Discover the new real estate development wave in Bucharest

Newsroom 05/07/2018 | 11:18

If in the years 2014-2016, after the market came back to life after crisis, there were only a few quality residential products and these were addressed to the luxury segment, now are more and more developments that impress through architecture, interior design and facilities and are addressed only the luxury segment, but also the medium-high segment.

The old housing stock, built largely before 1990, which has become inappropriate for the dynamic lifestyles of new generations, coupled with positive macroeconomic outlook, are the main factors of residential development. At the same time, the poorly developed system of means of public transport determines customers to find homes near workplaces.

Sale prices are at a level of EUR 1,500 – EUR 2,000/ sqm+VAT for the medium-high segment, while luxury homes are sold at prices between EUR 2,000 -EUR 2,500/sqm+VAT.

“Over the past few years we have seen a greater involvement of developers in the design phase. Everyone’s experiences have probably shown that something that is not well thought out, has little chance to get out well. There is also more competition on the market, which we believe is the only good thing of intense demand,” explains Adrian Untaru, co-founder of the ADNA Architecture Office, who designed some of the most popular local residential developments.

Building a reputation in the commercial sector is a good card to take in the start and the residential one. Recently, Prime Capital, the company founded by Martin Slabbert and Victor Semionov (known in the NEPI business development market), announced an ambitious project near the Barbu Vacareresu office block: Avalon Estate.

The new development will cover 8 hectares, with three types of housing and many facilities. Also on this business model are Forte Partners, who successfully developed two office projects (Stefan cel Mare boutique building and The Bridge), and now are adressing to the residential sector where they currently have on sale the first phase of Aviation Park, with a total of 176 apartments. The new project features a range of facilities such as a park for residents, ample terraces, walking alleys/bicycles/roller coats, mature vegetation to provide privacy, thermal and sound comfort.

One United Properties developer, founded by Victor Capitanu and Andrei Diaconescu, is one of the most dynamic in the residential segment in the north-central area of ​​Bucharest. The company has a portfolio of 376 apartments and other 453 at various stages of design. One United Properties fancy project is One Floreasca, one of the largest urban regeneration projects in the center of the capital: a mixed development with an A-One Tower office building and three exclusive apartment buildings – One Mircea Eliade. Also within the project, Auchan Romania will restore and modernize the former Ford hall in a contemporary retail space (concept store & food hall).

Tiriac and Hanner, projects close to Gara de Nord

The group owned by businessman Ion Ţiriac announced the resumption of residential development, planning a spectacular development on the former IFMA industrial platform in the vicinity of the Gara de Nord and the new office block around the Basarab passage. The new project provides numerous residential units from towers of 80 m tall to terraced buildings with rooftop pools and vertical gardens.

In the same area, the Lithuanian group Hanner is developing a mixed project on the site of the former Grivita brewery, bringing a product on the local real estate market: loft apartments, following the model of European cosmopolitan capitals. One of the historical buildings, Maltarie, will be refurbished and transformed into a residential space with 31 lofts. Also in the project will be co-working spaces, restaurants, cafes, events, entertainment, public spaces, sports halls and kindergartens, according to the announcement made by the developer.

“We hope to increase the quality of residential developments. And here we do not mean a more expensive finish that does not really help a different way of living. We hope to educate ‘consumption’ to a quality of living space, to a building in which we enjoy living, as we look forward to seeing it or going through it. Houses are essentially, for most of us, the most important investment made in life. The way they behave over time influences this investment directly. Depending on the quality of the project, this investment may appreciate or depreciate. And I think in recent years we have many examples for each of these cases, enough to help with this individual economic education that we think we need so much,” said Untaru.

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