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Analysis: Luxury residential market dominated by rentals
The luxury residential market in Bucharest has been dominated this year by rentals, monthly budgets for such properties varying between 3,000 and 20,000 euro, according to an analysis of the consulting company DTZ Echinox. The company concluded renting transactions for the luxury residential segment whose cumulated value exceeds 500,000 euro annually. Rentals have registered a 100% increase compared to the same period of 2011.
“The beneficiaries of residences were former ambassadors, high diplomats, bank and multinational company presidents, who chose penthouses with 3-4 bedrooms, located in the northern part of the city. Budgets for renting such properties begin from 4,000 euro/monthly and can reach up to 10,000-12,000 euro in the case of penthouse apartments and up to 20,000 euro for villas,” DTZ Echinox shows.
Embassies, banks and big multinational companies are the most active clients for luxury residential rentals. In the case of embassies, the offer price is according the length of contracts.
“The residential market in Bucharest offers today a relatively limited number of top residents – location, areas, finishing and facilities – especially when it comes to villas. A recent tendency I have noticed among high diplomats is that from classic villas to modern penthouses, offering more comfort, ample areas and even terraces and generous gardens.”