Israeli developers take a wait-and-see approach

Israeli real estate developers, which are among the leading players on the Romanian real estate market, with planned investments worth 10 billion euros, have adopted a wait-and-see attitude as to making any major decisions on the Romanian market, such as starting a new development stage for the ongoing projects, starting new projects and even operating the “usual” price increases as construction works advance. “The original plan provided for price increases as the project draws to a close, and they will occur. (…) The next price increase will be correlated with our experts’ market surveys. After these surveys are ready, we will decide when and by how much to increase prices,” says Nimrod Zvik, marketing manager of Seven Hills, the developer of West Park residential complex in Bucharest’s Militari district. Prices operated as part of the project are currently some of the lowest in Bucharest, and range from 1,150 to 1,200 euros per built square metre, with the first two stages of the project being underway, consisting of 380 apartments.