Ireland hits romania

Irish developer Black Pearl has announced plans to construct 462 residential property in Romania this year, 310 of which will be built in Mogosoaia in northern Bucharest, reports Ziarul Financiar...

Construction work on the project - the first phase of the development will eventually have 1,200 homes - is scheduled to commence in March. The off-plan price of a studio flat starts from £40,000, while the price of a two-bedroom apartment is in the region of £60,000 to £100,000 (excluding VAT).

In Q2 of this year, building work will get underway on the first 90 homes in the first stage of a project in Ploiesti and on 62 homes in Baia Mare.

The total investment costs of these projects come to around £18 million - half of which has been secured by a loan from UniCredit bank. Black pearl has recently invested £90 million in buying up Romanian land.

Source: www.homesoverseas.co.uk/news