Homes buyers in Romania are increasingly asking for the 15-minute city, while prices of apartments will fall only in specific cases, concluded speakers of the residential market panel during SEE Property Forum 2022, which took place in Bucharest.
Antoanela Comsa, President, Gran Via Romania, who chaired the panel, explained that we have seen a price increase in residential by 20% since the pandemic started. She said that the price cannot drop, except for developers with huge stocks of completed buildings or issues with the repayment of bank loans.
Bucharest has been a war zone for the past 2 years - between developers and authorities. Developers are losing that war, according to Jan Demeyere, Co-Founder and Partner, Speedwell. Speaking about demand trends, he mentioned that if you have everything in the 15-minute city, it will bring benefits for yourself and the economy.
Andrei Duţă, Country Manager Romania, Realpad, pointed out that in the following years more people will pay attention to the energy efficiency of buildings. All the developers are using solutions to optimize operations. He added that retention is an element that few developers are focusing on.
"In Bucharest, we will not have any surprises and to be honest, the only way in which prices could drop if numerous units are built speculatively or the developer has issues with the bank," according to Cătălin Gavrilă, Partner, Land Development, Crosspoint Real Estate. He added that prices of homes were very low before 2019.
"When the product is good and the needs are there, the prices cannot fall in a project that is properly thought and built," according to Alex Skouras, Managing Partner, Alesonor. He added that people are asking for the 15-minute city and potential buyers also want to know if the Amber Forest project near Bucharest has heat pumps or PV panels.
Liria Themo, Marketing Manager, Atria Urban Resort pointed out that buyers are more sophisticated, so developers are trying to incorporate tech, social and environmental components. These are driving a better product. The developer has sold 500 apartments and has kicked off the third phase which will include nZEB-ready homes.
