| Περίληψη : | From 2003 to 2008 Romania has experienced high levels of economic growth, which turned to a recession in 2009. Today, the country remains one of the EU Member States with one of the highest growth potential managing to overcome the adverse global economic crisis. Romania is a raw materials rich country, located at the intersection of some main European roads and railways. Despite the slowdown of 2009, the real estate market in Romania has strong fundamentals and good potential for future growth stimulated by the strong underlying demand. Unlike other markets, the Romanian market is characterized by an extended imbalance of supply and demand. Overall population in Romania is ~21.300.000 inhabitants with Bucharest being the most densely populated municipality in Romania with ~1.944.000 inhabitants. The existence of the middle-class, coupled with the poor condition of the available communist-era accommodation in which its majority still resides, has created a fundamental demand for modern housing. This demand remains strong and will continue to drive the markets once the global economy recovers. The middle class home buyers market is considered a very active market. Middle class projects are described by high rise structures, with high residential unit density while offering a minimum of facilities (green areas, enclosed within the compound commercial spaces). It consists mainly of young families with one or two children and professionals looking forward to upgrade their quality of life by moving to a cleaner, quieter and healthier environment. This market segment is boosted by professional marketing, which contributes to a better conveyance of necessary information to potential clients. Although an important number of residential projects has already been announced on the market, these projects are developed in stages, so that the number of units available for sale would not grow spectacularly each year. The current crisis has resulted in a 20-40% price correction, as well as in the cancellation of certain high quality projects. As a result, financially strong developers with quality projects who are able to survive the crisis will have the opportunity to increase their market share by benefitting from the less intense competition and take-over opportunities. The Project analyzed in this feasibility study is located on the shores of Lebada lake, in the heavily populated neighborhood of Pantelimon which is approximately 10km from downtown Bucharest. The landscape, next to a forest, makes it attractive for residential development. The project foresees ten (10) separate residential buildings of three distinctive types which allows for the optimized distribution of the apartment sizes to fit the target clientele profile of the middle to upper class. As regards the construction quality of the apartments it will be classified as medium to high. The apartments shall be carefully and properly equipped with all the necessary electromechanical installations. A retail area will be also be developed within the complex in order to meet target clients requests and enhance the marketability of the project. With a total investment cost of €19.905.000, the developer estimates a net profit after tax (NPAT) for Phase 1 of €4,14 mil, which results in a ROE of 44% and an IRR of 13% over a 5 year development.
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