The premium residential market in Bucharest has experienced a significant price surge over the last few years, reaching record levels, particularly in highly sought-after areas such as Primăverii, Kiseleff, Aviatorilor, and Dorobanți.
Over the past 2 or 3 years, prices for premium properties delivered after 2018 have mostly doubled, now averaging between €6,000 and €8,000/ sq. m in top locations, with some properties having substantially higher asking benchmarks.
There have also been specific cases where investments of millions of euros have been made solely in finishes and/or amenities, thus rendering it almost impossible to calculate a standard price per sq. m for such unique residences, according to Cushman & Wakefield Echinox data.
Properties delivered over the last 8 years, which have undergone complex restoration and refurbishment works, and which feature exceptional specifications such as smart home systems, automated parking ramps, lounge areas, swimming pools, high-end security systems, have all contributed to driving up values in this market segment.
Premium property buyers generally do not rush to close transactions, as they typically already own other residences, either in Romania or abroad, while they are searching for homes which meet specific requirements, location, larger areas, generous gardens, and high-end amenities.
There are also private investors in the quest for rare opportunities or properties with rental potential for embassies or multinational companies, but they only represent a small proportion of the total buyers. As a result, the transaction process can last anywhere from 6 to 12 months.
But not all premium locations offer the same benefits or price levels. For example, although Floreasca is in the vicinity of a major office hub in Bucharest, it does not generally reach the same prices as in Primăverii or Dorobanți, except for rare and specific cases.
The most expensive residential property, listed at more than €13 million
With a frontage exceeding 200 m on Lake Floreasca, a landscaped garden of 8,000 sq. m, and a 3,000 sq. m building, the property is unique both in terms of its generous spaces, rarely found in the city, and its top-quality, bespoke finishes and amenities, being sold for €13 million.
Another property in Cushman & Wakefield Echinox’s portfolio is available for sale for a price exceeding €12 million. Located in an exclusive area near the Ministry of Foreign Affairs, this building has been converted into office spaces and has won numerous architectural awards.
