Residential transactions in Bucharest fell by 17% in 2023 versus the previous year, while in neighbouring Ilfov County the volume of deals rose by 6% over smaller prices of homes, according to a iO Partners report.
Last year, there were 29.000 residential transactions in Bucharest, while in Ilfov County they amounted to 6,800 units. The report points out that prices in Ilfov are 20 to 25% lower than those in northern areas of Bucharest.
Official data shows that Bucharest’s population fell by 116,500 inhabitants to 1.72 million between 2011 and 2021, while in Ilfov County it rose by 154,000 inhabitants to 543,000.
“If we refer to the number of traded homes per 1,000 inhabitants, in Bucharest this indicator fell from 33.5 in 2022 to 28.3 in 2023. In Ilfov, meanwhile, this indicator rose from 13.2 per 1,000 inhabitants to 13.8 in 2023,” said Andreea Hamza, Senior Director Living of iO Partners.
On deliveries of new homes, Bucharest recorded a fall to 8,000 units in 2023 compared to 10,000 in the previous year. In Ilfov, deliveries reached close to 8,000 units in 2023 as well as in the previous year.
iO Partners’ consultants suggest that the area between the old bypass road and the new A0 highway will cover around 350 square kilometres and could accommodate new residential, retail and industrial projects.
