The average value of a mortgage loan in Romania in the first quarter of 2024 reached about 66,000 euros, and the average instalment paid by those who have turned to loans to buy a property is almost 400 euros, according to Imobiliare.ro Finance data published on Monday.

The study also shows that men are the ones who apply in greater numbers for a mortgage loan, even though women are often the ones who make the final decision to buy in the family. Also, more than 40% of people who took out a home loan in the first part of the year are aged between 31 and 40.

Imobiliare.ro Finance results reveal that the volume of loans granted through the 200 brokers in the company’s national network was, in the first three months of 2024, 83% higher than in the corresponding period of the previous year.

A mortgage loan has reached an average value of 66,000 euros, while Romanians prefer to pay a down payment of more than 15% when they apply for financing. In this context, the average instalment paid to the bank is 400 euro/month, which is equal or even lower than the rent for a one bedroom plus living apartment.

As a rule, when choosing the right loan, most Romanians opt for a loan in lei and a fixed interest rate.

The Imobiliare.ro index shows that March 2024 brought increases across the board in the residential market. Thus, the average price asked by owners and developers for apartments for sale reached 1,580 euros/usable sqm, nationwide.

In addition, the beginning of spring is marked by a new national record in Cluj-Napoca, the most expensive city for buyers, with a price of 2,704 euro/usable sqm, almost 11% above the March 2023 level.

Romania’s capital reaches an average of 1,700 euro/usable sq m, while in Brasov the average asking price for apartments increased 3% in one month, to 1,870 euro/usable sq m. Similar increases were noticed in Iasi compared to February, while in Constanta the market almost stagnated.

AGERPRES