South area of Ilfov county gathers almost half of residential projects under development

South area of Ilfov county continues to be the most attractive area to local real-estate investors, considering the land's price, which is low, the infrastructure of public transportation and the easy-access roads. According to a CBRE Romania report, 44% of the residential projects under development at the moment are located in that area.

Modern residential stock built after 2006 in Bucharest-Ilfov area comprises of more than 27.000 units, grouped in 115 residential assemblies. ' Approximately 33% of this stock is located in Ilfov county, while District 3 – the most populous district in Bucharest – has the highest percentage in Bucharest, 17% respectively, having a good reputation considering urban regulations, accessibility, facilities, schools and the level of citizen's safety. Also, Districts 2 and 6 each hold 13.4% of the modern stock.' says Razvan Iorgu, General Manager at CBRE Romania.

About 69% of the new residential stock consists of apartments having prices that do not exceed EUR1000/mp being located in the South of Ilfov county, Bucharest's Districts 3 and 4, but also in the West area. Other 23% of the stock is priced between EUR1000-EUR1200/mp, while apartments more expensive than EUR1200/mp represents only 8% of the stock.

The forecast in this sector is pretty favorable, as there are 4000 apartments in develpment process to be finalized by 2015 and therefore, the residential stock might grow with 15% within the next two years. Most of these apartments are in the second or third stage of development of already operational residential areas, following constant requests from prospect customers.

Transactions in the field have also grown compared to 2012, even in the two-bedroom apartments sector. 'Cash transactions may exceed mortgages as customers that have delayed purchases for years believe that 2013 is a good moment for family investments. Also, another financing way very popular among clients is the rent-to-buy program which involves renting an apartment for 1-3 years with monthly payments that are deducted from the final sale price.' added Razvan Iorgu.

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