Prices in Bucharest’s premium residential market have doubled over the past few years, reaching record highs amid a severe shortage of supply in the city’s most exclusive neighborhoods, Cushman & Wakefield Echinox said. Areas such as Primăverii, Kiseleff, Aviatorilor, and Dorobanți continue to dominate demand.
Over the past 2 or 3 years, prices for premium properties delivered after 2018 have mostly doubled, now averaging between EUR 6,000 and EUR 8,000 per sqm in top locations – and in some cases far exceeding these levels.
“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 sqm for such unique residences,” the company said.
Properties delivered over the last 8 years, ranging from apartments to villas that have undergone complex restoration and refurbishment works, and which feature exceptional specifications such as smart home systems or automated parking ramps, have all contributed to driving up values in this market segment.
Raluca Plavita, Head of Residential Agency at Cushman & Wakefield Echinox, commented: “One of the main drivers of this price growth relates to the extremely limited supply. In the past 5 or 6 years, no new developments received the necessary permits required in order to commence construction in these premium locations, and vacant land plots are virtually non-existent. The current legislation imposes strict restrictions on the demolition and conversion of older buildings in these protected areas, thus making the existing properties increasingly exclusive and difficult to replicate.”
Price variations remain substantial even within the same district, depending on micro-location, construction year, and overall building quality.
While areas like Floreasca benefit from their proximity to office hubs, they generally do not reach the price levels of the most prestigious central neighborhoods. Even within Dorobanți, its micro areas show significant price differences depending on location, year of construction, and overall building quality.
Cushman & Wakefield Echinox expects prices to continue rising for “truly valuable” homes in exceptional locations, which increasingly function as long-term portfolio assets. Some properties in the agency’s portfolio are already on their second ownership cycle, with a few even converted into office spaces – a process made more complex by heritage protections and lengthy permitting.
The firm defines premium properties by several criteria, starting with location, followed by surface area, ceiling height, layout, en-suite bedrooms, terraces, gardens, swimming pools, premium finishes, and advanced security systems. Plavita noted that clients are not only pursuing a residence but also a secure investment and a distinctive lifestyle.
Cushman & Wakefield Echinox manages one of the most prominent residential portfolios on the Romanian market, valued at more than EUR 200 million and including high-end villas and penthouses in the most sought-after districts. Its most expensive listing exceeds EUR 13 million and features over 200 meters of frontage on Lake Floreasca, an 8,000 sqm landscaped garden, and a 3,000 sqm residence with bespoke finishes.
Another standout property, priced above EUR 12 million, is an award-winning building near the Ministry of Foreign Affairs that blends a preserved 1940s façade with modern architecture and underground parking for 25 cars. The agency also exclusively represents a historic villa on Aviatorilor Boulevard designed by renowned architect Duiliu Marcu.
irina.marica@romania-insider.com
(Photo source: press release)
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