Stefanestii de Jos village is due to become a town
The price of land in the heart of Bucharest is currently prohibitive for large-scale middle-class real estate projects. This is why, more and more, new property developments targeting people working in Bucharest are slowly pushed towards the outskirts of the city. One of the preferred destinations for this housing development migration is the north of the capital, in villages outside the Bucharest Metropolitan Area, more exactly in Ilfov County, in Stefanestii de Jos. If in the posh areas North of Bucharest the price of land can easily go beyond €1,000 per sqm, in Stefanestii de Jos, the current price for various plots of land varies between €10 and €70.
So, what is the news for the Stefanestii de Jos village? To summarise: investments of billions of euros. The Spanish property developer FADESA, in association with a Romanian developer (SC Opus Project), and the real-estate development arm of a Turkish investor announced two massive projects that will change the push the status of Stefanestii de Jos from village to town. The project proposed by FADESA, marked by the continuous line circle in the picture above, is covering a whopping 640,000sqm with a total of 12,000 properties. The land might come cheaper, but the project, as you can appreciate it, is extremely large, therefore the estimated total investment is a generous €850millions. The project will include also a business centre as well as commercial properties. Similarly, the project proposed by the Turkish investor (the dashed-line circle in the picture) is announced to spread over 100hectars and some sources mention investing sums of over €1billion.
In both cases, the detailed plans are not available yet, but it is expected to be fully advertised over the next 6months.
Source: Cotidianul newspaper
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Posted: May 12th, 2007 under Property Development.
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