Business Forum • 14 January, 2025 at 12:09 PM
Home sales increased in 2024 with an annual rate of 7.6% in Bucharest and Ilfov and by 6.6% at a national level, according to a report released by real estate consultant SVN Romania, based on official statistics.
Thus, almost 169,000 residential units were sold in 2024 in Romania, while home sales registered in Bucharest – Ilfov region, the largest regional residential market, surpassed 60,000 units, according to statistics published by the National Agency for Cadastre and Land Registration and synthetized by SVN Romania.
”2024 was a good year for the local residential market, despite some negative forecasts. The main factors that led to this result were represented by the wage increases, the affordability of buying a new home and the decrease of fixed interest rates for mortgage loans. On the other hand, home deliveries decreased in several regional centres in the country, including Bucharest and its surroundings, a fact that will, unfortunately, be registered this year also. With rising home sales and deliveries decreasing, the pressure on prices will increase even more. However, we estimate that 2025 will be another good year for the local residential market,” stated Andrei Sarbu, CEO SVN Romania.
Timisoara once again became in 2024 the most important regional residential market in Romania, after Bucharest – Ilfov region, considering the total number of residential units sold, surpassing Iasi, Cluj – Napoca, Constanta and Brasov.
The most pronounced increase in home sales among the most important regional markets was recorded in Iasi, of 38.1% compared to 2023, while the weakest result was registered in Brasov, where the number of sold residential units decreased in 2024 with an annual rate of 11%.
SVN Romania is one of the largest real estate consultants active in Romania and the company with the most extended activity on the residential market. In its six years of activity, the company traded over 11,000 homes, with an overall value of over €900 million, SVN`s consultants being involved in their careers in the trading process of over 31,000 homes. SVN International Corp has over 200 offices in eight regions and countries, with over 2,200 real estate consultants and staff.