Another 20,000 housing units to be delivered in Bucharest this year

Some 24,000 new housing units are in the pipeline for delivery in Bucharest, and 18,000-20,000 of them will be ready in 2021, local real estate agency SVN estimates. The figure is close to the 20,733 units delivered last year.

Bucharest, including its outskirts, concentrated a third of the new housing units delivered in Romania last year, after an impressive 40% rise compared to 2019.

Out of the 20,000 new homes to be completed in 2021, more than half (55%, according to SVN's estimate) are affordable apartments. These come with prices of up to EUR 1,300 per sqm and are located either in the big existing neighborhoods or at the city's outskirts.

Another 8,300 apartments are in an intermediary category, where the price ranges between EUR 1,300 and EUR 2,000 per sqm, in line with the number of such housing units delivered in 2020.

Only 700 housing units can be placed in the "luxury" category, where the price per sqm exceeds EUR 2,000. These are typically located in the northern part of the city.

"The overall difficult context we are passing had a limited impact on the local residential market, which withstood well the shock caused by the macroeconomic effects of the Covid-19 pandemic. Significant increases in closed transactions were registered in all regional residential markets from Romania, new records in deliveries were registered in Bucharest, and the accessibility of purchasing a new home reached its best level in recent history. Today we are far better than in March 2020, when the current sanitary crisis started. Therefore, 2021 has the premises for new good results," stated Andrei Sarbu, CEO SVN Romania.

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