Turkish real estate developer Opus Land sold to an investor a package of 32 double studios in Cosmopolis residential complex, in Stefanesti area, near capital of Bucharest, Coldwell Banker Affiliates of Romania, the exclusive agent of Cosmopolis residential project announced on Monday in a press release.
The transaction value gives an encouraging breath to new real estate market – EUR 1 million. The transaction was completed earlier this year and the apartments will be loaned for a minimum of three to five years, the yield is estimated at EUR 8 percent per year.
“With the increasing demand from end users, we feel a slight increase in interest for house purchase for investment purposes. We do not speak about the same type of investor that as in the economic growth period, which used to buy to resell for profit on the short term, but by investors who buy houses for the exclusively purpose to rent them, the annual yield provided being net higher to a bank deposit,” Gabriel Voicu, director new homes division within Coldwell Banker Affiliates of Romania said.
A similar transaction has been completed in 2013, when an investor bought an entire building within Cosmopolis, paying over EUR 2 million.
Cosmopolis is one of the largest residential projects in Romania located in north-east Bucharest, with over 1,700 homes completed. The project will be further expanded this year with investments amounting EUR 18 million. Approx. 400 new apartments and villas will be completed throughout this year.