A Bucharest villa, on Kiselev street has sold for just over EUR 5 million. Real estate company Steda Residence, owned by Gheorghe Stelian, bought the property from RA-APPS, a government agency that handles state owned real estate assets. The two story building has over 500 sqm of interior floor space, as well as outdoor areas, a drive and garden, bringing the total area for the site to nearly 3,000 sqm.

The government is aiming to significantly increase the revenue raised by RA-APPS real estate sales this year, with a target of just under EUR 160 million ( RON 706 million ). This would represent a huge increase in state real estate sales from last year's tally, when less than EUR 500,000 was raised.

In November 2011, then PM Emil Boc said he wanted the government to raise substantial funds via the sale of 733 out of 1000 state owned properties, including retail space, houses, villas and apartments.

Liam Lever, liam@romania-insider.com