Developers currently work on more than 20,000 apartments in Bucharest, out of which 70% should be delivered by the end of the year, according to estimates provided by real estate consulting company Crosspoint Real Estate.
“In 2018, 11,272 apartments were delivered in Bucharest, a record level on the residential market in Romania. Currently, the new residential projects under development comprise over 20,000 apartments, of which 70% are to be delivered by the end of the year,” the analysts of the real estate consulting company disclosed.
The average price for residential units in Bucharest has registered a 1.8% increase in the first half of 2019 compared to December 2018. The declining growth rate indicates a tendency of the market to mature and an alignment with the European average.
Regarding the average prices by area, the southern and western areas remain the cheapest (below EUR 1,000/sqm), while in the Center-North area prices continue to exceed EUR 2,000/sqm. The price growth rate registered in the first semester will be constant throughout the rest of the year, according to the projections of Crosspoint Real Estate.
Real estate developers looking for land to build residential projects in Bucharest are shifting their attention to small...