The number of homes that will be delivered in Bucharest and its surroundings in 2024 may decrease significantly. Thus, around 17,500 houses and apartments are expected to be delivered by investors this year in the region, which would translate into a 16.5% drop in new supply.
Just over 21,000 new homes were delivered in Bucharest and Ilfov in 2023, according to data from the National Institute of Statistics, down 1.3% compared to the result recorded in 2022.
The higher delivery result was mainly due to the significant increase in the number of completed projects in the fourth quarter of the previous year.
The significant decrease in new supply this year is registered in a context where the number of houses and apartments sold in Bucharest and its surroundings at the beginning of this year increased by almost 24% compared to the result from January to February 2023, being higher even compared to the first months of 2022, a record year for housing sales, according to the data of the National Agency for Cadastre and Real Estate Advertising.
Also, the number of building permits for residential buildings in Bucharest decreased in 2023 by 18.7% compared to 2022 and by 37.5% compared to 2021, while the total usable area authorized in 2023 in residential buildings in Bucharest was 54% lower than the 2022 level, according to official statistics.
It is estimated that the areas in the north of Bucharest will also attract the largest number of homes that could be delivered in 2024, with a share of almost 40% of the new offer, while the western area of the city will attract approximately 24% of new offer. The eastern area will attract a share of 17% and the southern one about 15% of the new offer.
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