Romanian apartment preferences are undergoing a notable shift, driven by changing market dynamics and evolving buyer priorities. According to data from Storia & OLX Imobiliare, a real estate platform, there has been a significant increase in demand for apartments constructed between different periods.
Romanian apartment preferences are evolving, with a growing demand for both older and newer properties. This shift reflects changing demographics, buyer priorities, and evolving market dynamics. The data highlights a growing interest in higher-priced apartments, indicating stronger buying power and a preference for premium properties.
Demand for Older Apartments Soars
A remarkable surge in demand for apartments built between 1977 and 1990 has been observed, with sales jumping by 67% in the period between November 2023 and April 2024 compared to the previous six months (May-October 2023).This trend highlights a growing interest in older properties, potentially driven by their affordability and unique characteristics.
Newer Apartments Remain Popular
While older apartments are gaining traction, demand for newer properties remains strong. Apartments constructed between 2001 and 2020 experienced a 41% increase in sales during the same period. This segment appeals to buyers seeking modern amenities, energy efficiency, and contemporary layouts.
Rental Preferences Follow Similar Trends
In the rental market, a similar pattern emerges. Apartments built between 2001 and 2020 are the most sought-after,accounting for 46% of rental searches in the past six months. These are followed by apartments constructed between 1991 and 2000 (29%), 1977 and 1990 (19%), and pre-1977 (2%).
Rising Interest in Higher-Priced Properties
The analysis also reveals a growing preference for higher-priced apartments. Searches for apartments priced between €100,000 and €150,000 have increased by 46% in the past six months, while those for apartments over €150,000 have jumped by 47%. This shift indicates a stronger buying power and a willingness to invest in premium properties.
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Răzvan Ceapă, Head of Operations at Storia & OLX Imobiliare, attributes these trends to a combination of factors,including:
Changing demographics: Younger generations entering the market may prioritize affordability and location over age of the property.
Value for money: Older apartments often offer more spacious living areas at competitive prices compared to newer, smaller units.
Renovation potential: Some buyers may see older apartments as an opportunity to renovate and personalize them according to their tastes.
Source: Info Financiar
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