Romanian developer Akcent Development has started the construction of the Akcent City project, consisting of 723 apartments, in northern Bucharest. The company is investing around €90 million in the project expected for delivery in H2 2025.
The complex, whose offer will range from studios to 4-room apartments, includes 915 underground and above-ground parking spaces and also the required infrastructure for charging stations for electric vehicles.
Akcent City will feature five apartment blocks that will meet the nZEB regulations based on energy efficiency and carbon reduction policies.
“The residential market in the city has developed at a fairly fast pace, which has however been hampered by administrative issues at municipality level, which led to a sharp decline of the new residential offer. The construction materials’ prices have stabilised, an evolution which has been reflected in the developers’ asking prices per gross sqm. The average price per sqm for new apartments increased by 3% in August 2023 compared with the same month of the previous year. Moreover, due to the limited new supply, the prices for old units have also increased, on average by 5%, according to public data,” said Laurențiu Afrasine, CEO of Akcent Development.
The executive added that 2023 has been a fairly stable year for the real estate market, with a low degree of unexpected headwinds. However, the four rounds of elections scheduled for 2024 could feed more uncertainty in the market.
Akcent Development is part of Alfa Group, which has completed over 12,000 apartments to date and several office buildings.
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