Coldwell: 2016, best year in history for Romania’s residential market

Some 30,000 new housing units are expected to be completed this year, which makes 2016 the best year in the history of Romania’s residential real estate market, according to Coldwell Banker’s Residential Market 2016 Overview. The largest residential markets after Bucharest are Cluj-Napoca, Constanta, Sibiu, and Brasov. About 13,000 new homes will be delivered in Bucharest and its surroundings this year, up 20% compared to the previous year. About 53% of them are on the mass-market segment. Some 70% of the new homes delivered in Bucharest this year will be absorbed in 2016, and the rest should be acquired in the next six to nine months, according to the Coldwell survey. The number of residential real estate transactions at a national level increased by 8.6% in the first nine months of this year compared to the same period of 2015, according to official statistics. The biggest regional residential real estate markets are Cluj-Napoca, Constanta, and Sibiu, with over 2,000 new housing units estimated to be delivered in each of these cities. Brasov, Iasi, and Timisoara come next. In Cluj-Napoca and Brasov, over 90% of the houses delivered this year have been bought. Coldwell Banker Affiliates of Romania is one of the biggest local networks of real estate consultants. The agency is an exclusive manager for more than 20 residential projects in Bucharest and other cities and has sold some 2,000 new houses in 2016. Over 1 million new houses built in Romania since 1990 editor@romania-insider.com