Fewer new homes in Bucharest and its surroundings
Approximately 19,000 houses and apartments could be delivered in 2023 in Bucharest and its surroundings, according to the "Romania Residential Market Genome" market report produced by the real estate consulting company SVN Romania.
This result is approximately 11 percent lower than the one recorded last year, when 21,328 homes were completed in the city and its surroundings. The delivery record was set in 2021, with 22,010 completed homes.
"The supply of new homes is shrinking, both as a result of the new macroeconomic context and the difficult urban regime, but the decrease is not as significant as we would have expected. We believe that the interest rates will reach a plateau soon - already those on the ROBOR segment are over 1 percent lower compared to the peak in the fall - and in analyzing the results of transactions, which are decreasing, we must take into account that house sales and apartments in Bucharest and its surroundings have increased by over 56 percent in the last three years, compared to the pre-pandemic level, according to official statistics," said Andrei Sarbu, CEO of SVN Romania.