All apartments were sold before the construction even began and only this is only the first stage of the project. “First stage clients were mainly managers, multinational companies, bank presidents, and lawyers. They are people earning who earn more than €3,500 per month,” according to Baneasa Rezidential Sales Manager, Alin Negulescu, for Business Standard. Company representatives said some 1,000 more clients are on the waiting list. “We are going to put a further 600 apartments up for sale this December, part of the second stage. These are to be completed in one and a half years, two years at the most,” Negulescu said. He added that the demand for apartments is very high, and that is why the blocks of flats part of the project are being built first.
As for the sales price, the cost for first stage apartments is €1,500-€1,900 per square meter, VAT not included, but could reach €4,000 in the next construction phases. Bãneasa Rezidenþial representatives expect a 20 percent yield when the project is finalized, by about 2015, when there should be a total of 5,000 apartments and villas. The average price per sqm on the residential segment is currently around €1,500 in Bucharest.
“We are going to put a further 600 apartments up for sale this December, part of the second stage Alin Negulescu sales manager, baneasa rezidential
