After four years of severe house price declines, Romanian property prices continue to fall, despite its slowly improving economy. The average selling price of apartments fell by 5.9% during the year to the end of August 2013, to €910sqm, based on figures released by real estate firm Imobilare.ro.

During the most recent 12 month period, property prices fell fastest in the capital Bucharest, down 6.6% to €1,054sqm. In  Brasov, the average selling price of apartments fell 4.2%, to an average of €814sqm; in Timisoara they increased by 1.5% to €802sqm; in Constanta, the country’s oldest city, apartment prices rose by 0.6% to an average of €869sqm and in Cluj-Napoca, Romania’s second most populated city, prices increased by 0.1% to €904sqm.

Property prices fell nationally in 2009 by 20.6%, then down by 15.9% in 2010, down another 4.1% in 2011 before the price falls slowed to 1.3% last year. However, despite a cumulative fall of 37% over the past four years, property prices have started to slide at a faster rate this year than in 2012.