DTZ Echinox announced on Thursday the sale of a EUR 4 million historical villa in downtown Bucharest, part of the Ministry of Culture patrimony.

The villa was built in 1930 and completely restored in 2000; the property offers 2,200 built surface with a 1,000 sq m terrain adjacent.

“This was an atypical transaction, the client having been impressed by the property and buying it in record time. In general, to obtain a luxury property the offer and selection process is very long and formal, sometimes lasting 2-3 years”, according to Raluca Plavita, senior consultant DTZ.

On the high-end properties segment, DTZ Echinox brokered deals worth EUR 8 million in the first three quarters of the year, up 100 percent year on year. 

Compared to previous years, the most active clients in the category were, besides inheritors, local investors with budgets starting at EUR 250,000 and reaching upwards of a few million euro.