Real estate prices still to grow

The real estate market records an increase in prices due to the increase of the costs of construction materials, land and manual labor, despite the reach offer that lies ahead in the coming two years, according to company Regatta.

The best prices, according to Regatta evaluations, are found in the Phoenix complex made up of 50 flats, in the northern part of Bucharest, where a sqm is 900 euros, and in the West Park complex, in the western Bucharest, where a sqm is 875 euros.

60% of the Phoenix residences and 20% of the West Park have already been sold by the exclusive agent Regatta.

The company foresees that the northern residential area will expand far from the industrial zones, and closer to roads heading towards tourist destinations. The prices can reach 1800-2000 Euros/sqm.

West Park will expand on 30,000 sqm and will make up of 10 buildings. The first phase of the construction will last for a year and a half and consists of the erection of two blocks of flats of seven stories and two of ten stories, according to Robert Teodorescu, manager of Regatta sales department.

Residential complexes promoted this year are: West Park Militari – 488 flats, Phoenix Straulesti-Sisesti – 50 de flats, Young’s Apartment Ghencea – 28, Planorama Colentina – 1.104, Jupiter Berceni -188, Asmita Gardens Splaiul Unirii – 788, Central Park – 450, Sema Park Complex Semanatoarea – 1.200 and Adama Soseaua Nordului – 27.

The average price ranges from 875 Euros/sqm in West Park to 1,785 Euros/sqm euros in Adama.