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Residential Market News

New records on Bucharest’s residential market

The residential market from Bucharest and its surroundings registered in 2020 a new year with record results regarding deliveries. Over 16,000 new residential units could be delivered overall in 2020, thus setting a new local record, according to ”Romania Residential Market Genome 2020” report issued by real estate consultant SVN Romania.

Bucharest residential market, fast recovery

Although the emergency period blocked real estate transactions, including in the residential market, the residential segment recovered rapidly from May, the total number of transactions in the first nine months of 2020 decreased by only 8% compared to the same period of the previous year.

A new residential project with 500 apartments on Şoseaua Gării Căţelu in Bucharest

Dan Şucu, the owner of Mobexpert, the developer of the Arcadia Apartments residential complex, which includes 800 apartments and was developed in partnership with Conarg owner Valentin Vișoiu, intends to develop a new mixed project on a four-hectare plot on Şoseaua Gării Căţelu.

Promoimob Development plans a mixed project in the north-central area of Bucharest

Promoimob Development, a real estate developer owned by two Spanish companies, is planning a new mixed-use real estate project, which will include office and residential components, on a 5,750 sq m plot of land between Ramuri Tei, Glinka Mihail and Barbu Văcărescu streets in the north-central area of Bucharest, near the Kaufland store.

The 5% VAT could also apply to more expensive homes

The Romanian Parliament voted to increase the threshold to which a reduced VAT rate of 5% is applied to 140,000 euros, for homes with a usable area below 120 sq m.

Construction of residential buildings increased by almost 25% in August

Against the background of low costs with medium-term financing, but also of the government program New House, construction works on the residential segment rose in August by almost 25%, according to INS (National Institute of Statstics).

The developer of Orhideea Gardens plans a new project with 300 apartments in the north of Bucharest

The businessman Daniel Piţurlea, the owner of the construction company Concelex, and his family are planning a new residential project in the north Bucharest, on two plots of land with a total area of 24,000 square meters.

Impact Developer & Contractor enters the residential market in Iași, with the Greenfield project

The developer Impact Developer & Contractor enters the real estate market in Iași, by purchasing a land of 19,068 square meters. The transaction marks a major step in the strategy of implementing Greenfield and LUXURIA housing standards in large cities in the country.

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