New developments for €1000/sqm in Bucharest - Militari Residence and Titan Residence
Property developers are - slowly but steadily - considering the middle class for their projects. Due to its prohibitive prices, Bucharest is, once again, behind most of the main cities of Romania, in terms of providing affordable flats for the small investors. Due to this slow awakening, several such projects are in the very early phases, likely to be encouraged by the success of Vitan Platinum Towers, but sucess stories are already here. This post will list two such (relatively) affordable developments sharing a minimum price of €1000/sqm: Militari Residence and Titan Residence.
Militari Residence is a small development - LG+G+5 floors. Located in the area of Militari - relatively quiet, with a mixture of tall blocks of flats and green patches but slightly off-central , the project was finalised in December 2002 and is currently available on the market. The block includes a mixture of 1-/2-/3-bedroom flats, including generous 64/82/110 sqm footprints. The fifth floor is exclusively occupied by a 130sqm penthouse which leads onto a 100sqm balcony. According to the developers, the flats can be customised, depending on the requirements of the clients, but do include as standard tiling, wooden floor, and double-glazed windows. The pricetag for all this is only €1000/sqm.
Titan Residence resembles Militari Residence through size - B+G+3+P - but this is where the similarity ends, as the block includes only a handfull of flats. The project is due to start this month but the developers promised to finish it in only 13 months (quite a bold promise, but the property itself is rather small). When ready, Titan Residence will include 2- and 3-bedroom flats, measuring between 108-154sqm, all for an advertised price tag of €1000/sqm. The investors can pay a further €15000 for a private garage. Based on the (scarce) information available, the flats can be purchased through four payments - 20% paid initially, followed by three installments of 30%+30%+20%. Again similar to Militari residence, the apartments will include wooden flooring and bathroom and kitchen tiling.
Are these two project characteristic for the current trend of the market? The answer is, unfortunately, no. In future posts we will come back to the higher price ranges, beyond €1100/sqm or, further beyond €1400/sqm, with far more examples, both in terms of number of projects and in terms of number of flats.
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Posted: February 5th, 2007 under Apartments, Property Development.
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