The Romanian market will see the addition of 100,000 new properties, that will sell at costs that are 20 percent higher, a study by Directimo.ro said. More than half of the properties will be developed by the top 15 developers, which plan to build over 50,000 properties in 22 residence complexes.
According to the Directimo.ro survey, which included a total of over 300 real estate complexes, developers will deliver over 100,000 new properties. The prices of new properties located in the Romanian capital increase with up to 10-20 percent in the first semester of 2017. In particular, this was the case in central, northern and western areas after a period of approximately five years of stability and moderate growth. “The main reason behind the increase is the limited offer available on the market, due to the difficulties encountered by developers to obtain permissions,” Matei Malos, Directimo co-founder said.
According to the survey, the biggest 15 developers are planning to build, in the upcoming years, 54,450 units in Bucharest of the total of over 100,000 units forecasted.
“The main 15 developers represent a ranking reflected by the total number of units currently in development phase and is topped by Romanian developers with 24,950 units. They have gathered experience compared to the previous years and have managed to find success formulas of association. An example is that provided by the Metalurgiei residence complex, the most important project in the southern area,” Directimo.ro representatives said.
The 54,450 apartments are distributed over 22 residential complexes, with 2,900 in the eastern area, 11,000 in the south and the rest of 40,600 are available in the western and central areas of Bucharest.
“The location of residential projects reconfirms the trend adopted by the developers to build near office buildings, that are also concentrated in the northern and western areas,” Directimo representatives said.