Green Lake's market value doubles in 18 months

The market value of the residential project Green Lake, developed by Quality Living Developers (QLD) in North Bucharest, has doubled in a year and a half, to 200 million euros, following the increase in housing prices, according to company representatives. “Originally, in 2006, when the project was launched, the estimated value of the project was of 100 million euros. Currently, the estimated value stands at 200 million euros, both for the first stage and for the second stage of the project. The difference mainly has to do with the upward trend of estimates made for the price per square metre of Bucharest apartments,” said the executive manager of QLD, Nicholaos Stathakis. The project, whose construction started in the summer of 2006, is developed in two stages, and will include 577 apartments and 58 villas. The first stage will be completed in 2008, and will include 39 villas and 118 apartments. 65% of this stage is complete, and almost ready for delivery. The second development stage, which will include another 19 villas and 14 blocks of apartments, will be completed in the first quarter of 2010. The company has started to sell homes to be developed in the second stage of the project.