Colliers: 3,100 apartments sold, 51 delivered

A total of 6,645 apartments were available for sale this year in Bucharest, of which more than 2,600 are part of residential projects launched in the first half of 2007. According to the study, 13 new projects were launched in the H1 2007, with 8,900 apartments and homes.

Old apartments are still a hot segment on the real estate market, with more than 2,700 units sold in H1. Some 5,000 of the total apartments available on the market are located in eastern and southeastern Bucharest, while a further 1,600 are located in the northern area of Pipera. "This area is of major interest, given massive developments of office buildings and retail parks, to be finalized in the coming years," according to the Colliers study.

As land prices are continuously rising, developers are delivering smaller apartments, compared to previous projects. Thus, apartments with on 54 sqm bedroom are now being sold compared to 70-sqm one-bedroom apartments located in similar areas sold last year.

The Colliers study also shows that the real estate boom is expanding outside Bucharest, with 10 projects totaling 100 apartments and homes currently under development in the cities of Brasov and Constanta alone. Also, a few projects are being developed in several mountain resorts.