Developers are selling partly finished homes

“Selling partly finished homes can be the beginning of a trend for those who want to keep selling something. In cities such as Sibiu, this method has been applied successfully for a long time. It is better to sell a partly finished project than freeze it,” Adrian Nicolescu, Head of Valuation&Advisory of the CB Richard Ellis-Eurisko (CBRE-Eurisko) real estate consultancy company, told Business Standard.

Antonio Zarnescu, Commercial Manager of the Spanish GEA-Prasa developer, seconds Nicolescu’s idea, though he does not know developers that have applied this solution. Zarnescu also promotes “real estate barter” as a possible solution on the old apartment market. This means that people who own an apartment but want to move to a bigger one, can contact those who want to sell such a larger unit, offering their own in exchange, plus the difference. “This way, one avoids paying taxes, as this in not a transaction, but an exchange, and both parties are satisfied,” added Zarnescu.

The EuroMetropola advisory company says that a partly finished apartment can be 10-20 percent less expensive than turnkey housing units. “Such acquisitions could be advantageous for investors who have their own construction company, who want to work with certain material providers, and who want to impose a certain standard on the project,” said company officials. The developer is offering a €300/sqm discount for a partly finished apartment in a four-story building in the northern Pipera neighborhood. (A.U.)