Coldwell Banker Report: 12,000 new properties to be delivered by year-end

Georgeta Gheorghe 10/04/2017 | 15:56

Around 12,000 properties are currently being developed in Bucharest and surroundings and could be delivered this year, according to the Coldwell Banker Report.

Most properties, 7,200, representing 59.5 percent, are included in the mass market segment, up by approximately 6 percent. The share of the middle market segment will continue to be high in 2017, against the background of the development of an increasing number of residential projects in the areas near the center as well as near business centers such as Barbu Vacarescu, Floreasca, Politehnica and Grozavesti), with 4,500 units or 37 percent of the offer, to be completed this year in Bucharest and surroundings.

The affordability index of a new property in Bucharest reached a record low. In order to purchase a 50 square meter one bedroom apartment in Bucharest, Romanians need to pay 144 average incomes (9.5 percent), compared to 119 salaries in January 2016 (10 years) and 395 în 2008 (33 years).

In the upcoming future, building works will start on 2,000 units, to be delivered in 2018, according to the market report.

Most properties scheduled to be completed this year in Bucharest and surroundings are located in the western part of the city, namely 28.8 percent, as well as in the north and the south, each with 23 percent of the offer, with 13 percent of the new offer being located in semi-central areas.

The study expects that sape prices will go up by 5 -7 percent this year. The Coldwell Banker Report is a survey made by real estate company Coldwell Banker Romania.

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