“New residential construction has grown in the past two years in terms of housing units, mostly focusing on the middle class segment. The trend is determined by a slowdown in appetite for acquisitions and more caution from homebuyers in regards to budget and type of construction. Even though statistics show effervescence in new construction, these are not felt on the middle class segment, which is currently the most stable,” said Adrian Stanescu, Project Manager Imobiliarium.
The average estimated price for housing units in Bucharest is EUR1,400/square meter and relatively lower in surrounding areas. Growth or decline in prices is expected to be minimal in the next period. Middle class residential construction was mostly developed in northern and eastern Bucharest in the past few years.
According to Imobiliarium experts, buyers on this segment are people aged between 30 and 40, with corporate jobs, married, interested in one or two-bedroom apartments and have budgets of over EUR80,000.
Among acquisition criteria, location is the most important, followed by quality of construction, infrastructure and ease access, surrounding facilities such as markets, schools, hospitals, and price per square meter.