A real estate investor is planning to build a so called urban village on the outskirts of Bucharest. Real estate developer Tagor plans to invest in building 12 blocks of flats in the South West of Bucharest, in total 548 apartments. The first two blocks, or 75 apartments, will cost EUR 34 million and should be ready in 2013. The compound is located near Soseaua Alexandriei.

“We're trying to create a lifestyle to balance work and family, city life and the rural kind of community with all the needed services for a family […],” said Ofer Lieberson, the owner of Tagor.

All apartments within the complex can be bought via the First House lending program backed by the Romanian state, which means they will cost less than EUR 60,000.

Adrora Urban Village is the first of a series of projects which will bring investments of some EUR 250 million in Romania upon completion, according to the developer. In Romania, Tagor partners British investment fund Patron Capital. Tagor plans to build projects in Timisoara, Oradea and Arad, as well as in other areas of Bucharest, in the near future.

editor@romania-insider.com

(photo source: Tagor)