Mamaia Summerland brings blocks of flats closer to Romanian beaches
The Romanian seaside has witnessed so far a mixture of small developments, with most projects being either family seaside homes or small villas for the thriving rental market. Only a handful of developers aimed higher, with larger blocks of flats in Costinesti and the Tomis Plus area that we previously mentioned. Amongst increasing numbers of Romanian tourists choosing Greece, Bulgaria, and Turkey as alternatives, it is slightly difficult to justify the need to build more on the Romanian seaside. However, in spite of high prices and relatively poor services, all Romanian resorts are doing rather well for very basic, geographical reasons: with a population of over 20 million, Romania has a seaside of less than 100 miles (and quite a bit of it is actually still agricultural / unused) and only a handful of resorts. As a result, it is guaranteed, regardless of how many people will prefer a remote destination, that the occupancy of Romanian resorts will remain very high in the future.
As a result, more seaside housing projects appear on the available land throughout the Romanian coastline. One of the latest such projects is Mamaia Summerland – a group of eight 5-story blocks of flats built in the outskirts of the Mamaia resort. To begin with the resort itself, Mamaia (not sure why they chose it, but the name itself means Granny; however, you will find very few of them in the area) is one of the most popular ones at the moment, due to its proximity to Constanta and the large number of bars and clubs along the beaches, frequented typically by trendy (with or without double quotes) young people. Over to the actual development, as it can be seen on the website the greatest asset of Mamaia Summerland is the very short distance to the beach. The blocks will include a mixture of 1- and 2-bedroom flats which will include tiling and heating systems. With the risk of repeating it once too many times, the Romanian system to present flats for sale includes the total number of rooms, so a 2-bedroom flat will be presented as a “3 rooms” flat.
The flats are up for sale for €1130/sqm. Yes, the website does advertise a lower €950/sqm, but you’ll see “fara TVA”, which means “VAT not included”, throughout the website. And bear in mind that is the lowest price, for the ground floor flats; for higher floors units, the price reaches just under €1550/sqm. Is it expensive? Difficult to say; as mentioned above, the Romanian seaside is rather expensive in spite of the fact that most accommodation is either old and in desperate need for renovation or new but slightly crowded. With the price of a one-bedroom flat ranging between €90k and €166k, you might have quite a few difficulties justifying it as a summer retreat; on the other hand, with summer short-term rental rates around €1000-1500/month, a summer season of about 5 months and plenty of Romanians who want to visit the seaside in odd occasions (such as Christmas and New Year’s Eve), Mamaia Summerland is an investment worth considering for the buy to let seaside property market.
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Posted: May 22nd, 2007 under Apartments, Property Development.
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