Cristian and Vasile Gagiu, the owners of Vitan Center, have purchased a 1,000 sqm plot in Bucharest’s 1 Mai neighborhood, where they intend to build a 50-unit apartment complex by next year. The deal was brokered by Crosspoint Real Estate.
“The central areas are highly desirable by a specific audience, and so the supply of land suitable for residential construction and, accordingly, the offer of new apartments is limited,” said Mihai Dumitrescu, managing partner at Crosspoint Real Estate. “Although in recent years, new developments have emerged in the center of Bucharest, not all have correlated the specific of the construction with the buying public profile, with its consumption habits, lifestyle and budget.”
