The price of residential complexes increased by 25-35% per square meter in 2021
The evolution of the real estate market in the second year of the pandemic was strongly influenced by the purchasing behavior of Romanians, most purchases being made for housing, not for speculative purposes, according to CUMULUS, one of the largest architecture and design offices in Romania.
The pandemic has accelerated the purchase of housing, amid the trend of feeling safe and belonging to a space. Buyers turned to larger, more generous spaces or even preferred to migrate to the outskirts of the city, preferring the comfort of a detached house with their own land at the expense of accessibility to points of interest in the city.
Purchasing behavior was not affected as much as before the pandemic by price increases per square meter, but the pandemic had a considerable impact on the final cost. Thus, according to CUMULUS data, the cost per square meter of residential complexes increased in 2021 by 25-35%. The biggest influence in this dynamic came from the increase in acquisition costs for construction materials, but also from the increase in the price in terms of labor. The increases are in addition to factors such as the incidence of the land and the proximity to utilities. The latter can lead to an 8-10% cost increase for the same type of project.
Design changes: more efficient and greener spaces
The pandemic has slowed the pace of construction of residential complexes, but has also changed the way it is built. Thus, the projects are more oriented towards a responsible design, but also towards an increase in the quality of life of the final beneficiaries, regardless of the value per square meter.
In fact, the location, the quality design and the correct execution are the factors that will make the difference in the evolution of the real estate market, according to the CUMULUS representatives. Currently, the prices per square meter in Bucharest start from 1,000 euro / sqm and exceed 2,500 euro / sqm in the premium ensembles.
Trends show that Romanians will maintain their purchasing behavior, being among the countries with the highest percentage of owners (according to Eurostat, in 2020 over 95% of Romanians owned a home) and on the background of investments in real estate in order to be rented.
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