Romania ranked fourth among the European countries with the lowest housing prices in 2025, behind Turkey, Serbia, and Albania, according to Deloitte’s Property Index 2026. The national average reached EUR 1,917 per sqm, up 14.4% year-on-year.
This was the largest increase among the countries analysed, followed by Croatia at 14.3%, Slovakia at 12.5%, and Hungary at 10.9%.
Prices increased in 19 of the 22 countries for which national data was available. Turkey recorded the lowest average, at EUR 864 per sqm, while Luxembourg was the most expensive, at EUR 9,160 per sqm.
“The results highlight a fragmented European residential market, with differences between national markets reflecting the importance of local factors, including housing policies, demographic trends, supply constraints, and broader macroeconomic conditions,” said Irina Dimitriu, partner at Reff & Associates | Deloitte Legal and Real Estate Industry Leader at Deloitte Romania.
In Romania, she said price growth was driven mainly by limited housing supply resulting from permitting delays, regulatory restrictions, and higher development costs.
Cluj-Napoca remained Romania’s most expensive residential market, with an average price of EUR 3,137 per sqm, up 13.2%. It was followed by Brașov at EUR 2,156 per sqm, up 13.6%, and Bucharest at EUR 2,026 per sqm, an increase of 15.3%.
Romania was therefore among the countries where the most expensive city was not the capital, alongside Germany, Italy, and Spain.
At European city level, Munich overtook Luxembourg to record the highest average housing price, at EUR 11,200 per sqm. Luxembourg followed with EUR 10,567 per sqm, ahead of Amsterdam at EUR 8,650 and Barcelona at EUR 8,037.
On the Romanian rental market, Bucharest registered the highest average monthly rent, at EUR 11.2 per sqm. Cluj-Napoca followed at EUR 10.3, while the average in Brașov stood at EUR 9.3.
Marius Vasilescu, advisory partner at Deloitte Romania, said housing transactions declined sharply towards the end of 2025 after more intense activity ahead of the revised VAT rate taking effect.
“Despite the decrease in transaction volumes, the average price per square metre continued to rise throughout the period analysed,” he said. “This trend could continue, albeit at a more moderate pace, as supply remains limited in large cities.”
The Deloitte Property Index examined residential market developments in 25 countries and 71 cities during 2025. All prices included in the analysis are converted into euros to ensure comparable results.