He has already sold 42 of them in the first month on a real estate market that is not offering any reason for collapse at the moment, Lucian Azoitei said on ZF Live.
Azoitei says the rent trend is very important for the real estate market.
“An essential argument, in my opinion, is that the rent market at the moment, which is a market of demand and supply, without any outside influence, is higher than the loan installments for the same products by 20%. When buying a product requires 20% lower installment than the rent for the same product, we cannot be talking about a potential crisis.”
The development near Titan Park also has a retail component and a rooftop running track. The investment stands at EUR22 million. The sale started a month ago, with 42 buy-sell contracts already signed with a 15% down payment.
“The price per square meter will be EUR1,150. A two-room apartment will cost about EUR75,000, a three-room apartment EUR95,000 to EUR97,000. There are also two penthouses and they were sold to two doctors in the area for EUR180,000 each.”
The developer has also found a buyer for the retail space, an investment fund that will pay EUR3.3 million upon delivery, Azoitei said.
(English version by Loredana Fratila-Cristescu)