From 2015 to Q2 2026, house prices rose about 82% in lei, about 56% in euros (our calculation) and about 6% after inflation.
According to Eurostat, Romanian HICP inflation was 6.5% in September 2026, against 3.8% in the euro area. The BNR's target is 2.5%.
A €150,000 home cost 763,425 lei in January 2026 and 800,475 lei in October 2026, purely because of the exchange rate.
Inflation and house prices in Romania: the short answer
According to Eurostat's house price index, which is based on data from Romania's National Institute of Statistics (INS), house prices in Romania rose by about 82% in lei from the 2015 average to the second quarter of 2026. Over the same period consumer prices rose by about 72%. In other words, after inflation, homes became only about 6% more expensive.
And in euros? The leu weakened by about 17% against the euro over the same period. By our calculation, in euro terms house prices rose by about 56%.
Put simply: the same home "rose" 82%, 56% or 6%, depending on whether you count in lei, in euros or after inflation. That is why it matters which currency you earn in, which currency you pay in, and which currency the contract is in.
This article is not about investment gains and does not forecast prices. It explains how to read the numbers.
Three lenses on the same prices
| What is measured | 2015 to Q2 2026 |
|---|---|
| House prices in lei (Eurostat/INS index) | about +82% |
| Consumer prices (Eurostat HICP) | about +72% |
| House prices after inflation (our calculation) | about +6% |
| The euro in lei (ECB reference rate) | about +17% |
| House prices in euro terms (our calculation) | about +56% |
Sources: Eurostat tables prc_hpi_q (house price index, 2015=100) and prc_hicp_minr (consumer prices). Euro against the leu: the 2015 average (4.4454) against the Q2 2026 average (5.1919), from the European Central Bank (ECB). The euro conversion is our own calculation, not an official index.
Important: this is a national index for all of Romania. It is not an index for Bucharest or for a particular neighbourhood.
The starting point changes everything
The same calculation, from the end of 2019:
| What is measured | Q4 2019 to Q2 2026 |
|---|---|
| House prices in lei | about +45% |
| Consumer prices | about +58% |
| House prices after inflation | about -8% |
| The euro in lei | about +9% |
| House prices in euro terms | about +33% |
Since the end of 2019, consumer prices in Romania have risen faster than house prices. In "real" terms, after inflation, homes have actually become cheaper. In euros, they have risen by about a third. All three statements are true at the same time.
New homes against existing homes
Eurostat's index also separates new homes from existing ones, and they took different paths:
| Index, 2015=100 | Q4 2019 | Q4 2023 | Q2 2026 |
|---|---|---|---|
| New dwellings | 114.47 | 150.43 | 177.49 |
| Existing dwellings | 127.89 | 147.49 | 177.65 |
Until 2019 existing homes rose faster. In 2022 and 2023 new homes closed the gap, with annual rises of 12.8% and 10.0% in the fourth quarter of each year. Today the two indices are almost at the same point.
Inflation in Romania now
Romania has been through a year of high inflation. According to the National Bank of Romania (BNR), citing INS data, annual inflation fell to 6.17% in August 2026, from 10.42% in June 2026. According to Eurostat, the harmonised index (HICP) stood at 6.5% in September 2026, against 3.8% in the euro area.
The same home rose 82%, 56% or 6%, depending on whether you count in lei, in euros or after inflation.
What pushed it up? According to the BNR, the VAT and excise increases in summer 2025 and the end of the electricity price cap. The fall in summer 2026 came mainly as those effects dropped out of the annual comparison.
The BNR's target is 2.5%, with a band of one percentage point either way. In its August 2026 forecast the bank expected 6.1% in December 2026 and a fall to 2.8% by June 2028. In the minutes of its 8 October 2026 meeting it wrote that inflation is expected to rise to the end of the year, above that forecast. The bank's policy rate stayed at 6.50%.
And over the last year alone? According to Eurostat, in Q2 2026 house prices were 12.1% higher in lei than a year earlier. New homes rose 12.8%, existing homes 11.8%. The euro strengthened about 3.2% against the leu over the same period, so in euro terms the rise was about 8.7%, by our calculation.
Why the contract currency matters
In Romania, many prices for new homes are published in euros, and many developer contracts are in euros. At the same time, taxes, fees and the notary's fee are calculated in lei, and a Romanian mortgage can be in lei. We covered this chain in detail in our article on currency risk in euro instalments.
Here is what it means in three situations:
| Your situation | What affects you |
|---|---|
| Income in lei, price in euros | When the leu weakens, the home becomes more expensive for you even if the euro price does not move |
| Savings in euros (or another currency), price in euros | Romanian inflation matters less. What matters is the rate between your currency and the euro |
| A lei mortgage | The rate depends on inflation and on the BNR's rate. The payment is in lei, and your income may not be |
An example, for illustration only: a home priced at €150,000 cost 763,425 lei at the ECB reference rate on 2 January 2026 (5.0895), and 800,475 lei at the rate on 21 October 2026 (5.3365). A difference of 37,050 lei, with no change at all in the euro price.
We compared euro and lei loans in our article on a euro or a lei mortgage.
What these numbers do not say
- They are not an index for a specific area. The index is national. In Bucharest and other cities the pace differs. We covered the capital in our article on Bucharest property prices over the past decade.
- They are not the price of a specific project. An index measures an average of transactions, not the home you are looking at.
- They are not a forecast. What happened between 2015 and 2026 does not tell you what happens next.
- The euro conversion is an approximation. We divided the lei index by the change in the exchange rate. It is not an official euro index.
How to check this before you sign: 6 steps
- Check the currency of the price in the contract. Euros or lei.
- Check the currency you actually pay in. If the price is in euros and you pay in lei, the contract should say which rate applies, for example the BNR rate on the day of payment.
- Match the currency to your income. Someone who earns in lei and pays in euros is exposed to the exchange rate. Someone with euro savings is less exposed.
- Plan taxes and fees in lei. They are calculated in lei, so their euro amount moves with the exchange rate. We covered VAT on new homes in our article on VAT on new homes.
- If you take a mortgage, test the payment under several scenarios. A Romanian bank can finance up to 70% of the price, so your equity is at least 30%.
- Have an independent lawyer review the currency clauses. The developer's lawyer represents the developer.
Frequently asked questions
How much have house prices in Romania risen since 2015?
According to Eurostat's index, based on INS data, about 82% in lei from the 2015 average to Q2 2026. After inflation, about 6%. In euro terms, by our calculation, about 56%.
What is inflation in Romania now?
According to the BNR and INS, 6.17% in August 2026. According to Eurostat's HICP, 6.5% in September 2026. The BNR's target is 2.5%, with a band of one percentage point either way.
Why is there a difference between the price in lei and in euros?
Because the leu has weakened against the euro. According to ECB reference rates, the euro went from 4.45 lei on average in 2015 to 5.19 lei in Q2 2026. When the leu weakens, a price in lei rises more than a price in euros.
If the contract is in euros, does Romanian inflation not matter to me?
It matters less, but not zero. Taxes, fees and a lei mortgage are affected by it, and so are the building costs the developer pays. What affects you directly is the rate between your currency and the euro.
Does this index apply to Bucharest?
Not exactly. It is a national index. In the capital and the big cities the pace can differ, so it is worth checking local data as well.
The bottom line
House prices in Romania have risen over the past decade, but by how much depends on which currency you count in and where you start. In lei, more than 80%. In euros, about 56%. After inflation, about 6%. And from the end of 2019, after inflation, even less.
For you, the important question is not "how much have prices risen". It is which currency you earn in, which currency the contract is in, and which currency the loan is in. When the three match, you are less exposed.
If you would like to go through the structure of your own deal from this angle, book a half-hour call with me.
Moti Azulay, Compass Group Romania
Sources: Eurostat: house price index (prc_hpi_q) · Eurostat: HICP consumer prices (prc_hicp_minr) · ECB: euro-leu reference rates · BNR: minutes of the monetary policy meeting of 8.10.2026
This article is general information only and is not legal, tax or financial advice. Figures are current as of 22 October 2026. Past data does not predict the future. Calculations in this article are for illustration only.
Now you know more.
This article is general information, not legal, tax or financial advice. Consult local professionals before any transaction.
