Bermo waiting for better times to launch new projects

The company is currently in the final stage of development of three residential projects, which include five buildings with a total 170 apartments. “The crisis has not caught us on the wrong foot, with projects in mid-construction,” Esnican told Business Standard.

The company official said that the pace of sales fell abruptly in the past months. It has not offered any discounts on apartments, because it has a minimum price of €700-750 per square meter, VAT included, for partly-finished units and €800-850/sqm, VAT included, for completed ones.

There has been a sharp decline in interest on the local real estate market for home acquisitions since the second half of 2008. By year-end, players began admitting that the market is affected by the financial crisis, changing their investment plans in an attempt to cut costs.