Over 500 villas ready in the Capital by 2008

Foreign and domestic developers are to build some 550 villas on the Bucharest residential market by 2008, says Ruxandra Cleciu, chairperson of the Romanian Real Estate Agencies Association (ARAI). “In 2005, 12 foreign and domestic developers, which announced several house-building projects entered the residential market. Consequently, by 2008, some 550 villas, spread out over a 120,000 square-metre area, will be delivered onto the market,” estimates Ruxandra Cleciu. The house market will boom in the next few years because of Romania’s economic growth and of the real wage increase, according to real estate consultants on the market. However, due to the pressure on the market, some residential complexes do not have very high quality standards. The strong development of the residential market in the last two years has attracted the interest of foreign investors, who have ended up covering about 90% of the total value of investments.