Timișoara Real Estate Market Analysis – Q1/2024
The real estate market in Timiș County experienced remarkable growth during the first five months of 2024, according to data published by the National Agency for Cadastre and Real Estate Advertising (ANCPI). During this period, 4,120 real estate units were transacted in Timiș, representing a significant 17% increase compared to the same period last year, when 3,520 units were sold.
Growth in Real Estate Transactions in Timiș
In the first quarter of 2024, Timiș County recorded 2,544 transactions, marking a 24.3% increase compared to the first quarter of 2023, when 2,047 units were sold. These figures highlight growing interest in the local real estate market and suggest a significant upward trend in this sector.
Historical Trends and Outlook
Compared to historical data published by ANCPI, the most prolific period for real estate transactions in Timiș County was 2021, when 12,476 units were sold. On the other hand, 2019 was the year with the fewest transactions, recording only 6,493 units. Despite a 10.3% decline in total sales for 2023, with 10,215 units sold, the positive trend in the first months of 2024 suggests a strong recovery.
New Housing Deliveries
Although real estate transactions are increasing, new housing deliveries in Timișoara have declined. In 2022, 993 homes were completed, a significant decrease compared to the 1,787 units delivered in 2021, representing a 44% drop. This trend is also reflected in the data for the West region, where the volume of completed homes in the first quarter of 2024 was 1,274, 122 fewer than in the same period in 2023.
Evolution of Apartment Sale Prices in Timișoara
Apartment prices in Timișoara have also risen. According to data collected by ValorEasy, the average sale price of apartments reached €1,500 per usable square meter in mid-2024, marking a 1.4% increase compared to the previous semester. This trend reflects continuously growing demand and a robust real estate market.
Conclusions and Outlook
The real estate market in Timiș County is in a phase of expansion and development, characterized by significant growth in transactions and an upward trend in prices. Although new housing deliveries in Timișoara have decreased, demand continues to rise, indicating an attractive real estate market for both investors and buyers.