“We won’t have an office building in Gran Via Park because there are already office buildings developed in the area and moreover, the area is not that good for an office building. On the other hand, the Gran Via Park is doing very well,” said Antoanela Comsa, general manager of Gran Via Romania.
“A month ago, we launched the third phase which is now under construction and scheduled for completion next year and have already sold 40% of the 295 apartments in one month. We will probably start working on the fourth phase we will complete by the end of the next year.”
A number of residential projects with thousands of homes have been launched in Bucharest in the past few months, most of which in the north and west of the city, close to office buildings.
Real estate consultant Coldwell Banker says Bucharest remains the biggest residential market of the country, with an annual pace of more than 10,000 units delivered and more than 75% absorption rate during construction.
“About 14,000 new homes are under development in Bucharest and the surrounding areas at the moment, and 2018 could be the best year in terms of deliveries of new homes but that will depend on how developers meet the collection deadlines announced and how fast the papers to officially register the homes completed are drafted,” Bogdan Voica, CEO of Coldwell Banker Romania, told ZF.
Customers are willing to buy bigger homes, and many are looking towards three-room homes instead of two-room ones.
“Demand is moving from two to three rooms and people are starting to look at more than just the price, they also look at the area, proximity of shopping hub or other points of interest, the mix of services and the quality of neighbors,” Andreea Comsa, managing director of real estate consultant Premier Estate Management, said.
(English version by Loredana Fratila-Cristescu)