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New targets of property developers

The increase in real estate prices in Bucharest and the crowding of the capital's northern area is prompting the property developers seek plots of land in localities situated 15-20 km away of Bucharest to north-west and north-east, such as Crevedia, Balotesti, Saftica and Afumati.

The capital's northern area has experienced the biggest growth in this respect, but in many cases, the real estate projects were developed without the necessary infrastructure. Romeo Florea, the marketing manager of real estate company Media City, says the developers are currently focusing on localities such as Crevedia, Corbeanca, Balotesti or Saftica, where there is gas and water supply or there are infrastructure projects underway. He says Bucharest's southern area is not attractive yet for developers, because it is known to be a polluted and industrial area. In his opinion, this area will become attractive in 3-4 years. In north-western Bucharest, Asset Management System, a company on U.S. capital, is developing the project Casa Nova Residence, an investment of 300 million euros. The project is based in Corbeanca and includes 800 villas. Another project situated in north-western Bucharest, developed by Turkish investors in the locality of Stefanestii de Jos, is Cosmopolis, which will cost 700 million euros and have 4,600 homes. The first phase, comprising 565 homes, has already been sold. The sales for the second phase has started, says Opus Land Development, the developer of the project. The developers have extended their projects also to the north-east, in the locality of Afumati. The Vilblok company, held by Turkish businessman Fehmi Ozturk, will build a residential project with 117 villas near Afumati, on a plot of 6,4 ha, in which he will invest some 14 million euros. The developers say the tendency in the coming years will be the building of homes with low areas, in order to facilitate the access of more categories of buyers. Sursa: http://www.rompress.ro

Tags: project north developers

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