SaphirStein and RubinStein cover the real estate spectrum in Bucharest
After several real estate waves touching various areas, Cotroceni still remains one of the exclusive areas of Bucharest. Although located around one mile away from the Romanian House of Parliament, Cotroceni feels forgotten by time, nearby the botanical garden and the Romanian President residence (Cotroceni Palace). The area is also well-known for its peace and tranquillity, with quiet villas and cobblestone streets. No surprise that developers would want a piece of this paradise, but property prices in Cotroceni are accessible only to medium and large investors.
The SaphirStein project is the latest real estate development in the area. The project will include two buildings over a 5200sqm area, one based entirely on two bedroom apartments and the second including two and three bedroom apartments.
Due to the high profile of the area, the developers are not shy about admitting this will be a luxury development. The prices for the two bedroom flats vary between €139,580 and 180,800, far from the reach of the middle class. For example, a ground floor two bedroom flat, stretching over an area of 67.70sqm with a terrace area of 32sqm, has a price tag of €139,580 (and that’s without the VAT). For the same type of apartment (slightly larger area 89sqm but with a smaller, 19sqm terrace) at a higher floor level, the price goes up and can reach up to €174,075 (again without VAT).
Moving to three bedroom flats, the prices are approximately €100,000 higher than the two bedroom apartments. A three bedroom flat on the ground floor with an area of 159.60sqm and a 29.40sqm terrace will cost you €264,600 (without VAT). For the same type of apartment, but at fourth floor, the same flat area but slightly smaller terrace area (22sqm) the price reaches €290,560. Finally, as space comes at a premium in the area, make sure you will put €14,000 aside for an underground parking space.
The investors behind Saphirstein, Stein Construct SRL, might look at the top of the market, but they definitely have not dismissed the rest of the real estate spectrum. Another new development in their portfolio, RubinStein is currently under construction in the north of Bucharest with far more attractive prices:
- studio flat with an area of 51.32sqm is as low as €46,188 (without VAT),
- two bedroom flat with an area between 64.57 and 79.66sqm varies between €66,879 and €90,133 (without VAT);
- first floor, three bedroom apartment, with a surface area of 127sqm and a terrace area of 9.8sqm has a price of €136,800 (without VAT)
- first floor, four bedroom apartment, with an area of 162sqm and a terrace of approximately 21sqm is priced at €183,200 (without VAT)
As usually with developments away from the central Bucharest, RubinStein will offer underground parking, a commercial zone within the complex, swimming pool, fitness club and high security.
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Posted: May 7th, 2007 under Apartments, Property Development.
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