New dwellings delivered in Romania down 3.6% y/y in Q1

The number of new dwellings delivered decreased by 3.6% y/y to 15,329 in the first quarter of 2023, the statistics office INS announced.

But the dynamic was highly uneven by urban and rural location as well as by geographical region. Thus, 2.8% more dwellings were delivered in the urban region (9,429 units), while the number of dwellings delivered in the rural area – the target of post-pandemic residential investments but also of developments in the outskirts of first-tier cities – declined by 12.4% y/y to 5,900.

By region, the Bucharest metropolitan area witnessed a significant slowdown (-15.9%) to 4,660 units (still a significant 30.5% of the total).

In comparison, the northeastern part of the country boasted a 70% y/y surge to 1,934 units (12.6% of the total).

The steepest decline was seen in the north-west (-32% y/y to 10.2% of total) while the relatively less developed south-western part of the country (Oltenia) saw a significant 31% y/y advance (to only 5.3% of the total, though).

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