Housing projects in Bucharest get more expensive but move downtown

The cost of the housing projects delivered in Bucharest last year increased by 10%, at most, compared to 2013, due to better locations and new categories of clients, according to Hanner, the Lithuanian company which developed the Park project, near the Tineretului Park in Bucharest. For the first time in four years, several projects were built in central areas or near important avenues. In the previous years, most of the residential projects were built in marginal neighborhoods or in the outskirts of the capital. 2014 also brought more housing projects aimed at the luxury segment and the upper-middle class. The land price for the central buildings has a 30% share in the total investment, while for the buildings at the outskirts of the capital, the plot has only a 10% share, says Mindaugas Valuckas, CEO Hanner Holding. editor@romania-insider.com