Iasi represents Romania’s third city in terms of population, with strong local universities that nurture over 55,000 students annually. With those figures, the city is still weak in terms of new, modern housing units.
Data collected by RPC from imobiliare.ro show that offers for the first three quarters in 2023 total 1,275 apartments, of which the new units listed count for 410, a minus of 18% as compared to the same period of the previous year.
The two major new residential projects in Iasi are developed by investors with national track record: Impact Developer & Contractor and Prime Kapital. Impact obtained the building permit for a major scheme totaling 1,062 apartments on Copou hill. Prime Kapital is developing a mixed-use scheme on the former Teba industrial platform. The new project has an important residential component, totaling 1,549 apartments to be delivered in different stages of construction. The first stage should be delivered by year end according to previous announcements from the developer, while construction for the second phase is underway. Each construction phase comprises approximately 300 units.
In terms of demand for both new and old units the figures for the third trimester show a plus of 4% as compared to the same period of 2022, while the figures for Q1-Q3 of the current year show a minus of 3% as compared to Q1-Q3 of the previous year.
Transactions for the first three quarters total 4,489 for the entire county, according to data from Cadaster Office – ANCPI. The figure represents a minus of 18% as compared to the previous year.
Regarding the rental residential units, there are increases for both first three quarters – a plus of 11%- and for the third quarter – a plus of 2%. The total offers indicate a minus of 31% as compared to the previous year and another minus of 16% for new listings on the market. The rents have seen an increase of 12% in Q3 2023 vs Q3 2022.