Cheap new flats in the Vitan Mall area – Zizin, New Home, Four Towers, and Mall Vitan
There are plenty of incentives for small investors coming to Romania, but there is one above all: cheap prices. In Bucharest, Vitan is likely to be the area that witnessed the fastest housing price increases over the past few years. The trend existed in all areas of Bucharest and Romania, but was not as strong; since the construction of the Vitan Mall, the average price of a studio flat in the area rose from approximately €5000-7000 (it was actually its equivalent in $ at the time, as the Romanian market was still using the USD as reference point) to figures as high as €50000-70000 currently. Apart from the construction of the Mall, Vitan has now another advantage – a relatively high number of empty plots. The price of such a plot is prohibitive for small investors, as it typically starts at hundreds of euros per square meter, but is relatively reasonable for large development projects, such as blocks of flats. We will mention here several of the projects which are currently under development in the area, all with a common characterstics - cheap, good value prices for well-positioned flats in Bucharest.
The first project is Zizin Residence, positioned in the center of Bucharest, only a few hundreds of meters away from the Vitan Mall. The development is a no-thrills block of flats, including LG+G+4 floors. Apart from wooden floors, the flats do not include any special fittings; same applies for the block which will only include a secure access system. What is special about it then? The price! Flats in this block start at €68000 for a 53sqm studio. Should you want, you can also buy a garage in the lower ground/basement of the building for €14000. This is both cheap, by current Bucharest standards for new developments, as well as good value – the area is still perceived as one of the trendiest ones and, just as important, is very close to the city centre, likely to attract a monthly rent of at least €300. The development is due to be finished in March 2007.
Second development in the area is the New Home Residence – positioned in the same central area, the project is slightly larger – B+G+6 floors/ The 38 apartments include a mixture of studio, 1-, 2-, and 3-bedroom flats. Again the price is very attractive – studio flats measuring 45sqm are available for sale from just under €60000 – virtually under the price of older studio flats in the area. The largest flats do reach 137sqm, but do expect to pay considerably more for one of them. At this price, some of the flats are already gone, although the development will be ready only in October 2007.
The largest development in the area seems to be Four Towers Residence. The name might vary, depending on the seller, but you should look for a group of four blocks, LG+G+9 floors, with slightly smaller accommodation – from 42sqm studio flats to 2-bedroom flats measuring 102sqm. The price tag however is unbeatable - €45000. The project appears to be in the early stages of development, hence you will not find (as of yet) any indication of when the flats will be delivered.
Should you want larger flats but still reasonable prices, Mall Vitan Residence is the project that should fit your interests. You will need to hurry for this one though as it is a rather small development - the G+5 floors block will include four 1-bedroom and 2-bedroom flats, plus a 4-bedroom penthouse overlooking the area. As expected, the prices are slightly higher as well, starting from €95000 for the 63sqm 1-bedroom flats. The flats are nearly ready, as the block is due to be finished in February 2007.
Last posts in Apartments
Posted: January 29th, 2007 under Apartments, Property Development.
Comments: none
Write a comment