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David Martinez, IMG Business: The real estate market in Romania is very active |
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HOME >> NEWS >> David Martinez, IMG Business: The real estate market in Romania is very active |
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February 25,2008
 New flats are highly appreciated since they benefit from a modern infrastructure.
The Romanian real estate market remains appealing for foreign investors. “The market in Romania continues to be very active, even if we expect stagnation as against last year because of the real estate issues in other countries and mainly because of the under-prime loans from USA”, David Martinez Vallbona, manager of the Spanish company IMG Business told “Nine O’Clock”.
In his opinion, the prices will continue to advance in the next 3 years. “Yet, we estimate that the growth pace will be lower should we compare it to what happened in the last 5 years. New flats sell best because the price gap is not very high, yet, the difference in quality is visible. The advantages are clear: everything is new, including water, gas and light installations. Also, materials are more mdoern and better”, Martinez explained.
Traffic continues to be a problem for developers
The difficulties posed by traffic are considered also by real estate developers. “I do not think it is advantageous to move away from Bucharest downtown because of traffic difficulties, which are not expected to improve soon”, Martinez said. Yet, there are new promotions in central areas. “An option could be represented by our new project, located on the ground of ex factory Electrotehnica, in front of Mall Plaza Romania, not far from the center”, IMG Business representative explained.
Other new projects of the Spanish company are one in Constanta, called Flamenco, whose construction has already started and other 5 tower - blocks close to Mamaia with 1000 new flats, whose sale is to start over the next days. “We shall also start the construction of our projects on the land of former factories Electrotehnica, Frigocom and Tricodava, in district 6 of Bucharest, on Timisoara and Brasov Avenues, where more than 5,000 lodging spaces will be built, two office buildings and one hotel”, Martinez specified. The residential condominiums will stretch only on 75 per cent of the land purchased, the rest will be green area, as Spanish investors explained.
Source: http://www.nineoclock.ro/ |
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