Tuesday, June 10, 2008

Romania Invest to continue to buy new apartments

Norwegian-based Romania Invest, which holds around 1,000 new apartments in Bucharest in its portfolio, has acquired 25 homes in the My Dream Residences project in the Pipera district, and intends to start selling the first homes in the Residenz project in the town of Chitila, when the construction is completed. In the My Dream project, the Norwegians mainly bought two and three-room apartments, in a transaction worth 4 to 5 million euros, with the sale of the 35 apartments they hold in Residenz to start in the coming two months. "We will continue to buy because we are certain the market will recover. We don't know exactly when - six months, a year - but the real estate market, like other markets, has a cyclical evolution. Moreover, under the current circumstances, it is easier for us to do good business financially, given that the market has become a buyers' market," Bjorn Hauge, country manager of Romania Invest, told ZF. The Norwegians have purchased homes in the Planorama, Residenz, Ten Blocks, Blue Tower, Vitan Platinum Towers and Armonia Titan projects at discount prices, which they were able to get due to the large number of housing units bought, and to the projects being in an early stage of development.


Source: http://www.zf.ro/articol_175448/romania_invest_to_continue_to_buy_new_apartments.html

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