Ţiriac wants to rent out Stejarii

Ion Alexandru Ţiriac, son of billionaire Ion Ţiriac and representative of the shareholder in boards of directors, controlling an over one billion-euro business in real estate, auto, and financial services, decided to change the strategy for exclusive real estate project Stejarii and put the apartments up for rent after apartment sales were stopped.

"We stopped sales at the beginning of this year. We managed to sell the most expensive apartments, but the cheapest ones are usually acquired with the help of funding because they are dedicated to the middle class, which depends on funding from banks," Alexandru Ţiriac said.
The same strategy will be adopted in the case of the second stage of the project, which will start in 2012. This autumn the company will start construction of the club within the complex, an over 20 million-euro investment, which will include eight tennis courts and two swimming pools.
The rental price for a 140 square-metre two-room apartment, the smallest in the complex, will be 13.8 euros/square metre, compared with an average of up to 10 euros/square metre in other new projects where owners rent out Bucharest homes.