Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. The evolution of villa sales in Bucharest: Opportunities...

The evolution of villa sales in Bucharest: Opportunities and challenges in 2024

September 19, 2024

In Bucharest's real estate market, the northern house segment remains one of the most dynamic and attractive, especially given the continuous increase in villa demand. Despite the challenges posed by high construction costs and a decreasing offer, the demand for housing in this area is rising.

Price increases and market impact

In Pipera, an area of significant interest for villa buyers, the price of land has risen from 400 euro/sqm in 2022 to 1,000 euro/sqm in 2024. Even with considerable budgets, it is becoming increasingly difficult for clients to find land that meets all the criteria and expectations for a successful development.
"The high construction costs, rising land prices, and decreasing supply are putting pressure on house prices in the North of Bucharest. Many of those who were unable to purchase a property before the price increases, and who have a budget of up to 300,000 euros, are now forced to move to the areas near Bucharest, such as Tunari, Otopeni, or Corbeanca," states Aurel Ungureanu - Customer Relationship Manager - North Bucharest Investments.
In Tunari, Otopeni, or Corbeanca, land prices have also seen a spectacular increase: from 100 euro/sqm in 2022 to 250 euro/sqm in 2024 - for positions with good access and good facilities.

Demand for gated residential complexes

Gated community housing developments are an increasingly popular solution for homebuyers because of their social and security benefits. They become living spaces and ideal places to develop a community.

"This type of project is a good solution to develop a social life for adults and their children. The security and comfort offered by such communities are strong arguments in the purchase decision," states Aurel Ungureanu.

Premium real estate market developments

Despite rising prices, interest in premium-plus properties in the North of Bucharest continues to grow. Demand for villas priced over €500,000 and over €1 million is growing.

"The real estate market for premium and premium plus properties is growing. The interest and high number of sales of houses priced between 500,000 Euro and over 1 million Euro gives us clear signals that the luxury and super-luxury segment is growing steadily, being one of the most stable niches in the residential sector," Aurel Ungureanu adds.

The Pipera-Voluntari area remains one of the most attractive for villa buyers, especially due to its proximity to prestigious schools, easy access to the Bucharest ring road and the A3 highway, and already-formed communities. Areas such as Erou Iancu are particularly popular due to their access to these facilities.

Increasing sales in 2024
Since the beginning of 2024, North Bucharest Investments has seen a significant increase in home sales, more than doubling compared to the same period in 2023.
"This positive development reflects the growing interest in villas in the North of the Capital despite economic challenges and rising prices. The real estate market in the North of Bucharest continues to offer interesting investment opportunities, especially in the segment of houses and villas", explains the Client Relationship Manager - North Bucharest Investments.
In conclusion, although land prices and construction costs are rising, demand remains robust, and the investment potential is promising, especially in areas such as Pipera-Voluntari and its surroundings.

The information provided by KomuniK

The text of this article has been partially taken from the publication:
https://komunik.ro/the-evolution-of-villa-sales-in-bucharest-opportunities-and-challenges-in-2024/
Read in full - click here
Former Romanian Liberal leader considered as presidential candidate

Crin Antonescu, the former leader of the Liberal Party (PNL) and interim president during Traian Băsescu's suspension in 2012, could become the joint candidate of the Social Democrats (PSD) and Liberals (PNL) in the presidential elections to be held in the spring.  The only politician who has firmly announced his candidacy so far is the […]

Romania’s ruling coalition ready to agree on new government

The Social Democrats (PSD), Liberals (PNL), and Hungarian party UDMR were, at the end of December 22, close to agreeing over the share of the ministries in a joint cabinet to be appointed before the end of the year, such as to enact the quasi-austerity package of fiscal corrective measures already inked by the Ministry […]

Transgaz estimates Romania's natural gas consumption will double by 2028

Romania's gas consumption will increase by 10 billion cubic meters in the next 3-4 years, which practically means a doubling of current consumption, according to the National Gas System Development Plan 2024 - 2033 drafted by the operator of the country's gas transport system, Transgaz. The additional source of gas would come from the Black […]

Romanian government allows state companies to prevent hostile takeover

The government of Romania has approved an emergency ordinance (OUG) initiated by the Ministry of Energy with legislative amendments that allow ministries to increase their stakes in companies in which they are majority or minority shareholders in order to prevent their "hostile takeover" or "decapitalization," according to Profit.ro and

Romania’s outgoing government inks fiscal corrective package

A draft ordinance inked by the Finance Ministry and consulted by Economedia.ro establishes the framework for fiscal measures to be applied in 2025, envisaging that state pensions, special pensions, and salaries...

Romanian president challenges tax amnesty law in Constitutional Court

Romanian president Klaus Iohannis has submitted a notification of unconstitutionality to the Constitutional Court regarding a controversial law approving Government Emergency Ordinance OUG 107/2024, which outlines fiscal-budgetary measures for addressing budgetary receivables and Romania's general consolidated budget deficit for 2024. The Presidential Administration announced the submission on Friday, December 20. The fiscal amnesty brought RON […]