“Clients are guaranteed a loan when apartments are finalized, as they lacked this certainty until now,” Adama co-founder and President, David Flusberg, told Business Standard. The company has also begun renegotiating the refinancing of some loans it took out before the economic crisis hit Romania and for which lenders are now demanding more collateral, Flusberg added. Adama is not experiencing any financial difficulties for the projects it is developing, as its share capital was increased by €100 million last year, of which more than half was directed to local investments.
During an event organized by Eurobuild CEE magazine, Flusberg said that investors looking for opportunities have appeared on the market, willing to buy homes costing €800 per square meter, but that they have no offers for the time being. “We sold homes to investors, but amid other conditions, and are no longer receiving orders. The average price of our apartments is €1,000 per sqm, which will be the fair market price, rather than the €2,000 per sqm it used to be. At such prices, discounts are now available of up to 50 percent,” Adama’s President added.
