Premium residential market prices have doubled over the last few years amid an extremely limited supply

The premium residential market in Bucharest has experienced a significant price surge over the last few years, reaching record levels, particularly in highly sought-after areas such as Primăverii, Kiseleff, Aviatorilor, and Dorobanți. This trend is the result of a combination of factors influencing both supply and demand within this niche segment.

Over the past 2 or 3 years, prices for premium properties delivered after 2018 have mostly doubled, now averaging between €6,000 and €8,000/ sq. m in top locations, with some properties having substantially higher asking benchmarks. There have also been specific cases where investments of millions of euros have been made solely in finishes and/or amenities, thus rendering it almost impossible to calculate a standard price per sq. m for such unique residences.

Properties delivered over the last 8 years – ranging from apartments to villas – which have undergone complex restoration and refurbishment works, and which feature exceptional specifications such as smart home systems, automated parking ramps, lounge areas, swimming pools, high-end security systems, have all contributed to driving up values in this market segment.

Raluca Plavita, Head of Residential Agency at Cushman & Wakefield Echinox:

“One of the main drivers of this price growth relates to the extremely limited supply. In the past 5 or 6 years, no new developments received the necessary permits required in order to commence construction in these premium locations, and vacant land plots are virtually non-existent. The current legislation imposes strict restrictions on the demolition and conversion of older buildings in these protected areas, thus making the existing properties increasingly exclusive and difficult to replicate.”

Premium property buyers generally do not rush to close transactions, as they typically already own other residences, either in Romania or abroad, while they are searching for homes which meet specific requirements – location, larger areas, generous gardens, and high-end amenities. There are also private investors in the quest for rare opportunities or properties with rental potential for embassies or multinational companies, but they only represent a small proportion of the total buyers. As a result, the transaction process can last anywhere from 6 to 12 months.

Not all premium locations offer the same benefits or price levels. For example, although Floreasca is in the vicinity of a major office hub in the North area of Bucharest, it does not generally reach the same prices as in Primăverii or Dorobanți, except for rare and specific cases. Even within Dorobanți, its micro areas show significant price differences depending on location, year of construction, and overall building quality.

We anticipate that prices will continue on this upward trend for truly valuable properties in exceptional locations, these homes becoming genuine “portfolio properties.” In the absence of new developments and amid ongoing demand, such units will remain highly sought-after and increasingly inaccessible.

The limited supply is further evidenced by the fact that part of Cushman & Wakefield Echinox residential team’s portfolio is already in its second ownership cycle, with some properties even changing their use from residential to office spaces or other functions.

Changing the use has become increasingly difficult due to legislation and lengthy permitting processes, especially as many of these properties are in protected areas, while some also have a “historical monument” designation.

It is crucial to clarify what exactly defines a premium residence. First and foremost, the location – Primăverii, Kiseleff, Aviatorilor, or Dorobanți – is paramount. Moreover, the indoor and outdoor surface areas, the configuration/ layout, generous living spaces, ceiling height, en-suite bathrooms for each bedroom, walk-in dressing areas, terraces, swimming pools, high-quality finishes, premium facilities, and advanced security systems are all important criteria for this niche market segment.

Raluca Plavita, Head of Residential Agency, Cushman & Wakefield Echinox:

“The premium residential market continues to set new records, both in terms of prices and exclusivity levels. The extremely limited supply of villas and penthouses in established destinations such as Primăverii, Dorobanți, Aviatorilor, and Kiseleff fuels this dynamic, making each transaction a complex and personalized process. Our clients are searching for more than a home; they seek a secure investment and a distinctive lifestyle, where details make all the difference – from top-quality finishes to smart amenities and generous outdoor spaces. In this context, our role is to identify those unique properties which meet both functional and aesthetic requirements, and to provide a truly tailor-made consultancy.”

The residential department within Cushman & Wakefield Echinox is among the most dynamic and experienced on the local real estate market, with a portfolio that includes some of the most complex closed transactions and high-end properties valued at tens of millions of euros. The team offers comprehensive consultancy pertaining to the purchasing, selling, leasing, and promoting premium properties, catering to both individual clients and private investors.

With solid expertise and an in-depth understanding of the premium segment, the Cushman & Wakefield Echinox residential department stands out for its professionalism, discretion, and exceptional results. The team’s residential portfolio currently includes premium properties valued at more than €200 million, consisting of villas and penthouses located in prime destinations such as Primăverii, Dorobanți, Kiseleff, and Aviatorilor.

The most expensive residential property in our portfolio is listed at more than €13 million. With a frontage exceeding 200 m on Lake Floreasca, a landscaped garden of 8,000 sq. m, and a 3,000 sq. m building, the property is unique both in terms of its generous spaces – rarely found in the city – and its top-quality, bespoke finishes and amenities, which were tailored for the current owner’s family comfort.

Another property in Cushman & Wakefield Echinox’s portfolio is available for sale for a price exceeding €12 million. Located in an exclusive area near the Ministry of Foreign Affairs, this building has been converted into office spaces and has won numerous architectural awards. The property was completely renovated, retaining its original 1940s façade while integrating modernist and eclectic elements. The result is a unique building in its area, with two underground levels which can fit 25 cars, glass lifts for visual impact, large open-plan spaces, and a top floor with full glazing offering a unique 360° view.

Cushman & Wakefield Echinox also exclusively holds a listed property with dual frontage directly on Aviatorilor Blvd., featuring the architectural signature of the renowned Duiliu Marcu, whose work includes Palatul Victoria (the current government headquarters), Palatul CFR, and Palatul Elisabeta, among others. The villa was consolidated and renovated over a five-year period, with the original façade elements carefully preserved.