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Q1 average mortgage loan reaches 66,000 euros (study)

The Average Mortgage Loan Value in Romania

In the first quarter of 2024, the average value of a mortgage loan in Romania reached approximately 66,000 euros. According to data from Imobiliare.ro Finance published on Monday, the average monthly installment paid by property buyers who have resorted to loans is nearly 400 euros.

Loan Applicants and Demographics

The study indicates that although men apply for mortgage loans in higher numbers, women often have the final say in property purchase decisions within families. Moreover, over 40% of individuals who secured a home loan in the initial months of the year fall within the 31-40 age group.

Loan Volume and Trends

Imobiliare.ro Finance findings reveal that the loan volume facilitated through the company’s national network of 200 brokers surged by 83% in the first quarter of 2024 compared to the same period last year.

Loan Preferences and Market Insights

On average, mortgage loans amounting to 66,000 euros are favored by Romanians, who typically opt for down payments exceeding 15% when seeking financing. The average monthly installment paid to banks stands at 400 euros, a figure comparable to or lower than the rent for a one-bedroom apartment with a living room.

Most Romanians prefer loans denominated in lei with fixed interest rates when selecting financing options.

Market Performance and Pricing

The Imobiliare.ro index highlights a general upsurge in the residential market in March 2024. The average asking price for apartments nationwide, set by owners and developers, reached 1,580 euros per usable square meter.

Cluj-Napoca set a new national record as the most expensive city for property buyers, with prices hitting 2,704 euros per usable square meter, marking an 11% increase from March 2023. Meanwhile, Bucharest averages 1,700 euros per usable square meter, and Brasov saw a 3% price hike to 1,870 euros per usable square meter in one month. Similar trends were observed in Iasi compared to the previous month, while the Constanta market remained relatively stable.

Conclusion

The first quarter of 2024 in Romania witnessed a significant average mortgage loan value of 66,000 euros, reflecting diverse borrower preferences and market dynamics.

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