A larger residential offer than last year
Over 14,000 residential units are to be delivered this year in Romania and another 6,000 units are estimated for 2020, Andrei Sarbu, CEO of SVN Romania pointed out during CEDER 2019."These are the figures, if we believe the announcements regarding the delivery dates," Sarbu said. By comparison, last year there were 11,000 units delivered to the local market.
Sarbu added that the offer is huge, but there was a decline of 11% in demand last year, and of 7% in Q1 of 2019. As for prices, they increased by 10% between 2016-2017 and by 5% between 2017-2018. Mauricio Gomez, General Manager Cordia - Futureal Group, believes Romania is seeing a maturation of the market.
"The fundamentals are good and salaries are increasing, which is an important factor for the residential market. Of course, the ROBOR index situation wasn't helping because the majority of Romanians are paid in Lei, while the pricing of apartments is fixed in euros. But the demand is there.The market should increase steadily according to the increase of the salaries," added Gomez.
Cordia – Futureal has started building the first phase of 260 units of Parcului20, in Bucharest's Expozitiei area, and has an additional project of 1.300 units on the pipeline in the center-north part of Bucharest.