“We will build 12 or 14 apartment buildings as part of our new project, depending on demand. The plan is now to also have an extended-stay hotel at the front, which will include a restaurant and retail space, as well,” Andrei Cojocaru, shareholder the Cavar group, said.
“We now have five buildings with 189 apartments under construction. Each building will have 50 apartments on average and be five to six-stories tall.”
The price of a two-room apartment with a usable area of 48 square meters starts at EUR52,000 and a three-room 72 square meter apartment costs EUR83,000 including 5% VAT.
Cavar has sold more than 80 apartments in the new complex since sales started.
A breath of fresh air this year should come from the new legislative provision that allows buying a second home with only 5% VAT, but only if the price is no higher than 450,000 lei (some EUR95,000) or the surface area is no larger than 120 square meters.
The Cavar group has so far built about 400 apartments, most of them in 10 to 20 apartment buildings.
(English version by Loredana Fratila-Cristescu)