Introduction
- Pay 20% now and nothing more until completion
- 80% mortgages available
- Soaring local demand
- Free kitchens and bathrooms
- Completion in September 2009
- 20% to 30% capital growth predicted in 2007
SOLD
This development of 850 quality apartments presents a great opportunity for serious investors - only 25% of the project is being released before construction in September 2007. The other 75% will be on sale to locals when the project is completed in September 2009. The payment plan of 20% on contract and 80% two years later on completion, offers the buyer two options:
- Re-sell the assignable contract to another buyer and release a short term profit
- Complete the investment with 80% loan to value funding allowing an immediate release of equity from the project due to increase in capital growth over two year build period
The developer will manage both these exit strategies as they will have sales and lettings agents based in Bucharest.
Another compelling fact for investors is that after the fall of communism, every Romanian resident was gifted their home leaving the majority of the population with substantial equity in their homes. This dormant wealth will be used to kick-start the residential boom. The capital city of Bucharest offers the more traditional property investment opportunities with high specification rental accommodation always in demand. The majority of developers have only just started building luxury residential complexes which are up to three years away.
The Development
Located in the epicentre of one of the most populated city centre suburbs of Bucharest, this landmark development will consist of 7 towers offering a high standard specification and luxury living conditions. There will be 21 storeys in each tower constructed of steel with glass windows to the front and balconies up to the 12th floor at the back. Studio, one bedroom and two bedroom apartments with free high quality bathrooms and kitchens with white goods are available.
Basarabia Boulevard will dominate the skyline and it will have the feel of a village with full shopping facilities, galleries and coffee shops. Fitness and créche facilities will also be available making it very attractive to wealthy young Romanians and those with young families. The development will deliver a quality, modern living solution in an under supplied market.
Location
Basarabia Boulevard is located in Sector III, one of the most populated zones of Bucharest with over 800,000 inhabitants but it has had very little new residential development. However, there has been massive investment in commercial development by international retailers attracted by the high number of inhabitants in the area. The residential real estate sector is now starting to take off.
The site is on the main thoroughfare out of the city to the east and it is close to the new ring road that will be developed using European Union infrastructure funds. 2 tram services run the 1.4 miles into the main city centre square and it is close to the underground system. It is adjacent to the Cora hypermarket, (equivalent to Tesco in the UK) and the National Sports Stadium. It has also has a number of parks and lakes in the vicinity.
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