Luxury Apartments in Romania, among the cheapest in Europe
by Claudiu Vrinceanu(http://www.wall-street.ro)
(shortened from the original Romanian language version)
Romanians are searching for luxury through purchases of expensive cars and in particular the purchase of the most luxurious residential projects in the country. Romania occupies 31st position in Europe for the biggest price for luxury apartments according to Global Property Guide, which analyzed 42 markets.
The price for a deluxe apartment of 120 sm2 size in Bucharest is 282,000 Euro with one square meter costing 2,350 Euro according to the report by Global Property Guide.
What does a luxury home mean for Romania? Luxury isn't defined only be the quality of finishings but by the generous spaces offered, brightness, and the viewed offered by the location of the unit.
In general the people who seek these types of homes are employees of international companies, directors, businessmen, and investors.
The market for luxury homes started developing after 1996 and continues to go strong. We predict in the coming years the number of luxury projects in top locations will be limited. "Due to the lack of available land, we believe that other (less sough after) areas will have to be sought out. The demand for luxury apartments will continue to very large. We believe that in the upcoming months, sales price will increase significantly" predicted market specialists DTZ Exchinox.
In Romania 95% of luxury developments are carried out by smaller Romanian developers, only 5% being realized by larger international developers.
"For every luxury unit that exists there is no one client but tens of clients,"
asserted the specialists at DTZ Echinox.
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