15:27 10 June 2024
GUS: There were fewer new apartments in Q1 ‘24
The number of new residential buildings completed in Q1 2024 was 21.6 thousand, nearly 23% fewer than the previous year, according to the Central Statistical Office (GUS). Single-family homes accounted for 97.5% of all completed buildings but comprised less than half of the total newly constructed apartments. Traditional, improved technology was used in 98.2% of residential buildings, with two-story buildings (62.7%) being the most common. Developers built 60.3% of new apartments, while individual investors constructed 37.5%.
The average construction time for a new residential building was slightly over 44 months, with multi-family buildings taking nearly half the time of single-family ones. In Q1, 48.3 thousand apartments with a total usable area of 4.4 million m² were completed, showing declines compared to the previous year. The average usable area of a new apartment was 90.9 m², with single-family buildings averaging 132.6 m² and multi-family buildings averaging 52 m².
