A Retrospective on Valuations for Secured Lending
he 33rd anniversary of Activ Property Services provides the perfect opportunity to look back at one of the most important areas of our activity: valuations for secured lending purposes.
For this analysis, we reviewed exclusively the valuation reports prepared for loan security purposes, excluding valuations conducted for financial reporting, taxation, information, or transaction purposes.
Over the past 10 years, our team has prepared more than 1,800 valuation reports for secured lending, covering properties with a cumulative value exceeding €2.1 billion.
Financing in Figures
The evolution of the number of valuations reflects, to a certain extent, consumers’ appetite for financing, in correlation with the economic events that shaped the period under review.
A decline can be observed in 2024, mainly as a result of rising inflation across Europe.
Property Typology
The residential segment ranks first by property type, with more than 750 valuation reports, followed by industrial and commercial properties.
The commercial category includes both retail properties—such as high-street units, standalone properties, and retail boxes—and office buildings.
National Coverage
The largest number of valuation reports was prepared for properties located in Bucharest and Ilfov—more than 500—followed by Timiș County, with almost 200 reports, where Activ Property Services also operates a regional office.
Other counties strongly represented in the analysis include Argeș, Constanța, Alba, and Brăila. Overall, the top 10 counties account for almost 80% of all valuations conducted.
As the residential segment naturally attracts the greatest interest among the general public, we also analysed data for apartments located in Bucharest, focusing on the categories for which we had representative information: two-bedroom, three-bedroom, and four-bedroom apartments.
To assess price evolution, we used the price per square metre of usable area, as this is the type of surface area consistently included in all valuation reports.
Two-Bedroom Apartments
The unit price trend for two-bedroom apartments shows relatively steady growth, starting at approximately €1,200 per square metre of usable area in 2015 and reaching almost €2,000 per square metre by the end of 2023.
Although the analysis does not include values for 2024, more recent data indicate that the upward trend has continued, with prices already exceeding €2,200 per square metre of usable area.
Three-Bedroom Apartments
The unit price of three-bedroom apartments followed a similar evolution. However, the effects of the 2020 pandemic are more visible in this category, negatively affecting prices and leading to a 16% decrease compared with 2019.
While values were below €1,000 per square metre in 2015, by the end of 2024 we recorded values exceeding €3,000 per square metre.
Four-Bedroom Apartments
Four-bedroom apartments followed a similar evolution to three-bedroom units. The main difference was a slight decrease below the €3,000 per square metre threshold in 2024, approximately 8% lower than in 2023.
It is important to mention that, in the case of three-bedroom and four-bedroom apartments, average prices are significantly influenced by the premium segment, particularly penthouse properties, which contribute to the higher reported unit values.
The evolution of valuations for secured lending reflects not only the dynamics of financing demand, but also the structural transformations experienced by the Romanian real estate market over the past 10 years.
The constant increase in residential property prices, particularly in Bucharest, confirms the market’s stability and increasing maturity, as well as the population’s continued interest in property acquisitions supported by bank financing.
Behind these figures are people, decisions, and professional experience. For us, every valuation report represents another step towards strengthening trust between financial institutions, investors, and clients.
We look to the future with confidence and remain committed to being a trusted partner in every economic context.
For any type of property valuation, the Activ Property Services Valuation Department is available through our existing communication channels, by email or at the telephone number published on our website.
