Bucharest-Ilfov region sees nearly 7,000 new homes completed in Q2 2023

In an impressive surge, almost 7,000 new homes were completed in the Bucharest-Ilfov region during the second quarter of this year. This represents a staggering 117% increase in housing deliveries compared to the same period last year, marking the highest volume of housing deliveries recorded in a second quarter in the last decade.

So far this year, nearly 10,800 homes have been finalized in Bucharest-Ilfov, with the first half of 2023 showing a 53.6% growth in housing deliveries compared to the same timeframe in 2022. Nationally, the first semester saw an overall increase of around 30% in housing deliveries.

This achievement places the current figures as the second highest number of completed homes in any quarter analyzed, with only the last quarter of 2021 recording a higher quarterly volume in the past ten years. SVN Romania projects that by 2026, over 20,500 new homes could be delivered in Bucharest-Ilfov, reflecting an 18.5% increase compared to last year's results.

While the residential sales in the Bucharest area experienced a slight decrease of less than 1.5% in the first half of this year, Mircea Marin notes that this outcome is encouraging. Furthermore, SVN Romania has identified a significant number of residential units in various stages of development expected to be completed by 2027 and 2028.

In terms of regional growth, the strongest increases outside Bucharest-Ilfov were recorded in the West, particularly in Arad, Caraș-Severin, Hunedoara, and Timiș, with an 85% rise. The Central region, encompassing Alba, Brașov, Covasna, Harghita, Mureș, and Sibiu, saw a 45% increase in housing deliveries. Despite a nearly 9% annual decline in residential sales nationwide, the Bucharest-Ilfov region remains a bright spot in Romania's housing market.