Some 30 percent more housing units with a price tag of at least EUR 100,000 were up for sale at the end of the first quarter this year compared to the same quarter last year, according data from real estate consultancy Premier Estate Management.
Moreover, the share of housing units worth EUR 100,000 or more in the overall supply has increased from 25 percent to 30 percent, according to the same source. This pricier segment of the market is mainly made up of new projects built after 1990 which represent a total of 61 percent.
The growth trend for “medium-high apartments” is fueled by four factors, say Premier Estate Management representatives. There is a high share of potential buyers who are looking for a second home, demand is overall higher, more projects are being built and prices are on the up, they say.
“EUR 100,000 is a psychological threshold for apartment prices in Romania, but access to such housing units is no longer as restrictive as it was one or two years ago. The price for a two-bedroom new apartment that enjoys a good location in Bucharest but as also in secondary cities such as Timisoara or Cluj-Napoca, already surpasses this level,” said Andreea Comsa, the CEO of Premier Estate Management. She remains optimist about the overall outlook of the local residential market this year, she previously told BR.
The most popular locations for such apartments in Bucharest are in the northern part of the city in neighborhoods such as Herastrau, Baneasa, Dorobanti, Floreasca, Unirii and Kiseleff-Aviatorilor.
Premier Estate Management brokered the sale of 940 housing units last year worth a combined EUR 90 million, according to its data.