Property group NEPI Rockcastle has completed its first residential project in Romania. The Bucharest-based Vulcan Residence complex features 254 apartments and has been delivered with an 80% sale rate.
Iulian Rusu, Head of Residential at NEPI Rockcastle, said the completion of the projects underscores the strong demand for high quality and sustainable housing. The project was completed following an investment of around €25 million.
Crosspoint Real Estate was the exclusive agent for the project.
"The Vulcan Residence project has now reached maturity. At this point in time, we are talking about a finished product, a residential development that has added value to the area. We have come through a pandemic, a war on our borders, a difficult economic climate marked by inflation, changes in the VAT rate and increased bank interest rates. Vulcan Residence has proven to be such a balanced and well-positioned project that all these challenges have not slowed sales, which have now reached less than 20% availability,” said Oana Popescu, Head of Residential at Crosspoint Real Estate.
NEPI Rockcastle’s portfolio comprises 2.2 million sqm of commercial spaces across nine CEE countries. In Romania, the group is the biggest owner of shopping centres.
