SVN Romania report: Over 24,000 dwellings in construction in Bucharest and its surroundings

Over 24,000 new residential units are under construction in Bucharest and its surroundings, according to the market report ”Romania Residential Market Genome 2021” released by real estate consultant SVN Romania. Significant developments are being registered also in other residential regional markets from Romania, such as Constanta, Brasov or Cluj–Napoca, according to Business-Review.eu.

Among the residential units under development in and around Bucharest, approximately 18,000 – 20,000 could be delivered this year. The result will depend on the degree to which developers will maintain their current pace of construction and the ease with which they will complete the delivery papers.

This volume of deliveries would be similar to the one registered in 2020, when a new record was established in Bucharest and its surrounding areas, despite the Covid-19 pandemic. Thus, 20,733 residential units were delivered in the region last year, up 40% compared to 2019, according to data from National Institute of Statisics.

The new housing offer from 2021 will register insignificant changes compared to 2020. Thus, the largest share of units due to be delivered this year in Bucharest and its surroundings, approximately 55.2%, targets the mass market segment. This segment is characterized by locations within the large neighbourhoods or the outskirts of the city and trading prices which go up to EUR 1,300 per net square meter.

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