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After decades of social and economic change corresponding to a transition from a centralized and authoritarian political regime to a more decentralized democracy, Bucharest became a European capital in 2007. Following the example of other EU capitals, Bucharest needs to integrate urban legacies and practices into new modalities of urban production. Residential housing reflects both past practices and the effects of the formation of land and property markets in an open economy. After comparing Bucharest to other European capitals, this article analyzes the governance of the land and property markets in a regulatory system characterized by a certain elasticity. It then moves on to examining the issues related to the new residential complexes on the outskirts of the historic center.