By contrast, Austria remains the most expensive country, with €4,920 per sqm, followed by Germany with €4,700 per sqm and France with €4,538 per sqm. 

Overall, 15 out of the 24 countries saw increases in average prices for new residential units. The biggest gains were in in Hungary (+13.3%) and Poland (+12.2%), while significant decreases were noted in Italy (-10.7%), Denmark (-3.8%), Norway (-3.5%) and the UK (-3.3%). 

"Housing prices and rents in Romania were influenced in 2023, among other factors, by the lower number of transactions concluded on the residential real estate market, by about 10% compared to the previous year, but also by the slowdown in housing construction activity, by almost 6%. Therefore, it is necessary to stimulate the activity on this market, in order to increase the supply and thus to meet the increasing demand that is emerging now and in the medium and long term," said Marius Vasilescu, Financial Advisory Partner at Deloitte Romania. 

The report further shows that the most expensive residential market in Romania is Cluj-Napoca, with €2,434 per sqm, while Bucharest ranks second, with €1,726 per sqm, followed by Brașov, with €1,618 per sqm. 

Across Europe, Paris ranks first with an average price of €14,900 per sqm for a new apartment, followed by Munich with €10,900 per sqm and inner London with €8,018 per sqm.