Bucharest can reach the next Chisinau. What do real estate players say about the development of the capital
The offer of new housing in Bucharest was 36% lower in the first quarter of this year compared to the same period last year, according to the data published in the latest report on this topic.ro. The diminution of the number of properties can lead, in the context of a demand that is maintained at a high level, to galloping price increases, as has happened in recent years in Chisinau.
The representatives of the real estate market spoke about the future of the capital – “urban transformation. From real estate development to the promise of a lifestyle adapted to modern requirements” – to the Estobiliare.ro event.
If the offer remains low, Bucharest can reach the next Chisinau
The founder of the largest real estate agency in the Republic of Moldova has made a parallel with the real estate market in Chisinau, where in the last year the prices of the houses in Chisinau increased by 44%. In 2023, the growth was 25%.
“The increases were caused by the lack of building permits, which started in 2020. I think this dynamic starts in Bucharest. I do not understand many investors, buyers. We, in Chisinau, did not understand it from the beginning,” said Vlad Musteață, CEO North Bucharest Investments, a specialized agency and the northern agency in the North Agency Moldova.
In his opinion, if no measures are taken for the offer to grow, the same scenario may appear in Bucharest in the next two years.
“In us (no – in Chisinau) an interested phenomenon happened. As the market began to talk about the lack of stocks, a acceleration of purchases was created. They all understood that it will not be built, that there will be no authorizations and suddenly they wanted to invest quickly, which has generated a greater demand than it is normal. Bucharest, if no new authorizations are coming out on significant projects, not boutique blocks of 20 apartments ”, mentioned the speaker of the Imobiliare.ro National Hub 2025.
Vlad Musteață stressed that some of the thousands of new apartments planned by developers have already been sold, which reduces the real offer to which buyers will have access over the coming years.
“Buyers begin to calm down after the cloudy period of elections“
Even if Bucharest has potential, the next year will not bring massive changes on the background of the interim from the City Hall.
Bucharest has a significant potential for development in the residential area. At this moment, it is exceeded in terms of prices by the cities of Cluj-Napoca and Brașov. If a new apartment in the capital can be bought, on average, with 2,173 euros/sqm, a similar home in the west of the country costs about 3,200 euros/sqm, and at the foot of Tâmpei around 2,500 euros/sqm.
Things can change, however, in the next two years, Laurențiu Afrăsine, CEO Akcent Development, the developer of the Akcent City project in the Bucharest Noi area. The ensemble was started a year and a half ago and is to be completed at the beginning of 2026.
“At the moment we have sold over 75% of the project and it is not completed, it will be completed at the end of this year – the beginning of next year. It is clear that there is a pretty high demand. And probably this climate that we hope will be a quiet one will be beneficial for the sales part, with two small amendments – we all wait, both new developers and customers, to see what happens in the tax area, taxes, and formation of the new Government, which will certainly come and impose some measures that will not be the most popular. Little, ”explained CEO Akcent Development.
The housing in Bucharest could be put up for sale, within a few years, with 5,000 euros/sqm
Romanians will buy more and more expensive homes in the coming years. There are two scenarios we can expect – either at an annual gradual increase with a price figure, or at an accelerated, two -digit increase. Only local authorities can influence this evolution, believes Cătălin Priscorniță, CEO Blitz, a real estate agency present in over 30 cities in the country.
“The town halls have to let go of all these projects that are in the delay of 8-15 years, PUZs and PUGs in progress that do not end. Through this infusion of properties in the market comes the correction, because the yields are very large in real estate, compared to Europe. Investors and developers make very beautiful money,” explained Priscorniță.
“I see, by 2030, in the optimistic version with acceleration, a price of over 6,000 euros in Cluj and 5,000 euros in Bucharest. However, it will be a healthy increase because it is sustainability. This difference between new and old will be accentuated in the coming years.
In his opinion, the budget deficit can be covered by stimulating the real estate sector. “If I were for a day president, I would put a household prime minister who wants to dynamize this industry as much as possible with other vertical and horizontal sectors and thus get out of the deficit. From here you can quickly solve this country problem. To increase the country's GDP through the acceleration in the real estate area,” he added.
