Romanian Property News

While some of the Romanian real estate developers come up with rather mundane names for their projects, there are amongst them a few coming up with inventive and attractive alternatives. This is the case for the latest project due to be built in Mihailesti, nearby Bucharest, by a Cypriot company; the name of the project: Paradise Valley.

Paradise Valley reached the news headlines since its inception due to the land transaction that preceded it. The developer paid €7million (6.8 to be more precise) for the 85-hectar plot that the project will be built on. By all standards, although the unit price of €8/sqm is not out of the ordinary for the area, the transaction changed the couple who owned of the land in overnight millionaires. The Mihailesti village, positioned 10 miles away south-west of Bucharest, is not at the moment the place to be; the only thing it is famous, if you google it, is the lake nearby and an unfortunate explosion of a nitrogen tank three years ago. However, but the project is likely to change all this, bringing an influx of wealthier inhabitants and likely to strengthen the Bucharest-Giurgiu link.

So, what happens now? The Paradise Valley real estate project is still in the early stages. Information is rather sketchy at the moment, based around an interview given by Akis Pierides the manager of Paradise Valley Invest, the developer behind the project, to the Ziua Financiara (Financial Day) Romanian newspaper. According to Mr. Pierides, when finalised, Paradise Valley will include approximately 900 villas, spread over the acquired plot.

The entire project appears to be quite ambitious in terms of overall size. Even after taking away some of the land for the infrastructure, the resulting plots are still likely to go beyond 500-600sqm for each residential plot. The overall value is high as well, initial estimations of the entire project reaching the sum of €75million.

When is it all going to be ready? While you might be able to be the lucky owner of a house as early as 2008, the project is estimated to finish around 2011. However, according to Ziua Financiara, there appears to be already some interest from potential UK and Irish investors, keen to secure some of the off-plan properties.

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