2018 has all the ingredients to be the most prolific year of the local residential market in its modern history. This year, the residential market will reach the highest level of maturity so far, according to the latest ’Residential Market Beat 2018’ report released by Coldwell Banker Romania.
If, in 2015, almost 17 percent of the residential projects developed in Bucharest and its surroundings targeted the middle market, about 37 percent of the new offer developed in 2017 was for the same segment, according to Coldwell Banker Romania.
Of the over 12,000 new houses under construction and of the over 14,000 under development in Bucharest and surrounding areas, 46.3 percent target the middle market, the highest level of the segment in the overall housing units in development.
Currently, there are residential projects in various stages of development of with a cumulated investment value of over EUR 750 million.
More than 20 residential projects would each deliver at least 200 houses this year in Bucharest and in the neighborhood, double compared to last year. Moreover, there are nine new projects with more than 1,000 dwellings in development, and another three are to be launched this year.
”2018 can be the maturity year of the local residential market, which is in a favorable moment of which the investors are trying to take full advantage of: the sales trends are good and the demand for quality housing is high and solvent,” Bogdan Voica, CEO Coldwell Banker Romania, stated.
The largest share of units to be delivered in 2018 on the market is still for the mass market segment. This represents about 51.5 percent of the offer, but the percentage was down 8 percent compared to the previous year, amid the increase in the number of projects for the middle market.