The investment volumes in Romanian residential projects reached 4.6 billion lei (€933.5 million) in the first quarter of 2022, which was up 50% compared to the same period of last year, according to a report by real estate consultancy Colliers.
Last year, the market recorded deliveries of 71,405 residential units, while a new high could be recorded by the end of 2022.
In Q1 there was an 11% increase in the number of housing units built compared to the same period last year, and the volume of investments in new housing increased by 21% in the same period.
"For the first time since 2015, wage levels in Romania have increased at a rate both below inflation and below residential price growth. If at the beginning of 2021 it took about 7.5 years of average salary to buy the average apartment, now we are looking at over 8 years. Therefore, we expect that in the next two years, a period characterized by high inflation and an increase in interest rates from historical lows in 2020, this trend will continueand we will have less affordable housing in terms of price", says Gabriel Blăniță.
At present, over 21,000 homes are under construction in Bucharest and its surroundings, about 7,000 units in Iași and over 5,000 in Cluj-Napoca.
