Spanish real estate developer Gran Via has recently purchased a 5,000-sqm land plot in northern Bucharest, near its existing project Aviation Apartments, where it will develop another residential project with up to 70 apartments this year.

The project will include buildings with two floors plus attic, with a total built area of maximum 8,000 sqm, Economica.net reported.

The developer has also been negotiating the acquisition of three more land plots in Bucharest, with a total area of about four hectares.

Gran Via is currently developing four residential projects in Romania, three in Bucharest (Timișoara 58, Gran Via Park and Aviation Aviation), and one in Constanța (Gran Via Marina), summing up to about 2,400 apartments. Some of the apartments have already been delivered while the rest will be ready in 2019, 2020 and 2021.

Gran Via entered the market before the 2008-2009 recession when they purchased land for development, but put their operations on hold when the real estate market plunged amid the credit crunch. The company resumed operations in 2012-2013 with the project Timișoara 58 in Bucharest (Lujerului neighbourhood).

editor@romania-insider.com

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