Consumer demand and rising construction costs were the main drivers behind an increase in apartments prices on the Bucharest market in 2017, Mauricio Mesa Gomez, general manager of Cordia, part of Futureal Group, said at this year’s CEDER conference. “I do not think there will be a price correction, at least not this year,” Gomez said. “If you have a good location and a good price, you will sell.” Cordia delivered 500 apartments in the city’s Expozitiei area. Beatrice Dumitrascu of One United Properties added that construction costs have increased by 30 percent, forcing developers to raise apartment prices accordingly. One United Properties recently broke ground on its One Mircea Eliade project in the city’s Floreasca area, an investment worth €100m. Of the 236 units, 50 will be rented out.
Alex Skouras, managing partner at Alesonor, said his company is planning a new project in the north of the capital. To go up on 31 ha, the project will feature 400 passive villas integrated into a community with kindergartens, shops and green areas. “The market is now more balanced. It’s not like 10 years ago when demand came from investor. That’s why our project also addresses real families with real needs of living spaces,” Skouras said at the CEDER conference. “The difference is that the market is now more secure, because the projects and services are of better quality.”
