|
The real estate market in Bucharest has a series of specific features that even determine the economic status of the Romanian capital.
In the early 2000’s, an apartment in the central area was worth around €7,000 – 14,000, and currently the same apartment is sold for €100,000 – 150,000; the real estate boom is generated by coordinates like population growth, foreign investments or Romania’s joining the European Union. Also, an important incentive for the development of the Romanian real estate market was the introduction of the mortgage credit, thus connecting the local market to the international financial markets and introducing principles of global real estate market.
Prior to Romania’s joining the European Union, the real estate market in Bucharest increased by more than 100%, so that, if 1 sqm of land in the capital’s northern area, in 2003, was $5/sqm, in January 2007 the same land was estimated at €130/sqm. A significant increase occurred in the “luxury” segment: villa and apartment complexes, as well as in the commercial sector represented by office buildings. At present, in Bucharest, the real estate area is divided as follows: the northern area, represented by residential complexes, and the southeastern area, represented by the industrial sector.
|
