Businessmen Emil and Daniel Tanasoiu intend to demolish their La Mesteceni villa complex in the French Village area of Bucharest, built in 2000. In its place, they plan to construct a complex featuring a hotel and apartments with hotel services.
They intend to demolish the 19 villas comprising 23 residential units that make up the La Mesteceni neighborhood, plus an adjacent office building, occupying a land plot of approximately 8,000 sqm.
In parallel, the Tanasoiu family is preparing the construction of a new complex, with a hotel, SPA, swimming pool, commercial spaces on the ground floor, and at least 200 apartments.
“We will offer the possibility to buy or rent an apartment, where residents can benefit from all the services of an adjacent business hotel, which will have 100-120 rooms, such as room service or concierge. We do not exclude a partnership for the development of this project,” stated Daniel Tanasoiu, general manager of Primavera Development.
Every year, the Bucharest residential market increases by about 10,000 new homes. An extremely small percentage of these, around 2%, belong to the luxury segment. However, the value of this niche exceeds 10% of annual apartment sales in Bucharest.
In the first half of this year, 31,355 homes were delivered nationwide, 5.3% more than in the same period last year. In the Bucharest-Ilfov region alone, nearly 8,700 homes were completed, an increase of about 2% compared to the first half of 2020, when an absolute record for deliveries in the last 30 years was set, according to data from the National Institute of Statistics.
The number of real estate transactions in Romania decreased considerably by 27% in October compared to the same month last year, reaching about 60,000 contracts, after the corresponding month in 2020 reported the highest monthly volume of contracts concluded in the last 3 years.
Frequently Asked Questions
What is replacing the La Mesteceni villa complex?A new mixed-use complex featuring a business hotel with 100-120 rooms and over 200 luxury apartments offering hotel-style services like concierge and room service.
Who is the developer behind this project?The project is being developed by the Tanasoiu family, Emil and Daniel Tanasoiu, who lead Primavera Development.
What is the current state of the luxury residential market in Bucharest?While luxury units represent only about 2% of the total volume of new homes, they account for over 10% of the total annual sales value in the capital.