ARTICLES LABELLED WITH TAG residential

Romanian developer One United Properties has increased its share capital by €51.5 million in a bid to fund new residential investments in Bucharest.

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.

American-owned company Bucharest Properties REIT has started the development of a new block with 55 apartments for rent in the Vitan Estates residential project in Bucharest.  

Another apartment building inspired by Scandinavian architecture has been launched in Prague by the developer YIT.  The twelve-storey building with 47 apartments will be built near metro line C's Opatov station. It should be completed within two years, the developer informed.

One of the tallest buildings in Prague will disappear. The broadcasting tower of the Central Telecommunications Building (Ústřední telekomunikační budova) in Prague's Žižkov district will be demolished in January 2023, including the adjacent buildings. The demolition work is being prepared by the developer Central Group, which owns the entire technology complex in Olšanská Street and is now preparing a residential project there. The current design of the 100-metre towers with apartments by architect Eva Jiřičná has not yet been approved by the city, writes E15.cz.

In the second quarter of this year, a total of 9,200 new apartments were sold in the six largest markets, 11.7% less than in the previous quarter and as much as 53% down on the same period in 2021. The drop in sales is mainly due to higher mortgage interest rates and tighter credit rating regulations. As shown in the JLL report which summarises the previous quarter, despite the reduced interest in purchasing flats in the market, housing prices continued to rise.

Strabag will build the first residential building of Speedwell’s mixed-use scheme Paltim in Timișoara and the company has been selected as the general contractor of the project. 

Property developer Alesonor has obtained a financing of €21 million from Banca Transilvania that will be used for the first phase of the Amber Forest project near Bucharest. The money will support the development of 294 green homes. 

The resources of the PRS sector in Poland are growing. Last year, almost one in five apartments was built for institutional lease, which also had a significant impact on developers' results. According to Walter Herz, in 2021, investments in portfolios of residential for rent in Poland amounted to approximately €725 million. There are already almost 8,000 units on the Polish market offered in the PRS segment and other several tens of thousands of apartments under construction.

Currently, the primary residential real estate market in Ukraine is experiencing an increase in the cost of construction as the cost of materials and labour have increased several times. A large part of domestic producers of building materials cannot work because they have suffered losses of production capacity. Import substitution, which should fill the shortage of materials, is often not a solution because of the high costs and logistics problems. Iryna Nastych summarised the situation in an article prepared by the Ukrainian Real Estate Club for Property Forum.