Why invest in Suceava?

HIGH LOCAL DEMAND of 10,000 residential units. In the last 19 years only 450 apartments have been built and only 980 are now under development;
LOW PROPERTY PRICES (more than half price compared with Cluj or Bucharest).Prices are expected to grow for 2 reasons:
1. The Romanians who emigrated in the 1990’s (in excess of 2 million) are returning to their home towns due to poor performance of Spanish and Italian economies;
2. Massive tourist potential with the development of the new airport (The Moldavian painted monasteries, unique in the world and UNESCO world heritage);
ECONOMIC HUB; Suceava is a Commercial hub for the north region of the country with perspective development plans with Ukraine (Example:€ 570 million invested by the Austrians Company EGGER AND SCHWEIGHOFER in the wood processing industry) ;
Major investments in the infrastructure ( Examples: € 28.5 million funded by EU to renovate the highways linking Suceava City to Cluj and Romania with the neighbouring country Ukraine);
Improvement of the existing International airport- project funded by the American group ANYC Group Inc;
Proximity to major ski resorts (Durau, Vatra Dornei, Borsa);
Spa’s (natural resources) 65 miles southwest of Suceava- A fashionable spa resort during Hapsburg times, today Vatra Dornei is a year-round destination, featuring spa treatments as well as summer and winter activities.
Proximity to world famous Cotnari Vineyards, the Romanian “Royal Wine”. Every year on September 14, wine connoisseurs celebrate the harvest here. `Grasa de Cotnari` was awarded several times the gold medals at International Exhibitions.

Why invest in Ani Residence - Suceava?

Located beside Zamca Monastry, this is a secluded and popular area for the wealthy, away from the hectic city life ;
10 minutes walk to the City Centre and main city attractions;
10 minutes walk to Suceava’s main university that has over 20000 students every year. Other educational institutions are located close by such as: Petru Rares college, Colegiul Tehnic de Industrie Alimentara;National College Mihai Eminescu; Stefan cel Mare College (adds rental potential);
Major retail centres within 1mile radius ( Kaufland);
Excellent leisure facilities within the complex, 8 hectares of the land surrounding the complex will be landscaped as a leisure park;
Excellent transport links to the city centre and surroundings (Tram - public transport provider)
Easy access to the mountain ski resorts only one hour drive( Vatra Dornei, Durau, Cimpulung Moldovenesc, Borsa).

Development summary:

33 villas and 157 apartments developed beside the Zamca Monastery (3.5 ha residential+ 8 ha of land landscaped to create a relaxing leisure place fro its residents).

The building schedule is:

Satge 1: 8 villas- already completed
Stage 2: under development, the 7 buildings containing 157 apartments to be completed by July 2009.
Stage 3: 25 villas-building work will start in July 2009
Each building has 19 parking spaces undergroud

Types of apartments available:

3 Studio flats Built area: 31,15 mp Price range inclusive of VAT: 36600 Euro
63 One bedrooms Built area: 38,55 mp - 71,10 mp Price range inclusive of VAT: 39100 Euro - 73400 Euro
21 Two bedrooms Built area: 75,45 mp - 102,00 mp Price range inclusive of VAT: 81700 Euro - 108400 Euro
3 Three bedrooms Built area:101,20 mp - 105,45 mp Price range inclusive of VAT: 109500 Euro - 114700 Euro

Onsite Facilities:

• Shops
• Playground for children with sand pit, cradles, slides, swings;
• Video-intercom at the entry of each building
• Lifts
• Underground and overground parking

Nearby Proximity Facilities (1 mile radius) :

• Kinder garden, schools and colleges ( Colegiul national Mihai Eminescu, Colegiul Tehnic de Industrie Alimentara, Liceul cu program sportiv)
• Recreation park ( 8 ha) and forest
• Two post offices ( no. 6 and no. 7)
• Commercial centre- Kaufland
• The Consulate General of Ukraine
• Churches and cathedrales ( Biserica penticostala " Filadelfia", Catedrala Arhiepiscopala)

DUE DILLIGENCE

• Planning permission- obtained;
• Construction started (early stages);
• Builder –General Construct – one of the main players in Romania with excellent tracking record;
• Financing bank – BANK AUSTRIA CREDITANSTALT AG – the biggest bank in Romania;
• Mortgage and other financing options available (for residents and non-residents).

Option 1

Payment 1- 10% - when you sign the contract
Payment 2- 20% - when the structural work is completed December 2008
Payment 3– 70% - in completion July 2009 (mortgage available including non-residents)

Option 2

Payment 1- 25% - when you sign the contract
Payment 2– 75% - in completion July 2009 (mortgage available including non-residents)  

Local Market Analysis–Suceava v the other cities in Romania

SUCEAVA AT HALF THE PRICE!

One bedroom apartment (equivalent to 2 rooms apartment in Romania) in the Suceava average €40,000 (VAT incl.). So if compared with a one bedroom apartment in Cluj (another major city in Romania), where the price starts at £80,000(VAT incl.)
1010 €/sqm + VAT (VAT = 19%)

Q: Why is the property cheaper at the start of the development and then it goes up in value?
A: As a developer, in order to get a better deal with the financing bank, we need to have a certain level of interest in the early stages of the project. Because of that, the first few apartments we sell almost at cost. To ensure our profitability, we increase the price towards the completion of the development, when it can easily be absorbed by the local demand.

Conclusion:

Our apartments in Suceava are currently 50% cheaper than the prices in other major cities. Because you initially invest only 10% deposit, if the prices will grow to the same level as the other cities this means you may have a 500% return on your investment right from the beginning (subject to market conditions). This will give you good start in developing your capital gain expectations.

• Region: View All "Suceava Apartments"
• Country: View All "Romania Apartments"
• Go Back | Go Top