Around 50,000 apartments were transacted on the Bucharest market in 2021, up 40% year-on-year, while some 67,000 new residential units were completed across Romania in the same period, according to a report by real estate consultancy Colliers.
During last year, homes with a total area of 8 million sqn were delivered nationwide, a slight decrease from the approximately 8.4 million sqm completed in 2020.
“Working from anywhere and social distancing have led to a trend of population migration to quieter areas of suburbs or towns around large cities, with significant effects on the residential market. This trend will accelerate in the coming years, as illustrated by the authorized areas in cities versus metropolitan areas. If at present, for every house delivered in the city, 2 houses are delivered in the metropolitan area, in the next 2 years, for every house in the city, 3 houses in the metropolitan area will be delivered,” said Gabriel Blăniță, Associate Director of Valuation & Advisory Services at Colliers Romania.
Going forward, the agency sees growing interest for the development of homes designed solely for renting. This demand has so far been met by small investors who bought packages of apartments and put them on the rental market, but now it is starting to attract the attention of big players.
