Romanian real estate developer Arad Real Estate Development (ARED), the largest real estate developer in Western Romania, sold a total of 1,700 apartments in 2013, above the level recorded the previous year.

The company, a member of Alber Holding, developed three residential projects in Arad, Western Romania, namely RED 1, 2 and 3. The RED 3 project is to be completed in 2014.

A total of 1,500 apartments were completed this year, as well as a nursing home and over 60,000 sqm of industrial buildings and offices, according to the company.

Also, a fourth residential project - RED 4 is in progress in Oradea and has a market value of around EUR 14 million.

The company’s four projects have a total value of EUR 98 million.

“Our apartments can be purchased at a price of EUR 620 per sqm,” said Florin Mos, ARED’s director of marketing and sales.

After the projects developed in Arad and Oradea, the company has planned similar investments in two other Romanian cities, namely Timisoara and Cluj.

In 2015, the company will decide the direction of future investments: “to the West in Hungary and Austria, or to Southeast in Brasov, Bucharest and Constanta,” reads the company’s statement.

ARED, headquartered in Arad, Romania, was established in 2005 and focuses on the development of residential projects and industrial buildings.

Irina Popescu, irina.popescu@romania-insider.com