International real estate consulting company DTZ Echinox has brokered new lease deals in the luxury residential segment whose aggregate value exceeds €500,000 per year, within the first five months of 2012.
Rental transactions have registered a 100% growth versus the same interval of 2011. The beneficiaries of such residences are ambassadors, high rank diplomats, banks and multinational companies' presidents and vice-presidents. They have opted for the three to four-bedroom penthouses, located in the north of the capital. Budgets for renting such exclusive properties start at 4,000 per month and can reach up to 10,000 to 12,000 for apartments and penthouses and up to 20,000 for villas.
Embassies, banks and large multinational companies are most active clients on the luxury residential rental niche. With embassies, the tender and selection process is the longest and most formalized, sometimes lasting for almost two years.
"For the relocation of an ambassador, I worked for a year and eight months. The residence had been located in a villa for over 30 years and the relocation to a penthouse required prolonged discussions, numerous official commissions, changes to the security aspects and to the technical specifications. The penthouse they have eventually chosen has 450 m² surface and 400 m² of terraces," comments Raluca Plavita, Senior Residential Consultant, DTZ Echinox.
For other diplomats and expatriates, budgets for residences are between 3,000 and 6,000. They usually target two to three-bedroom unfurnished apartments. The offer is encountered most often in areas such Dorobanti Kiseleff, Herastrau, Nordului.
The Bucharest residential market currently offers a relatively limited number of top residences exceptional location, large surface areas, exquisite finish and numerous facilities - especially when it comes to villas.
"A recent trend we have noticed among high rank diplomats is the shift from classic villas to modern penthouses which provide more comfort, ample space, flexible interior partitioning and even more generous terraces and 'rooftop' gardens. We have recently brokered such relocations for two ambassadors," adds Raluca Plavita, DTZ Echinox.
DTZ Echinox provided relocation and renegotiation services, consultancy and property management on the luxury residential segment for the British Embassy, Israel Embassy, the US Embassy Sudan Embassy, Tunisian Embassy, Embassy of Germany, Qatar, Kuwait, Jordan, the United Arab Emirates etc.
The residential department portfolio also comprises major banks and multinational companies. The company has an uninterrupted experience of 19 years on the luxury residential segment.
In 2010 DTZ launched the first luxury residential portal www.dtzresidential.ro an online platform that brings together 130 exclusive apartments and villas available for sale and lease. In 2011, the company has brokered the purchase of a luxury residential building of 33 apartments located in North-Herastrau. The compound has been bought by an investment fund over €7 million.