1,000 new apartments sitting unsold in Bucharest

The number of empty apartments in Bucharest is on the rise, with the largest projects on the market alone having around 1,000 homes available for sale, according to an analysis conducted by Ziarul Financiar. Most homes that the potential buyers could move into straight away are located within the Greenfield and Ibiza Sol projects, in Northern Bucharest – with 130 apartments each – while tens of homes are also available in projects such as Primavara Ghencea, Ten Blocks Militari, Pallady Residence in Titan, and Metropolis Residence, in the Bucurestii Noi area. This is a relatively recent state of affairs, given that, up until the beginning of last year, 90% of the apartments were sold at the off plan stage. Prices have since declined somewhat, with the starting prices for the Primavara Ghencea, Ten Blocks, Metropolis, Confort City and Pallady Residence projects amounting to less than 1,000 euros/square metre. More expensive are the apartments in Northern Bucharest, with the average price per built square metre amounting to almost 1,200 euros in the Greenfield complex, developed by Impact, whilst in Ibiza Sol the cheapest offer amounts to 207,000 euros plus VAT for a three-room apartment, with a built area of 150 square metres, of which 45 square metres are accounted for by the terrace alone.