Baneasa Residential Market, Evolving Every Year
The residential market was slower during the first half of the year, but demand accelerated in the past couple of months, exceeding last year’s pace.
More projects than in the previous years have been completed, developers having noticed the opportunity of investing in residential premises when the return of investment for office premises is declining.
The trend in supply is concentrated on apartments rather than on villas, and also in the North rather than in the city centre. However, villas still represent an attraction for a more relaxed way of living, and, in this respect, Baneasa represents the first choice of expatriate management.
Close to Baneasa Forest, Baneasa neighborhood is a new emerging area on the residential market of Bucharest and offers residential premises such as villas with large gardens. Leasing still represents the predominant part of residential market activity, and we forecast a continuation of the ongoing trend. A zoo and two restaurants, Parcul Privighetorilor and Casa Alba, are situated in the neighbourhood.
During the last several years, Baneasa became the area where most of the residential parks in Bucharest were built. The main reasons behind this trend lied in the low price of land and in its abundance, that created the possibility of designing houses with large gardens, which added a plus to the luxury houses built in one of the busy neighbourhoods of the city.
Most of the projects completed or under construction in Baneasa neighbourhood are located on Iancu Nicolae Street, and comprise of at least 5 and at the most 70 villas each. Developers have seen the chance of investing in a rapidly developing area, and, having completed the first phase of the project, have proceeded with the second and the third phase. It is the case of North Star Mansion, that developed North Star Mansion I, and is now planning on the second and third phases, and Impact, that developed Impact alpha, Impact beta and Impact gamma.
Among other residential projects we note NBC (comprising of 5 villas sold or rent-out), Forest Park Villas (comprising of more than 20 villas that still has units available), Baneasa Residential Park (comprising of 70 villas that still has units available), Clima Systems (comprising of 13 villas all rent-out) and Baneasa Townhouses (comprising of 10 villas that still has units available).
The surfaces of the villas range from small houses of only 130 sqm to large villas of 360 sqm. Rent is quoted according to surface, finishing and facilities offered (such as gate keeping, maintenance, baby-sitting, providing of theatre tickets, etc.) and ranges between 2,500 and 4,800 USD/villa.
The residential parks developed in Baneasa provide mainly rentable units, but also villas for sale. The most active part of the market proves to be the leasing activity, with tenants represented mainly by expatriate management of international companies.
Besides the residential parks already described, individual owners offer for lease or sale single villas. Though not as imposing as the residential parks, the great number of single villas make this part of the residential supply noticeable as a whole.
Though not directly connected to the residential market of Baneasa, the office market of Bucharest influences the future of the area. Colliers research shows that the most determining trend in terms of geographic demand and supply is represented by the confirmed tendency of international companies to move toward the North of the city and the tendency of developers to complete projects situated in this area. Neocity Tower, Globe Center, Europe House, Baneasa Business Center, and Smart Office Building represent several new office developments completed over the year 2001, while most of the office transactions in 2001 have been closed for Northern locations.
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