Novum Business Invest, one of the most important developers of real estate projects, with over 10 years of experience on the Romanian market, announces record sales in October for the Novum 56 residential project.
In a general context with many dynamic elements, in which the real estate market is influenced by a series of disruptive factors such as the increase in interest rates on loans, the evolution of prices and the orientation of a growing category of customers towards rents, the real estate sector reflects an increase continued demand for modern and sustainable residential properties.
Based on a resilient strategy with clear objectives, the real estate developer Novum Business Invest, together with Crosspoint Real Estate, one of the largest local real estate service providers and the only partner in the sales process of the Novum 56 residential project, announces a record number of sales of apartments in October – more than 40 residential units sold in a single month.
Located in the western part of Bucharest, on Bulevardul Timișoara 56, near the main points of interest, such as schools, universities, medical clinics, shopping centers, but also in the proximity of public transport, Novum 56 offers the community all the amenities of an urban modernlife.
The project includes in its first phase 704 residential units, out of which 165 are studios and 539 are two and three room apartments, as well as 867 parking spaces. The total value of the investment expected for the first phase is estimated at over 21 million euros.
“The new measures proposed by the government, expected to enter into force in 2024, will have a significant impact on the real estate market. The declared intention of the authorities to increase a number of taxes, including the minimum VAT applicable to the purchase of a newly built home, generated an increase in sales on the real estate market this year. According to the law, contracts concluded in 2023 benefit from a VAT rate reduced to 5% for homes up to 600,000 lei, conditional on the completion of the project in 2024. In light of the new government measures, the Novum 56 real estate project falls within the requirements imposed by the law. Due for delivery in December 2024, the project gives future residents an advantage in the current fiscal context. Thus, the record sales in October represent an additional proof of the quality offered by the Novum 56 project, being supported, at the same time, by the result of the fiscal measures, which will come into force from 2024”, said Victoria Ardelean, Senior Account Manager Residential, Crosspoint Real Estate.
Close to 90% sold, the first three completed buildings of the first phase of the development comprise a total of 286 apartments and studios to be handed over to customers in the coming months, upon receiving the final reception of the building. The developer has now started construction work on the next four housing blocks in this phase, which will deliver a total of 418 units, with the first entrance already 65% sold. The delivery deadline for the next two blocks from this stage is scheduled for the end of 2024.
“Construction work for the Novum 56 project was started in the fall of 2021, with the declared objective – the creation of a dynamic community in a developing area in the west of the Capital. Although the beginning of 2022 brought us many challenges, especially the problems encountered in the supply chain and the accelerated increase in the prices of raw materials and materials, we kept the pace of construction, managed to reduce the gaps, and with the support of our collaborators and the “commitment” of our customers, we found the best solutions to successfully complete the three blocks”, said Alin Popa, CEO of Novum Invest.