About 550 luxury apartments were under construction at the end of last year, in the north of Bucharest, and will be completed in the next two years, DTZ data show on Wednesday.
Most apartments were delivered in Floreasca area – 32 percent of total completed units, followed by Herastrau area – 25 percent.
Compared to 2014 – 2015, when almost 200 units of such dwellings were delivered, the increase is 175 percent.
The locations recording low activity of development are Dorobanti, Aviatori and Kiseleff. In these areas the land availability is limited and many buildings are historical monuments.
Overall, total premium apartments scheduled to be completed in 2016 – 2017 in Dorobanti, Aviatorilor and Kiseleff areas represent only 9 percent of the total units stock scheduled for delivery during this period.
Analyzing the current status of the market, the highest number of premium residential apartments available for sale are located in projects that are due to be completed in 2016 (86 percent of the total number of apartments scheduled for completion this year are available for sale). The availabity of premium residential units scheduled for completion in 2017 is lower, with only 48 percent being available for sale at the end of Q4 2015.
Average sales prices in residential projects range from EUR 1,800 euro / sqm (+ VAT) in Aviatori area, to EUR 1,900-2,000 in Floreasca, Herastrau and EUR 3,000 in Kiseleff and Dorobanti and up to EUR 3,500 in Primaverii.
The vast majority of the projects under construction are designed to offer apartments with 2 and 3 bedrooms. When considering all the premium residential units scheduled for completion in the next two years, 60 percent is represented by such types of units. Compared with the stock delivered between 2014 –2015, the number of 1 bedroom apartments currently under construction is six times higher.