Because of the uncertainty that seems to be making its way onto the residential market, where the demand has decreased by 5 percent according to imobiliare.ro, the construction volume having lost almost 30 percent in the first six months and the fact that the growth of prices has slowed, two foreign developers have decided to put on their residential projects on hold.
The two projects are close to Bucharest, in Tunari and Sisesti, not very big as dimensions but the smaller players are usually first to react.
Market sources told BR that the two investors prefer for now to keep the land whose value will grow, and hold constructions for the moment, to see what is going to happen on the market on next 12 to 18 months.
The residential project from Tunari has 10 houses and the construction was halted, while the other project, from Sisesti was at PUZ stage.
In the second quarter of 2018, in Bucharest there were on sale 318 residential projects of medium size and size large, of which 217 were in the process of construction in while the remaining 101 were already completed. Overall, number of housing units planned to be built in within these assemblies it reaches almost 57,000.
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