Ibiza House: 600m-euro project in Voluntari

The Spanish real estate group Ibiza House will develop one of the biggest residential projects on the Capital’s market, which could reach some 600 million euros, near the Voluntari commune. The project that starts in 2008 will be developed by a group of Spanish investors, using funds originating from a Spanish bank. “The residential project will comprise both luxury villas and blocks of flats for high-income people and will span over a 10-year period. In the first three years, the value of the project will reach 150 million euros,” Luis Cabarro Castillo, general manager of Ibiza Construct 2000, the construction company of the Spanish group, told ZF. Up until now, the biggest residential project announced on the market was developed by Baneasa Investments, owned by businessmen Gabriel Popoviciu and Radu Dimofte. Due to Romania being on the verge of entering the European Union, the market is expecting to see the arrival of bigger investors that will develop high calibre housing projects.