Through the eyes of one of the largest luxury real estate networks in the world, Bucharest initially seemed a small market. Today, it has a greater potential than Paris. In the luxury residential segment, Bucharest develops in two directions: one is boutique, high quality architectural and finishing projects, many with Romanian developers and, on the other hand, the opportunity to restore, transform and use the maximum potential elements of interwar architecture, a segment in which Bucharest is still extremely rich.
The luxury market in Romania is growing from day to day. At this rate, for a well-targeted audience, in maximum 5 years, it is possible to get to Versace signature apartments in Bucharest. This kind of designer home could increase the maximum price of luxury homes.
In a conference organized together with Fine&Country, Imoteca launched the Maison Dumbrava, a boutique building in which the charm of the interwar world-class aristocracy meets today’s contemporary and minimalist design to shape a particular lifestyle. The 16 three-room or 4-room apartments are spacious and bright and are spread over 4 floors. Maison Dumbrava promises a number of unique features such as 4-meter high ceilings, natural light in all rooms, floor-to-ceiling windows and doors on terraces, ceiling-integrated air conditioning systems, concierge services, underground parking or soundproofing total of ceilings and walls. Prices starting from 300,000 euros plus VAT. The ensemble is developed in Gradina Icoanei area, by MAD PROJECT & PLANNING SRL, a Romanian capital company.
What does the upper quarter segment of the Bucharest residential market look like?
New boutique real estate developments focus on quality, innovation and design, but without reaching extravagantly expensive items. This segment of the market is growing, both in volume and in terms of concepts and quality.
“2018 is a year of strengthening and defining the upper quarter market. The market is maturing progressively, offering quality products with more advanced and more elegant concepts and architectural and technical achievements. There are many boutique projects developed by Romanian companies at high standards of quality, design and architecture, comparable to many European capitals. We keep the price report, of course, because in Bucharest there is still no place for extravagance, such as a Versace project, as there are still no buyers willing to pay tens of millions of euros for an apartment. From the discussions with our partners and customers, we are anticipating a upward qualitative and conceptual uptrend of the upper quarter, also driven by rising demand”, said Rafaela Nebreda, Managing Partner Imoteca.
“As a novelty element, over the past few years, this year there are more and more projects in progress that involve the transformation or restoration of buildings with architectural personality in luxury apartment buildings. This trend is beneficial both for preserving architectural coherence in the center and the north of the city, as well as for the challenges it proposes to architects and developers, thus leading to the upper real estate real estate development idea. We are glad that we have understood the potential of this market for the time being, and we intend to remain leaders for consultancy in this segment”, said Rafaela Nebreda, Managing Partner Imoteca.
“Fine and Country has a strong international experience in the upper quarter and we quickly noticed the potential presented by Imoteca for the Romanian market, as well as the professionalism of the company’s approach; so we were sure that things will develop positively, which was confirmed very quickly, interesting projects were launched in less than a year and others are being discussed with a spectacular evolution as approach and quality”, said David Lindley, CEO Fine & Country Worldwide
The world’s largest luxury real estate network, Fine & Country, is present in Romania through Imoteca The Residential Experts in November 2017.