Bucharest luxury apartments: a business worth €70 million

Considering that the price for a penthouse varies from €600,000 to more than €1 million, the luxury apartment market was worth some €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 which 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.