EMEA Office Fit Out Cost Guide 2024
Bucharest, October 2023: Akcent Development, one of the most dynamic developers on the Bucharest residential market, started the construction of the Akcent City project, consisting of 723 apartments, in the Bucuresti Noi area, the largest residential project authorized in Sector 1 after the nZEB regulations came into force. The complex is located just 2 minutes away from the Jiului metro station and will attract a €90 million investment.
The construction of Akcent City started a month ago, and all the 5 buildings of the project will be developed in a single phase, the completion deadline being in 24 months (October 2025). Moreover, the complex, whose offer will range from studios to 4-room apartments, includes 915 underground and above-ground parking spaces and also the required infrastructure for charging stations for electric vehicles.
The project was authorized mid last year, as the old buildings on the land plot had been demolished before the construction begun, while the new investment will significantly contribute towards the urban regeneration of the area.
The building permit was issued according to the European energy efficiency and carbon reduction policies.
Laurențiu Afrasine, CEO of Akcent Development: “Akcent Development has always believed that Bucharest has a very mature residential market with an ever-increasing need for better housing. The residential market in the city has developed at a fairly fast pace, which has however been hampered by administrative issues at municipality level, which led to a sharp decline of the new residential offer. The construction materials’ prices have stabilized, an evolution which has been reflected in the developers’ asking prices per gross sq m. The average price per sq. m for new apartments increased by 3% in August 2023 compared with the same month of the previous year. Moreover, due to the limited new supply, the prices for old units have also increased, on average by 5%, according to public data”.
The amenities offered by the project actively aim to reduce energy consumption and create a community with a low environmental impact. Therefore, the apartments will be equipped with state-of-the-art thermal power plants which will use the gravitational force to supply the apartments’ heating which will result in lower energy consumption and also in lower individual costs for the end-users. Solar panels will be installed on the roofs in order to minimize the electricity consumption, while highly energy-efficient carpentry will be used in order to meet the nZEB requirements.
A special emphasis will also be put on green spaces, with two leisure areas for children and a significant overall percentage of green spaces being designed and provided for the project’s residents.
The buildings will be developed with a thermosystem-ventilated facade mix which will also ensure a very high degree of energy efficiency. The project is specifically designed to benefit from an increased resistance to earthquakes, while the apartments will have underfloor heating according to the latest regulations.
Laurențiu Afrasine, CEO Akcent Development: “Even though many „analysts” predicted the fall of the real estate market in general and a major decline of the prices related to new apartments in particular, we have clearly seen that is has not been the case throughout 2023 and it will not be in 2024 either. 2023 has been a fairly stable year for the real estate market, with a low degree of unexpected headwinds. A series of changes may be seen in 2024, a year due to be dominated by a turbulent political stage, as 4 rounds of elections will take place in Romania, elections which could halt or slow down the significant reforms needed by the Romanian economy to remain competitive in the long run.”
Akcent Development, part of the Romanian entrepreneurial group Alfa Group, is one of the most dynamic residential developers in Bucharest, with more than 20 years of experience in the real estate market, both in the office and residential sectors. The Group’s portfolio includes more than 12,000 completed apartments in projects such as 19th Residence, 20th Residence, 21Residence Polytechnic, Exigent One and Exigent Two, Plaza Residence (phases 1-5), Cloud9 Residence, etc. The office segment includes the Mendeleev Office 5, Eminescu Offices projects, managed by the Asset Services Department of the Cushman & Wakefield Echinox, Rosetti Tower and Oscar One, located in the central area of the city, with easy access to public transportation and a wide range of facilities in the vicinity.
