Annual Bucharest apartment and home deliveries to triple in the next 3 years

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The number of apartment and home deliveries in Bucharest will triple in the coming 3 years from 2,500 in 2007 to about 6,000 – 8,000 over 2008 – 2010, reveals a study on the Bucharest residential market authored by Polish consultancy company REAS.
 
At the end of July 2008, REAS completed an analysis of the Capital City’s primary residential market that covered about 220 residential projects, 180 of which represented the multifamily market sample in various development stages, from design stage to projects close to completion.
A little more than 2,500 apartments and homes were delivered only in Bucharest in 2007, but this is not much considering the size of the city and the relatively high demand, reads a company release.
 
As many as 15,700 apartments were delivered in 2007 Warsaw, a city similar to Bucharest in size, and 16,200 are scheduled for delivery in 2008. The situation is highly different in Bucharest, where the current offer of housing put up for sale and due for completion between 2008 and 2010 gives ground to assume an annual delivery rate of 6,000 – 8,000 apartments in the next years. The study highlighted a significant trend noticeable in the housing offer to spread to the city outskirts, due to scarce land and the high interest of the local buyers for out-of-city homes.
 
In 2007, apartment deliveries in the Ilfov county – that surrounds Bucharest – were by + 60% above the figure registered in the Capital City. Construction activities focused on the city’s outskirts with clear preference for northern locations, such as Pipera, Voluntari, Buftea, Otopeni, Corbeanca.
The REAS study reveals an accentuation of market segmentation and a broadening of the residential offer targeting potential middle-class buyers. Two- or three-room units are predominant in the developers’ offer.
 
Only 48,000 apartments were handed over in Bucharest since 1990, at a yearly average of 2,600 new units, but the annual number of marriages in the city is 15,000. This, added to the current shortage of residences – measured by the significant surplus of families towards the exiting residential stock – points to the fact that general demand is extremely high and the long term potential is equally high.
 
According to data of the National Bank of Romania cited in the release, Bucharest holds the lead on the local market of property credits with no less than 42% of the total amount of real estate loans disbursed in Romania.
Asking prices on the Bucharest residential market vary broadly; projects with average gross prices below 1,000 euros per sqm are hard to find inside the city administrative boundaries, and the majority of homes on offer are available for less than 2,200 euros per sqm.
 
For the bulk of projects on offer, prices vary between 1,200 and 1,800 euros per sqm, depending on the project’s location and quality class, and only this market segment addresses the middle class. Prices on the luxury segment start from approximately 2,000 euros per sqm.
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