Luxury apartments market worth EUR 70 million in 2007
03 April 2008
Of the 2,000 apartments finalized last year in Bucharest, some 80-100 were penthouses. The degree of sales of luxury apartments built in the capital amounts to 90 percent, according to data available on the market, analyzed by Business Standard. Considering that the price for a penthouse varies from EUR 600,000 to more than EUR 1 million, the luxury apartments market was worth some EUR 65-70 million last year, and is expected to double in 2008.
“This year, of the 5,000-6,000 apartments expected to be finalized, some 200-250 are likely to be penthouses. Of the penthouses to be delivered this year, some 80 percent will have buyers,” according to consulting company Coldwell Banker Affiliates of Romania Project Manager, Diana Stoian.
Those estimates were confirmed by DTZ Echinox consultant, George Ivan. Real estate projects that include penthouses in Bucharest are the Baneasa complex, Washington Residence, Quadra Place, Central Park and the German quarter, developed in the town of Chitila, near Bucharest.