Construction Permits Plunge to Half of Last Year’s Numbers!

Bacău County is facing an unprecedented collapse in the number of construction permits for residential buildings! In July 2024, local authorities issued only 65 permits, a shocking drop of -52.9% compared to the same month last year. What is happening in the real estate sector? Is the economic crisis to blame, or is it simply a lack of interest from developers?

Urban Areas Losing Ground, Rural Areas Holding Strong
The majority of permits were issued for rural areas, which dominate with 72.3%, while urban areas are barely reaching a modest 27.7%. Urban development is losing steam, but the countryside seems to be where investments are still being drawn!

Good News or a Mirage? June’s Rebound
After a lackluster June, July saw a surprising recovery, with a +22.6% increase in permits compared to the previous month. But is this growth sustainable, or is it merely a temporary illusion masking a deeper real estate crisis?

In the first seven months of 2024, only 519 construction permits for residential buildings were issued in Bacău County, down by 63 compared to the same period in 2023. Interest in residential development appears to be in free fall!

Bacău – A Real Estate Time Bomb?
With alarmingly fewer permits and a constant decline in urban areas, the question arises: where is Bacău’s real estate market heading? If the trend continues, the future of residential construction could be in jeopardy!

Although the number of housing units for which permits were issued in July 2024 saw a spectacular increase of +144.4% compared to June 2024, reaching a total of 132, it remains to be seen whether this boom will persist or if it’s just a temporary spike followed by another decline.

Bacău County is at a critical crossroads, and the real estate situation appears to be hanging by a thread. The sudden rises and falls make us wonder: Will the real estate market withstand this turbulent period, or are we headed for an imminent housing disaster?