CIBR Blog

CHAMPION FOR THE TRANSACTIONS
WITH OLD APARTMENTS
IN 2007

“In the eastern part of the Capital, about 4500 houses have been sold – Last year 7.300 apartments have been sold in the project phase”

Source: Gandul (The Thought) the 13th of April 2008

District 3 – champion for the transactions with old apartments in 2007

The greatest number of the old apartments which have been sold last year were situated in the district 3 of the Capital, the platform being completed by the districts 6 and 2, as a study of the real estate consultancy company Colliers International Romania proves. In total, a number of 16.700 locative units from the old blocks have been purchased during the last year, under the level of the year 2006, while their number was of 17.780.

As far as the new houses are concerned, the study proves that during the last year a number of 7.300 units have been sold since their project phase, so a double number compared to the year 2006, and the greatest number of the apartments have been sold around the town, especially in the districts 6 and 1. The greatest number of the projects in realization are situated around Bucharest, in the northern area.

In the same time, in most cases the houses for sale, in a number of 4.456, are the ones from the eastern part, followed by the area around the northern par with 3.412 units for sale and 3.402 houses in the northern part. The southern area has the smallest number of houses, of only 519 units. In total, about 17.000 houses are for sale in the whole Bucharest and around Bucharest.

5.000 apartments till the end of the year

The persons that have realized the study prove that the average price of 1.500 Euro for the square meter will continue to be maintained, because of the residential ensembles that have been launched in the second half of the last year, being especially designated for the middle and under middle class, where the launching price was small. „The smallest average price for an apartment with there rooms within a new project with over 200 units from the Western part of the Capital is of about 133.000 Euro plus VAT. But, if we would include in this analysis the apartments which have been built before 1990, the most accessible from the point of view of the price is the Southern area, where the average price for an apartment with three rooms about 130.200 Euro”, as it has been mentioned in the study. The most expressive apartments with three rooms, both new and also old, are the ones which are situated in the central areas, followed by the ones from the North and South –East area.

The estimations of the prices for this year have showed that the residential market will increase in a more slow rhythm than the one which has been registered in 2007. In the first part of this year, the prices will increase with 5%, and then the annual average at the end of the year will be of 15%.

Colliers estimates that till the end of the year the stock of new apartments will reach to 5.000 units, and till 2010 a this will be of 15.000 units.