Spanish real estate group Ibiza House will invest 67 million euros in a real estate complex consisting of 304 flats in Baneasa, Bucharest, located behind the American International School.
This project will take the investments made by the Spanish on the domestic market to more than 90 million euros, according to Ibiza House representatives.
Ibiza Sol project is the first complex of flats to be launched on the market by the Spanish, who have only developed villa projects so far. Ibiza group carried out all its projects in Baneasa - Pipera area, with Ibiza Residential, Ibiza Club and Ibiza Golf being among the already completed projects. "In the near future we will expand our activity to the central areas of Bucharest, too. Three residential complexes, consisting of 72 villas in total, have been completed so far, and two other complexes, Ibiza Golf & Light and Ibiza Sol are under construction," state the company's representatives.
Ibiza Sol project will take up some 38.000 square metres in total, out of which 12.000 square metres will be dedicated to green areas. The project will comprise 14 blocks of luxury flats, 2 pools, 1 mini-golf course and 2 multipurpose buildings. Ibiza Sol will include 76 two-room flats, 144 three-room flats and 84 four-room flats.
Ibiza Residential was the first residential complex developed by the Spanish in Bucharest, located in Baneasa - Iancu Nicolae area, close to the Zoo.
There are currently about 15 - 20 Spanish real estate companies operating on the domestic market, and the number is bound to rise over the following years, according to the representatives of Commercial Bureau within the Spanish Embassy.
The Spanish real estate companies have been buying a lot of land in Bucharest and the major cities over the past year in order to develop real estate projects, according to the players in this field. The Spanish investors are interested in the potential offered by the domestic market, against the Spanish one. The local market resembles the Spanish one from 15 years ago, when the real estate segment started to develop, say the Spanish players.
Companies such as Riofisa, HI Grupo, Grupo I, Fadesa or Agofer intend to carry out projects on the local market, as they have already settled in Poland or Hungary.
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