Central Bucharest, the hub of properties listed for more than € 1 million
According to a Palace Estate analysis, the investments made in renovating the luxury villas in the central part of Bucharest have increased the market value for this area, as prices are now comparable to those in Prague or Bratislava.
Based on the analysis, the value of the buildings in central Bucharest has increased considerably due to the investments made in renovating them. At the moment, properties with surfaces larger than 500 sqm are estimated at over € 1 million and can be rented for € 6,500 and € 10,000 per month.
“Most of the luxury properties in the Unirea, Universitate and Victoriei Square are part of the historical patrimony of the city and the renovations have been made respectiv their historical identity. They are seen by thieir buyers as investments, as their value is expected to grow along with the development of the central part of the city. Most of our clients are legal entities, companies that are in search of spacious offices, with personality”, said Yaniv Dahan, Palace Estate CEO.
A 19-room villa, located in the city’s Old Center, which has been used until now as commercial real estate and office space, is on the market for € 1 million or it can be rented for € 10,000 per month. For a bit over € 1 million, more exactly, € 1,2 million, you can buy another mansion in the Universitate area or rent it for € 6,500. Another villa, available in the same area, has 7 bedrooms and 7 bathrooms, is fully renovated and can be bought for € 980,000 or rented for € 7,500 per month. The 480 sqm house has its original architecture and decorations.
A little bit more up north, in the Victoriei area, shoppers interested in architectural monuments can find a € 2,2 million, renovated in the original style. The spacious rooms recall the unique parties of the inter-war era and preserve a touch of the elegance of the age it was built in.
Most of the renovated buildings from the center of Bucharest, estimated at prices over € 1 million, are kept by the owners and rented for prices ranging between € 3,500 and € 10,000, depending on the surface.