Real Estate Market Trends in Eastern Europe
A recent study conducted by Deluxe Holiday Homes, based on data from the Bank of International Settlements (BIS) and Numbeo, revealed that Serbia experienced the fastest increase in apartment prices in 2023-2024. Lithuania closely followed in second place, with Romania not far behind, according to Euronews.
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In addition to Serbia, apartment prices have significantly risen in Malta and Spain over the past year.
Although Serbia holds the record for the fastest price increase, Switzerland remains undefeated in terms of price per square meter, at 18,781 euros, also holding records for the highest average income and the most expensive cost of living. On the other hand, Greece has the lowest price per square meter in Eastern Europe.
The Rising Prices of Real Estate in Romania
With a price increase of 74.50%, Romania ranks third in the list of countries where apartment prices are soaring, reaching $3,185 per square meter. Despite this, the cost of living in Romania is considerably lower compared to Western Europe, at $679.
On the other hand, the average income in Romania is relatively low at $1,093. The significant increase in apartment prices in recent years can be attributed to the growing demand and shortage of new housing units. This is mainly due to higher construction costs, labor shortages, and unfavorable tax measures.
However, the development of infrastructure in recent years and the somewhat increase in salaries have led to a surge in demand in the real estate sector. This has contributed to the recent increase in apartment prices in Romania.