Villa Sales in Bucharest: Growth and Challenges in 2024

The real estate market in Bucharest’s northern districts continues to be one of the most dynamic segments, with demand for villas rising sharply despite high construction costs and a shrinking supply of land. Buyers, particularly those interested in premium properties, are driving prices up in key areas like Pipera.

In Pipera, land prices have surged from EUR 400 per square meter in 2022 to EUR 1,000 per square meter in 2024. However, even with increased budgets, finding suitable land for villa developments is becoming more challenging. “The rising construction costs, escalating land prices, and limited supply are pushing house prices higher in the north of Bucharest. Many buyers with budgets up to EUR 300,000 are now looking outside the city, in areas like Tunari, Otopeni, and Corbeanca,” said Aurel Ungureanu, Customer Relationship Manager at North Bucharest Investments.

Tunari, Otopeni, and Corbeanca have also experienced notable land price increases, with prices rising from EUR 100 per square meter in 2022 to EUR 250 per square meter in 2024 for prime locations with good access and facilities.

Despite these challenges, demand for premium properties priced over EUR 500,000—and even exceeding EUR 1 million—continues to grow. “The market for premium and premium-plus properties is expanding. The steady increase in sales of homes priced between EUR 500,000 and over EUR 1 million signals that the luxury segment remains one of the most stable areas in the residential sector,” Ungureanu added.

Since the start of 2024, North Bucharest Investments has reported a significant surge in villa sales, with numbers more than doubling compared to the same period in 2023.