Romanian developer One United Properties said its first quarter turnover gained 81% to €70.5 million compared to Q1 2021, while its gross profit rose almost fourfold to €42 million over higher residential sales and rental income.
The company’s residential sales totaled €28.6 million and included 120 apartments (sold and pre-sold), 129 parking spaces and 10 commercial spaces. In the office and retail rental segment, the revenues rose elevenfold to €1.3 million.
“The rising inflation and negative real interest rates on deposits drive savings into real estate, despite the current geopolitical context,” said Victor Căpitanu, Co-CEO at One United Properties.
At the end of March, the developer’s land bank totaled 173,000 sqm and could accommodate the development of more than 4,200 apartments and commercial spaces in Bucharest and Mamaia.
At present, the developer is in advanced negotiations for 10 future developments and has early talks for dozens of other projects. If all are approved, the development pipeline could reach 10,000 apartments.
Shares of One United Properties were up 2.31% to 1.33 lei on Monday morning trading on the Bucharest Stock Exchange (BVB).
