Financial crisis forces investors to sell apartments

After in October 2008, a Canadian investor was announcing apartment sell off spree (900 new apartments evaluated at 160 million euro). Today, the Norwegian investor Romania Invest has officially launched a sale organization for the 800 apartments he had acquired in seven residential compounds in Bucharest.

In the last two years, Romania Invest bought nearly 800 apartments in seven residential projects: German Residenz (developed by Tiriac Imobiliare), Ten Blocks (located in Militari), Platinum Vitan Towers, (Vitan area), Planorama (road Doamna Ghica), Blue Tower (developed by Copper Beach, located on road Fabrica de Gheata), Armonia Titan (developed by Adama), and My Dream Residence (Pipera-Tunari).

In a time when housing unit sales are in lockdown mode, and more and more developers offer discounts or provide various incentives, such as kitchens and parking spaces free of charge, Romania Invest has established a special sale organization, Be Igloo. The company is under management of Nimrod Zvik (photo), the former marketing director of BSG subsidiary in Romania, Seven Hills, and the coordinator of West Park project.

The Norwegian-based company has poured nearly 85 million euro in the 800 apartments, but now, the portfolio exceeds 115 million euro, according to the reevaluation report conducted by real estate advisor King Sturge.

“Of all the 800 apartments offered for sale, 80 are already completed, so the end buyer can see exactly what he is paying for. We have challenging prices even compared to the developers”, said Bjorn Hauge, Country Manager at Romania Invest.

For the housing units within Residenz compound, the investor has set the starting price at 127,752 euro (price includes VAT), for three-room apartments. The price does not include, however the parking space and storage spaces. The apartments for lower budgets are within Blue Tower compound, where the prices start from 63,040 euro, including Vat for single apartments.

“We haven’t purchased luxury apartments. We remained focused on those within the average price range. As for the payment, we’ve recently concluded a partnership with Bank of Cyprus, the lender of the company and we can tailor the offer to suit every client’s needs”, said Bjorn Hauge, the country manager expecting a steady evolution of apartment prices.

Be Igloo organization will run the dwelling sale procedures. The representative, Nimrod Zvik said the clients had the possibility to buy the housing unit after temporary leasehold.

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