EnglishPresently, 95% of demand for luxury apartments is met by Romanian developers who offer top locations, excusive areas, intimacy, uniqueness and security, according to DTZ Echinox specialist, Claudia Dascalescu. She added, in a press release, that the most expensive luxury products in this segment are offered by Romanian brands.
Foreign investments have favoured the development of the luxury market, most of them being directed towards ample real estate projects that have caught the attention of expats and small investors in Romania. At the time, such acquisitions were explained by a high amortization rate of approximately 5-6 years. The subsequent price increase and the extension of the amortization period lead to a decrease in demand for luxury apartments, according to Mrs Dascalescu .
Domestic developers have emerged gradually, due to market increase. They are the former small investors who grew through repeated acquisitions and sales, trading on significant price increase in a very short period.
Most of these investors have developed more daring projects, such as small residential areas with 9 to 25 apartments, built in top locations. According to Claudia Dascalescu, only a few foreign investments in luxury residential complexes are notable, for instance a complex consisting of 11 buildings, situated in the Dorobanti area. Other luxury projects are developed in exclusive areas and they comprise up to ten apartments.
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