BUCHAREST, Nov. 24 (Xinhua) -- The year 2016 is seen by real estate developers as the best in the history of Romania's residential market, with nearly 30,000 housing units to be completed by the year end, or almost 20 percent up from 2015, a report showed Thursday.
The number of housing delivery in Bucharest and surroundings will reach a new record in 2016, estimated at 13,000, up 20 percent compared to 2015, showed the specialist consultancy report released on Thursday.
The largest share of these, about 53 percent is framed on the mass market segment, year 2016 marking a significant increase in the number of projects targeting the middle class, in a proportion of about 40 percent.
The number of housing delivery in Bucharest City and surrounding area is expected to reach a record high in 2016, at 13,000, with the largest share, about 53 percent of the total, on the mass market segment, official Agerpres news agency reported citing a study by Coldwell Banker Affiliates of Romania.
2016 is expected to witness a surge in projects targeting the middle class, in a proportion of about 40 percent, said the study, adding that the developers have completed and released increasingly more project in the semi-central areas or in near vicinity to important office developments.
The study estimated an absorption rate in excess of 70 percent of the units completed in Bucharest in 2016, with the remaining to be taken up by the market, mostly in the next six to nine months.
The real estate transactions nationwide increased by 8.6 percent in the first three quarters of the year compared with the same period of 2015, showed data with the National Cadastre and Real Estate Publicity Agency.
Beside of the capital city, other important residential markets in the country include Cluj-Napoca, Constanta and Sibiu, with over 2,000 units expected to be delivered in each in the current year, closely followed by Brasov, Iasi and Timisoara.
