Very accurate, David. I wonder how much they paid to get this article published. It is quite funny.
I am in Slovakia now and what I suggest to people willing to criticize the communist buildings in Romania, is to take a trip to Povanska Bystrica for example. Anyone curious to understand more about what I write here, should have at least the curtousy to google it up.
Yet another thing fellows, there are buildings in Romania built before the communists. Should we blow them up and build some disgusting glass and concrete crap new developments in their place? Just wondering, since they are also old. Had the developers of these new brutal architecture buildings - google this up also - any imagination or feeling for beauty and not simply a strong desire to fatten their wallets building on every square inch available, without assuming people need parking, green space, children playgrounds and other similar things that make a space worth living in, I would support the new developments. But since the nice new buildings are very rare and what David said happens once too often, let me doubt this article.
Diana Marinescu
Transylvania Investment Managing Partner
Quote:
Originally Posted by David howe
The Below statement is courtest of the Diplomat magazine and why I think so many people make mistakes when buying property.
Between April and May this year, Bucharest’s new apartment prices remained at 1,909 Euro per sqm, while older apartments droped by five per cent to 1,808 Euro per sqm, according to Colliers.
Communist-era apartments in attractive central locations ensure the prices for old apartments are not seeing a rapid fall, while new flat developments in the less accessible outskirts are keeping their average price flat.
The price quoted here of 1909 fails to mention that it is exclusive of Vat, it also incorporates the common area that is not taken into consideration on a resale with effect that when you add 15% on to cover the common area we get a price of near 2500 per meter, mean while when existing is sold at 1808 per meter inclusive of Vat. This is in my opinion a clear example of where like is not treated as like with unfair comparators being used with the detriment that people rightly assume without all the relevant information necessatated to make an informed decision.
Furthermore, and most importanatly people must realise that the asking price of a property is not always the value and when people realise this they will no longer be like a drunken man who uses a lamp post for support rather than illumination.
The Comunist stigmata attached to older buildings is something that all agents selling new off plan like to use to demean older buildings and glamorises new. How many people do you know in the UK and Ireland who are not rich enough to live in something built after 1989, I know quite a few and I even know others who actually live in houses that are up to and over 100 years old and hide behind the 'Period dwelling banner of Victorian or Georgian.
Can you imagine anything more embarrassing than not being able to live in something built after 1989?
there is much more investment opportunity in existing apartments in Romania than the New off plan and if you have any doubts, go do your due dilligence, then make an informed decision as all that glistens is not gold.
David Howe LLB. LLM.
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