We are witnessing an unprecedented boom of the economy, employment, wages and construction in Bucharest, a city very much on the spotlight for investors who want to maximize profits and minimize risks given the very different current situation of the economy in both Western and Eastern Europe.
The average cost of an apartment in Bucharest is now around 1,500 Euros per sq.m.. The current increase in personal revenue is going to trigger the demand for new housing units up to 10,000 per year from now until 2010, while the supply will not exceed 15,000 units for the 2008-2010 period. Thus, with a demand almost doubling the supply, residential prices in Bucharest are expected to grow by a 20% this year and to keep growing between a 15% and 20% in the coming two or three years.
The overall goal of this presentation will be to give an overall idea about this 2 million people city and its current level of urban development as well as an analysis of the infrastructural developments planned and underway, which are most needed. Also, in this session some of the most significant quality and large residential projects underway, that without any doubt will improve Bucharest’s quality of life, will be presented. Some of they are:
Cosmopolis: 4,600 units. North Bucharest.
Baneasa: 4,500 units. North Bucharest.
Neopeninsula: 2,700 units. East Bucharest.
Vivenda: 1,400 units. East Bucharest .
Asmita Garden: 799 units. Center.
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