Prices are in excess of EUR150,000 for a four-room duplex in Cosmopolis in Stefanesti (north of Bucharest).
The analysis reveals that in seven projects in Bucharest and around Bucharest, where 4,800 apartments were built, there are around 750 apartments still available, i.e. just over 15% of the total number.
Asking prices tend to be around EUR1,000 per built square meter, with prices down by up to 17%, but there are also projects where the prices are unchanged.
On the other hand, in projects such as Cosmopolis in Stefanesti (north of Bucharest) or Militari Residence in western Bucharest, several hundred more apartments are under construction, and will become available for sale this year.
“In Armonia we have 48 apartments left. Prices range between EUR54,000 and EUR108,000 and include VAT. We did not modify prices in 2011,” says Asher Lax, sales director of real estate developer Adama, held by Austrian investment fund Immofinanz. Adama built two blocks with a total of 262 apartments in the Adama project, and construction of the third block should start this year.
The Titan district has been one of the most sought after by real estate developers. It boasts projects such as Rasarit de Soare, Citadella, Pallady Residence, and other smaller projects developed by Adama. The fact that it has three subway stations – Nicolae Grigorescu, Titan and Costin Georgian – as well as it vicinity to the Titan park and the Iris Shopping Center, contributed to significant apartment sales in this area.
The Rasarit de Soare project, which consists of nearly 1,000 apartments, has a low vacancy rate.
“In the Rasarit de Soare project we have around 120 apartments left, from studios to four-room apartments, 66 units of which have contracts with installment payments to the developer, while 54 units are free,” say representatives of Conarg real estate developer, controlled by businessman Valentin Visoiu.
Prices in Rasarit de Soare are down from the similar period of last year, by an average 5%, so they now start from EUR37,000 plus VAT for a studio, a two-room apartment costs upwards of EUR55,000 plus VAT, three rooms cost upwards of EUR65,000 plus VAT, and four rooms start from EUR93,000 plus VAT.
Another project developed by Conarg in Bucharest is Quadra 2, nearby the Polytechnic University, in the Military district. Within this project, the developer built one single block with 226 studios and 16 two-room apartments, and has around 100 units available.
“Studio prices start from EUR35,000 plus VAT, while two-room apartments cost upwards of EUR65,000 plus VAT. Prices are down by 7% on average against the similar period of last year,” Conarg representatives also said.
The Militari district has also been on the priority list of home developers in the past few years, with Iuliu Maniu boulevard also having access to several metro stations, while commercially the area is covered by projects Cora Lujerului, Militari Shopping, Plaza, and AFI Palace Cotroceni.
The biggest price cut among the analyzed projects targeted studios in the 430-apartment project Ten Blocks, whose prices were cut by 17%, from EUR60,000 to EUR50,000, VAT and parking space included.
“The prices of two-room apartments are down from EUR66,000 to EUR60,000,” says Andra Turtoi, sales manager of the Ten Blocks project.
The biggest project of new apartments was developed in western Bucharest – Militari Residence, which has 1,800 apartments, is located behind the Militari Shopping project.
Prices have not fallen from last year, but they are among the lowest on the market. The distance to the closest metro station (Preciziei) is around 1.5 kilometers.
“Studio prices range between EUR31,500 and EUR40,000, two-room apartment prices start from EUR37,500 for penthouse apartments and range between EUR48,000 and EUR60,000 for the rest of the floors, while three-room apartments cost EUR72,000, VAT included. There are around 200 apartments still available and we have three more blocks under construction, which will be completed this summer. Prices are the same as last year,” says Stefania Tudor, assistant manager within Militari Residence.
North of Bucharest, the Cosmopolis project is set to see the completion of 126 new homes this year, which will bring the project to nearly 900 completed apartments and villas, out of a total of 7,000-8,000 units planned by Opus Land, controlled by the Buyukhanli family in Turkey.
“Cosmopolis currently has 175 residential units for sale – 146 apartments (studios, 2, 3, and 4 rooms) and 29 villas of various sizes. Out of a stock of 175 units, only 49 are finalized, while the rest will be delivered in the first quarter of this year,” say Cosmopolis representatives.
They say there were no price changes over the course of 2011, with the price of a studio starting from EUR38,000 plus VAT, while prices of two-room apartments start from EUR56,000 plus VAT, three-room apartments start from EUR62,000 plus VAT, and four-room duplexes cost EUR150,000 plus VAT. The price of a villa is EUR90,000 plus VAT.
(English version by Daniela Stoican)