Adama has become the foreign investor with the biggest number of finalised homes in Romania in the last few years, but when they talk about projects outside Bucharest, the developers start to sigh.
Real estate developer Adama, founded five years ago by David Flusberg and two other Israeli businessmen, sold 192 homes last year and a further 30 since the beginning of the year in the 12 projects developed both in Bucharest and across Romania, so it has come to sell nearly 1,000 apartments on the Romanian market, out of the over 1,500 developed.
Adama, a company, which is in the process of being sold to Austrian investment fund Immofinanz, does not have any other project under construction at present, with the company still having around 150 apartments for sale in Bucharest and around 400 in projects across Romania, in Ploieşti, Braşov, Bacău and Iaşi.
"We are not building based on five-year plans, like in communist times, when if you were told you had to make a certain number of TV sets, you made them, it didn't matter if there were any buyers or not. We still have apartments to sell. In Bucharest there are thousands of empty apartments, made by people who did not think things through, who were working for the five-year plan," says Asher Lax, sales manager and vice-president of Adama.
Adama has become the foreign investor with the biggest number of finalised homes in Romania in the last few years, but when they talk about projects outside Bucharest, the developers start to sigh.
Real estate developer Adama, founded five years ago by David Flusberg and two other Israeli businessmen, sold 192 homes last year and a further 30 since the beginning of the year in the 12 projects developed both in Bucharest and across Romania, so it has come to sell nearly 1,000 apartments on the Romanian market, out of the over 1,500 developed.
Adama,
