Paralela 45 owner invests EUR 7 million in Snagov residential complex

Paralela 45 travel agency owner Alin Burcea will invest EUR 7 million in a residential complex located in Snagov, to be delivered in October 2017. The project is funded via own funds and bank loans.

The complex has 77 apartments, is located on the shore of the Snagov lake and each apartment comes with a parking lot, Alin Burcea told News.ro.

A studio in the residential complex sells for EUR 35,000, while the cost of apartments with a view on the lake can go up to EUR 150,000. A third of apartments are already sold, Burcea said.

“The pricing policy was designed to be affordable, practically. This project is the first and for the time being the only project of apartments on the lake. We have several studio apartments of EUR 35,000 euros, small apartments of EUR 56,000, large two-room apartments of EUR 75,000, and the three-room apartments cost EUR 88,000. Large apartments with views of the lake reach EUR 140-150,000,” Alin Burcea explained. The complex also includes an indoor pool, a tennis court and a club.

The project started in 2006, but was halted between 2009-2013, due to the crisis, and was resumed later.

“Basically, today, after the crisis, no one buys villas or houses anymore. A regular house on the lake costs about EUR 300,000, and a beautiful villa, over EUR 1 million. But there are not many customers who are willing to pay these amounts,” says Burcea.

Alin Burcea, is also the head of the National Association of Tourism Agencies (ANAT).