The transaction prices in Bucharest are now at a level of 1,500 – 2,000 EUR/ built sq. m, excluding VAT on the upper-premium segment, while the luxury units are traded for prices ranging between 2,000 – 2,500 EUR/built sq. m, plus VAT.
TIRIAC COMES BACK IN RESIDENTIAL
The real estate arm of the group owned by local businessman Ion Tiriac announced plans to resume residential projects. The company previously delivered Stejarii luxury compound in Baneasa and Residenz in Chitila. The company’s newest ambition is an urban regeneration project on a former industrial plot (IFMA) neighboring the North Railway station.
The architectural concept of Outbox Studio proposed numerous residential units from towers up to 80m height to low height buildings with terraces homes, vertical gardens and rooftop swimming pools. The project will address the corporate tenants of the recently created Center-West office sub-market. The company also plans residential developments in secondary cities such as Timisoara and Brasov.
BRISTISH-BASED LORECO CREATES NEW COMMUNITY IN THE NORTH OUTSKIRTS
British-based Loreco Investments envisioned a villa community in a quiet and green area from Balotesti, in the North outskirts of Bucharest. The design and urbanism phase spanned over two years, comprising the land and green spaces’ allotment, infrastructure, playground and other amenities in the park. Dumbrava Vlasiei is to be developed on a 90-hectare plot as a five “urban villages” interconnected by a green corridor.
The developer puts up for sale a diversified mix, from pre-fabricated Huf Haus models to villas designed by Romanian architects offering unicity, but also respecting the major urbanism plan of the entire community. The developer has invested 50 million EUR up to now in Dumbrava Vlasiei, his plan being to reach 1,000 units.
FROM OFFICE TO RESIDENTIAL
After they have build a brand as an office developer, local developer Forte Partners has announced project on the residential sector. The company has finalized last year a boutique project, Londra 27, and is now building the first phase of Aviatiei Park, a condominium addressing the upper-premium segment of the market.
“Located in the north of the capital, in an urban fabric which concentrates a variety of new technological activities, the project responds to a young public necessities of finding a place to call home near their professional area. The apartments diversity, the elegance of common spaces and green plazas define an elaborate and welcoming residential complex which complements the identity of Aviatiei neighborhood” the company’s official stated.
“We hope for a quality increase of the new residential developments. And we do not refer here to a more expensive finishing, which doesn’t necessarily lead to a different way of living. We hope for an education of consumption towards the quality of the living space, towards a building in which we enjoy staying as well as we enjoy looking at it. Homes are, for most of us, the most important investment during lifetime. The way these homes pass the time test directly influences the investment. This can go up or down, according to the overall quality of the entire project. And in the last couple of years we have noticed many examples in both cases, enough to help this economic education we need so badly”, Adrian Untaru of ADNBA concludes.
With such developments under way and other also under designing phase, we can say the residential segment is taking the right steps towards maturity, bringing a new qualitative stock on the market in the following two to five years.