Monday, July 14, 2008

65,000 new apartments to be delivered in next 3-5 years

The number of new apartments to be delivered in the next 3-5 years will amount to about 65,000, but housing needs will not be covered, the ratio being currently estimated at one housing unit for five applications in Bucharest, shows a survey conducted by analysts of the Regatta real estate company.

According to this study, the North area of capital owns a percentage of 38.10% of the total units to be available in the next three-five years, which means 24,750 units. "In the North there are ample areas of land and the projects in the area include large-size residential ensembles of up to 4,600 units, which have complex concepts such as Cosmopolis or the Băneasa project, which cover vast areas, but also small-sized buildings and small, with an intimate character, with less than 50 units," say the analysts of the real estate company.

In the western area, developers have made full use of the available plots to achieve large-size residential ensembles, which offer between 2,000 and 2,700 units, such as those in Drumul Taberei, just over 1,000 in Military or Semănătoarea, but also buildings with a small number of units (between 88 and 465), such as Champions Residence, opposite the Ghencea Stadium. The total area includes 14,737 units, namely 22.68% of the total supply for Bucharest.

In the east, the most dynamic area is the Titan district, an area where competition is very high, providing varied offers. At the same time, the Dristor, Obor, Colentina and Pantelimon areas develop, offering together a total of 17,499 units. This figure represents 26.93% of total apartments announced in the market.

"As expected, the South begins to transform, the accentuated industrial profile starting to be balanced by the need for residential. Several new residential projects are expected here, an essential factor being the relatively low price of land. For now, the started projects represent a percentage of 6.38% through the 4147 units available in areas such as Constantin Brâncoveanu, Piaţa Sudului, Berceni, Tineretului or Splaiul Unirii. The biggest residential ensemble in the south currently provides 1,680 units and is located in the Splaiul Unirii area. Further development of large projects is expected in the area, as the space favourable to developments is still available here, the Regatta study also shows.

Regarding the downtown area of the Capital, real estate analysts consider that the lack of land is more than obvious and thus the percentage of residential developments in the area is only 5.88% of the total.



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