Real estate development companies are increasingly taking to the construction of blocks of apartments, with the construction of individual houses having so far been the growth engine of the private residential construction sector.
Company managers say they are primarily targeting those who do not want to live in individual houses though they can afford it, yet over the next few years, depending on the evolution of the real estate market, their customers may include those searching for new accommodation, but who cannot afford a house.
The most important block construction entrepreneur at present is the state, through Agentia Nationala pentru Locuinte (The National Housing Agency- ANL).
IMO Invest, a real estate development company, which was founded last year by the former chairman of Banca Transilvania Iosif Pop, is currently developing ten blocks in Cluj-Napoca and Sibiu.
"Demand for new apartment blocks is strong. There are certain people who consider it more profitable to buy an apartment than a villa," says Iosif Pop. The first block built by the company, which has its headquarters Cluj, is due to be completed in November, and the second by next July. The company also holds projects for eight or nine blocks in Sibiu.
Furthermore, Impact Bucharest, which is mainly known on the market as a villa building company, has decided to include blocks of apartments in the residential housing complexes it constructs. "A certain mentality is shaping up: people want to buy a new home and still lead a city life - these are the people who are currently seeking first-class blocks of apartments," says Ioan Pop, Impact chairman.
vlad.nicolaescu@zf.ro
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