Research

Bucharest Living
Report

May 18, 2020

 

 

 

The improvement of the city’s infrastructure represents a powerful catalyst for generating new commercial opportunities.

New projects aiming to solve the heavy traffic’s congestion difficulties, through several overpasses and alternative routes, followed by the  underground train’s expansion to reach distant neighborhoods, and establish a faster connection with the airport, are already creating a positive impact. In the light of this progressive focus, the investors and developers respond swiftly by opening up new areas through office and retail projects. The strong establishments reflected through the office sector’s expansion generates the right premises for the rapid development of the residential market.

The current ongoing and planned investments managed to redefine various areas of the city into multi-functional districts. This is expected to generate more housing solutions, with a practical approach on the living segment. Bucharest is currently reshaping its residential hotspots following closely the major office developments, but also the transport infrastructure and areas within the city with land availability, as people want to live near the facilities they use and want to spend as little time in traffic as possible. People started to value more proximity rather than simply targeting lower prices of the sqm.

Within the city, the new residential areas emerged in and around the newly developed office districts, such as Floreasca - Barbu Văcărescu, Aviației – Pipera, Domenii – Expoziției, Grozăvești, Timpuri Noi. Other residential hotspots are being delivered in more peripheral locations, where there are significant availability in greenfield and brownfield areas with easy access to various transportation facilities, including newly operating metro stations. These areas are Policolor (East of Bucharest), Metalurgiei – Berceni – Olteniței (South and South East) and Militari (West of Bucharest).

Outside the city’s administrative borders there is an advanced suburbanization process in particular to suburban municipalities located within the Bucharest Ring Road, such as Pipera and Voluntari in the north-east, Chiajna in the west (extension of Militari), Ghencea in the West, Pantelimon and Dobroești to the East and Popești-Leordeni to the South-East andBragadiru in South-West, which are closer situated to Bucharest’s city center than some parts on the urban fringe within city limits.

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