A good neighborhood doesn’t just improve the day to day life of its inhabitants but also guarantees that their property will maintain its market value or even increase it. It also guarantees that said property can be sold for a profit, regardless of market conditions or demand levels.
Despite popular belief, a good neighborhood isn’t necessarily a centrally located one or an exclusive and detached one either. A good neighborhood can be called that when it has shown consistent good value for sellers, better than median value, regardless of market conditions.
The time-old real-estate saying “Location, location, location” is as accurate as ever and is certainly the motto that most successful investors follow when buying property, be it in the form of apartments, houses or land. While price is also an important factor, a good price in a bad area can quickly lead to a failed project or reduced profits in the long run.
Real estate experts say that while price is the most important aspect for customers, they should consider the state and location of the property equally important. Even the communist neighborhoods can be considered premium if they can compensate the quality of the architecture with other factors such as parks, good schools, safety and good infrastructure. A good neighborhood isn’t necessarily an exclusive one, or one dedicated to high net worth individuals. Certain communist built neighborhoods registered great transaction rates even during the toughest period of the financial crisis.
Real estate agents generally recommend Primaverii area, Herastrau park neighborhood, Tineretului and the 1 Mai to Mihalache Bulevard example which mixes older buildings with communist condominiums. The good mix of middle and upper class inhabitants, numerous parks, good accessibility to the center of Bucharest as well as numerous public transport routes make it a great investment. The fact that apartments have been sold even during the toughest years of the financial crisis in the area is also an argument that real-estate agents frequently mention to potential buyers. Numerous other sectors and regions in the city have reduced prices and still haven’t managed to sell during low market conditions due to low demand; this is not the case for the 1 Mai – Mihalache Boulevard zone.
Newly built residential areas are controversial as some lack the quality of life, commercial diversity or infrastructure and proximity to the city-center that older neighborhoods have. This isn’t always the case as some projects have grown into well-developed neighborhoods which thrive on the larger and newer look of their buildings.
Best Bucharest Neighborhoods Property Value
