The northern area of Bucharest’s real estate market continues to be one of the most dynamic and attractive, particularly in the villa segment. Demand for villas in this area is steadily increasing, despite challenges like rising construction costs and a shrinking supply of available properties.
Price Increases and Market Impact
In Pipera, a key area for villa buyers, land prices have surged from €400 per square meter in 2022 to €1,000 per square meter in 2024. Even with larger budgets, it is becoming increasingly difficult for buyers to find plots that meet all the requirements for new developments.
“The rising cost of construction, increasing land prices, and limited availability are driving up house prices in the northern part of Bucharest. Many potential buyers who previously had budgets of up to €300,000 are now being forced to look at nearby areas like Tunari, Otopeni, and Corbeanca,” says Aurel Ungureanu, Customer Relationship Manager at North Bucharest Investments.
Land prices in these nearby areas have also seen sharp increases, jumping from €100 per square meter in 2022 to €250 per square meter in 2024, especially for well-located plots with good access and amenities.
Growing Demand for Gated Communities
Gated residential complexes are becoming increasingly popular with homebuyers, offering enhanced security and community benefits. These developments are seen as ideal places to build a sense of community.
“These types of projects foster a strong social environment for both adults and children. The security and comfort offered by gated communities are compelling factors in buyers’ decisions,” Ungureanu adds.
Growth in the Premium Real Estate Market
Despite rising prices, interest in high-end properties in northern Bucharest remains strong. Demand for villas priced at €500,000 and above, including properties over €1 million, continues to rise.
“The market for premium and premium-plus properties is expanding. We’ve seen a steady increase in sales of homes priced between €500,000 and over €1 million, which indicates that the luxury and super-luxury segments are among the most stable niches in the residential sector,” Ungureanu explains.
The Pipera-Voluntari area remains highly desirable for villa buyers, primarily due to its proximity to top-tier schools, easy access to the Bucharest ring road and A3 highway, and the established communities already in place. Areas like Erou Iancu are particularly popular for these reasons.
Surge in Sales in 2024
Since the start of 2024, North Bucharest Investments has reported a significant increase in villa sales, more than doubling compared to the same period in 2023.
“This positive trend shows the growing interest in villas in northern Bucharest, despite economic challenges and rising prices. The real estate market in this area continues to present attractive investment opportunities, particularly in the villa segment,” Ungureanu highlights.
Conclusion
While land prices and construction costs continue to rise, demand for villas in northern Bucharest remains strong, with promising investment opportunities, especially in areas like Pipera-Voluntari.
North Bucharest Investments (NBI) focuses on investment activities and brokerage services in residential real estate. Founded in 2011 in the Republic of Moldova by businessman Vlad Musteață, the company expanded into the Romanian market in 2022.
