One Third Of 6,000 Bucharest Apartments Finished In '09 Still For Sale

Real estate developers still have almost 2,000 apartments left of the 6,000 completed in 2009 in 14 residential compounds in Bucharest and Ilfov county, according to data centralized by MEDIAFAX.

Most of the apartments in residential compounds finalized last year were sold back in 2008. The number of transactions fell significantly in 2009 due to the lending restrictions and the economic instability, although developers cut prices by as much as 20%.

Primavara complex, developed by Can Serv company, said it sold 416 of 480 apartments finalized in 2009, while Adama developer only has 72 units left of the total 350 constructed.

Conarg also signed contracts for 80% of its 988 apartments finalized in Rasarit de Soare compound, according to the company data.

Turkish developer Opus Land also sold 90% of its Cosmopolis project, while Mivan Development still has 40 apartments left of the 316 apartments finalized in New Town residential complex.

On the other hand, developer Romfelt Real Estate only sold 236 apartments of the total 616 built in Doamna Ghica Plaza project.

"Due to the stabilization of the real estate market and the increase of the guarantee threshold for the "First Home" program, estimated for this year, more transactions are expected to be closed in 2010," according to Doamna Ghica Plaza representatives.

Monaco Towers compound, developed by Marble House, only sold 30% of its over 300 apartments.

Asmita Gardens sold 450 apartments of the total 788 completed last year, while Anchor Grup sold half of Incity complex, of 500 apartments.

Comnord company also built 150 apartments in Ten Blocks complex, which were all sold, while another 120 apartments are estimated to be finalized in the following months.

mediafax.ro