40m-euro flats sold in three months from project launch

Over 300 apartments (90%) in the Quadra Place, a 32 million-euro complex, developed by the Pitesti-based Conarg close to the Polytechnic University in Bucharest, have been sold in the first three months from the launch of the project. The apartments distributed among five buildings will not be finalised any sooner than May 2007. The result confirms the trend seen on the real estate market this year that the demand is concentrated on apartments worth 900-1,000 euros per square metre without VAT. Recently announced apartment buildings that target the middle class have been instantly snapped-up because of growing demand, in a similar fashion to luxury flats two years ago. Several projects addressing the same kind of clients, like Edenia Titan, Jupiter Berceni, Planorama Colentina and West Park Militari have been announced for development over the next two or three years. Almost each of these has seen demand beyond expectations, even though many of them were just at the model stage.