 months

Source: Imobiliare.ro

27
RENTAL M A RK E T

With regard to asking prices for the apartments available Looking at the country’s three regional centres, where the
for rent, in Cluj-Napoca and Brașov we can note, in Q3 average level of rents is visibly lower than in the
2021, growth curves which are visibly steeper than in the above-mentioned cities, we can note a standstill in the
other six major cities of the country, compared to the claims of owners from Oradea, whereas in Sibiu and
three previous months. On the other hand, although the Craiova we saw increase, compared to the previous
owners’ claims were higher in the analysed period in quarter. In relation to the similar period of last year, as well,
Bucharest, Iași, Constanţa and Timișoara as well, the in Oradea we can also note a standstill, compared to the
growth curves were smoother. increase in Sibiu and Craiova.

Asking prices per sqm/ month

8.5

7.5

6.5

5.5

4.5

3.5

3
15

15

15

16

16

17

17

17

18

18

19

19

20

20

20

21

21
02
01

01
01

01

01

01
01

01

02
20

20

20
20

20

20

20

20
20

20

20

20
20

20

20

20

20
2

2
2
2

2
2

2
Q1

Q3

Q1

Q2

Q3
Q2

Q4

Q1

Q3
Q2

Q4
Q1

Q3

Q1

Q3
Q2

Q4

Q2

Q4
Q1

Q3
Q2

Q4

Q1

Q2

Q3

Q4

Bucharest Timișoara Cluj-Napoca Iași Constanța Brașov

Sibiu Oradea Craiova

Source: Imobiliare.ro, index of potential buyers

28
R ENTAL M A RK E T I N Q3

According to the data centralized by Imobiliare.ro, last
quarter, the average asking price for an apartment was of
EUR 7.7 per square metre in Cluj-Napoca, 3.2% higher than
the similar period of the previous year. Next in the ranking
of prices for rent are Bucharest (with an average of EUR 7.6
per net square metre, down by 2.4%), the Capital city being
followed by Iași (EUR 6.7 per square metre, 2.1% higher), on
an equal footing with Brașov (EUR 6.7 per square metre,
6.3% higher), then by Constanţa (EUR 6.4 per square
metre, 9.3% higher), Timișoara (EUR 6.3 per square metre,
0.2% higher), Craiova (EUR 5.7 euro per square metre, 7.5%
higher), Sibiu (EUR 5.4 per square metre, 3.8% higher) and,
respectively, Oradea (EUR 5 per square metre, 0.5%
higher).

All apartments Price evolution

(€/m²) in the last year

Bucharest 7.6 -2.4%

Cluj-Napoca 7.7 +3.2%

Iași 6.7 +2.1%

Brașov 6.7 +6.3%

Timișoara 6.3 +0.2%

Constanța 6.4 +9.3%

Oradea 5 +0.5%

Craiova 5.7 +7.5%

Sibiu 5.4 +3.8%

Source: Imobiliare.ro

29
R ENTAL M A RK E T I N Q3

With regard to the rents asked by categories of
apartments, Bucharest naturally ranks first among the
major cities, with average values of EUR 270 per month for
studio apartments. EUR 400 per month for two rooms
and, respectively, EUR 570 per month for three rooms. The
country’s capital city is closely followed by Cluj-Napoca,
where owners ask EUR 260 per month for a one-room
housing unit, EUR 400 per month
for a two-room unit and, respectively, EUR 500 for three
rooms. Among the nine major cities subject to our
analysis, the most accessible housing for rent can be
found in Oradea, with the average monthly prices being of
EUR 160 for a one-room housing unit, EUR 250 for two
rooms and, respectively EUR 300 for three rooms.

Single room(€) 2 rooms(€) 3 rooms(€)

Bucharest 270 400 570

Cluj-Napoca 260 400 500

Brașov 250 350 450

Constanța 200 340 450

Iași 240 330 400

Timișoara 200 320 370

Oradea 160 250 300

Craiova 200 270 350

Sibiu 200 260 350

Source: Imobiliare.ro

30
DESPR
A BOUTEUN
SO I

Imobiliare.ro
Imobiliare.ro
Lansat în ianuarie 2000, Imobiliare.ro este primul şi cel mai
accesat portal imobiliar din România. Portalul a depășit de
Having been launched in January 2000,
curând pragul de 1.900.000 de vizitatori unici pe lună şi
Moreover, Imobiliare.ro is the main
Imobiliare.ro is bază
cuprinde cea mai mare the firstdin toate
de oferte andcategoriile
most supplier of real estate data and statistics
imobiliare la nivel național.
accessed real estate portal in Romania. for the business press and TV in Romania
The portal
Din 2016, has recently
Imobiliare.ro surpassed
face parte din the
Grupul Elvețian (Ziarul Financiar, Wall-Street, Forbes,
Ringier - unul dintre cele mai mari grupuri media
threshold of 1,900,000 unique visitors per Business Review, Digi24, PRO TV, TVR1
internaţionale - și beneficiază de know how-ul de ultimă
month, and it digital.
oră din domeniul containsÎn ceithe largest
peste data
21 de ani de etc.), providing regular communications
experiență, Imobiliare.ro și-a construit un brand puternic
base of offers in all real estate categories on the evolution of the real estate market.
printre portalurile imobiliare, fiind recunoscut de 91% de
nationwide.
utilizatorii de internet cu o nevoie imobiliară activă Imobiliare.ro has the largest team in the
(conform unui studiu efectuat în decembrie 2020).
country specializing in the real estate area
Mai mult,
Since Imobiliare.ro
2016, este principalul
Imobiliare.ro has furnizor
been de dateof
part și (online, statistics, communication, and
statistici imobiliare pentru presa de business și TV din
the Swiss consulting) which, in 2021, even reached
România (ZiarulGroup
Financiar,Ringier - Forbes,
Wall-Street, one of the
Business

largest international
Review, Digi24, groups
PRO TV, TVR1 in the media
etc.), comunicând -
regulat 125 employees. Currently, over 1,900
evoluția pieței imobiliare. Imobiliare.ro are cea mai mare
being provided corporate clients (real estate agencies,
echipă din țară specializatăwith state-of-the-art
pe domeniul Imobiliar (online,

know-how in the
statistică, comunicare digital area.
și consultanță) Over
care, în its
2021, a 21
ajuns developers, and banks) are beneficiaries of
la o cifră de 125 de angajați. În acest moment, peste 1.900
years of experience, Imobiliare.ro has built the entire expertise of the Imobiliare.ro
de clienți corporate (agenții imobiliare, dezvoltatori și
a strong
bănci) brand
beneficiază de among realechipei
toată expertiza estate portals,
Imobiliare.ro team.

being recognized by 91% of the internet

users with an active real estate need
(according to a survey conducted in
December 2020).
Do you need specific information about
a particular area of interest?

Please contact our

team of experts

ANDREEA POPA
SALES MANAGER

+40 748.882.826
andreea.popa@imobiliare.ro

EDITORIAL TEAM:
Dan Blaga - Data Analyst
Lavinia Iordan - Research
Adriana Drăgușin - Editor
Lucian Husac - Graphic Designer
Anda Manea - Marketing Consultant
Daniel Crainic - CMO

Iride Business Park, Dimitrie Pompeiu 9-9A,

Clădirea B2B, Sector 2, București
www.imobiliare.ro