Introduction
Demand for new property in Romania is at an all-time high and stock is very lmiited. In fact, it has been estimated that there is a shortage of around 965,000 homes across the whole country, with the highest deficit being in Bucharest. These conditions alone would send a market spiraling up.
But in addition, Romania joined the EU at the beginning of the year. In doing so, it had to meet very strict economic, political and financial criteria that now pave the way for foreign investment and increasing demand for property.
So the Bucharest market is set to be one of the hottest property markets of 2007 – a fact supported in recent reports by Jones Lang Lasalle and Ernst&Young that listed the city as the top place to invest during the next 5 years. This view is also shared by many companies who have recently relocated to the city - Deutsche Bank, Orange, Vodafone, Toyota and Goldman Sachs to name but a few.
Such companies are improving salaries and employment opportunities and are attracting more inhabitants to the city in search of jobs. With a maturing mortgage market and with interest rates increasingly under control, there is a new emerging middle class who are eager to move out of crumbling, communist-era blocks and into newly affordable, high-quality family accommodation.
Located in a secure and gated community, our villas at Forest View are a perfect mix of price, style and location to attract this growing sector. In fact, a recent survey done by a local university found that 43% of Bucharesti want to move to individual houses.
With an average discount of 34%, under £17,000 deposits and non-status mortgages available straight from the developer, these villas offer an enticing investment opportunity in a fast growing market.
Read on to find out more and as ever, give us a call on 01273 627 900 to speak to one of our property consultants.
Warm regards,
Alise and Jonty Crossick
The Forest View site is within perfect commuting distance of Bucharest. The entire development consists of a medium-sized, gated community of 518 villas. The gated community is appealing to the locals because it caters to the western, secure standard of living, which is in great demand.
The site is skirted by a large natural forest which acts as a windbreak, offering protection from cold winds in the winter. It is also a protected nature reserve featuring many rare plants and trees.
Influenced by the western style of development, the site is grid-style patterned with 9-metre wide roads, well-maintained street lighting, and 24h security with CCTV cameras. There will also be great amenities inside the gated community, including shops, leisure facilities, café, restaurant, children’s playground, fitness centre, banking facilities and a church.
The development will be built to western standards which many local Romanians widely aspire to. This new style of development is scarce in the Bucharest region, further adding value to it.
We have secured a total of 120 villas with 140-145m2 of living space on private, 270m2 plots of land in this community. The remaining plots of land within the gated community will all be built upon in a similar style, meeting a certain type of standard, as set by the developer and the “owner’s community” of other Forest View plot owners.
The villas are expected to complete by the last quarter of 2008.