Property consultancy firm Premier Estate Management posted sales totaling EUR 22 million during the first five months of the year, according to its financial results.
On average, some 36 apartments were traded each month with a total monthly value of about 2.6 million, one-bedroom apartment topping preferences.
Of total transactions, 58 percent were made through the Prima Casa program. This was lower compared to previous years, mainly due to a portfolio diversification of projects owned by the company, according to representatives, which comprises residential projects sold in an 85 percent share through the Prima Casa program (Pallady Towers, Citadel Titan, Solar District) and premium projects, where most buyers prefer to pay through installments to the developer (Asmita Gardens, Ibiza Sol, 49Gafencu).
A large part of the residential sales were brought in by the Asmita Gardens project, where transactions totaled EUR 4.5 million.
“2016 presented us with a promising start for the residential market and we expect it will be a very good year for real estate investment and development of quality projects in all areas of the capital city. The increased interest of customers for the projects in our portfolio makes us happy and at the same time, reconfirm that they successfully meet the criteria that Romanians have in mind when they look for a house, the prices and various ways to pay, location, quality materials, proximity to public transportation and green areas,” said Andreea Comsa, general director of Premier Estate Management.
The investments division, which was newly created, has operated transactions for land and investment packages reaching a total of EUR 6 million. The main aims of the department are the developing of business plans for investors exploring the residential market, undertaking feasibility studies, managing negotiations for corporate customers and facilitating access to finance for purchases of land and development projects.
The buildings traded by this department during the first period of the year include a plot of land of 4.1 ha sold by a bank at a price 50 percent lower than the market price, a package of apartments and car parks belonging to banks and sold to a private investor at an attractive discount and commercial space located on Calea Victoriei, acquired by an investor to obtain attractive rental income.
The company has a portfolio of over 1,000 apartments worth EUR 150 million.