Has anyone signed up for an apartment through MRI for City Residence in Bucharest? I signed up 10 months ago and was told construction would start in Autumn 2008.

As far as I know the development hasn't got the necessary permits as yet (PUZ etc) and construction is now expected to begin in Summer 2009. Completion Summer 2011.

Does anyone have any further information? Given the economic climate and lack of progress with this construction, is anyone, like me, considering pulling out?

I have personal experience of buying with MRI and I would advise you to stay clear. They have set up under many company names and Darragh Macantony only deals in construction now. Read all the scams. www.ripoffreport.com www.complaintsboard.com etc....
Lynn r

Thanks for the feedback Lynn. I am aware of the negative feedback on various forums/websites. A company MRI's size and involved in so many transactions globally is bound to have made mistakes and therefore have a number of disgruntled customers though? Is the neagtive feedback not just down to this?

MRI are now called DCC International Property (or a spin off of their's is).

People here sometimes knock PS but they are heads above any of these other agents who takes a cut off the developer.

I wouldn't buy off any of these other agents who aren't transparent about their fees and the 'true' market value of the unit.

It's a shame PS have changed strategy on sales but I do hope that IPA will continue to be able to offer real and open transparency for new purchasers for the time when I have enough cash to get back into CEE!

Sounds like the cheque from PS is in the post Tom!

There has now been an update from MRI on City Residence progress. The all-important PUZ has been stamped/approved and construction is due to commence in the coming months - the preliminary work has already begun (roads, utility connections etc).

With a completion date of Spring 2011, this construction now looks a sound investment - 2 years away is enough time for the economic climate to improve and hopefully Romanian mortgages will be more readily available on completion as a result.

North Bucharest is still a very attractive proposition despite talk of a drop in prices. The market will come good again and two years away sounds about right to me - just in time for City Residence completion.

Hi Sungod. As I mentioned in my previous thread. MRI are excellent sales people. truly brilliant. Please come back on this forum and let me know about the 'after sales' , completions , and rentals, after you have completed in Romania. This is a totally different story.! I must say PS have been very good in this respect, yes there have been hiccups but they have stood by us and tried to help, and they do know their market. I just hope that you have a good experience with MRI because from my experience of buying 3 with them, I have yet to see it. Good Luck.
LynnR

Certainly value your feedback Lynn. As I said before, I'm aware of the negative press with regard to MRI so I'm looking out for any tell-tale signs that something might not be right. I've no concern about Bucharest being a sound investment though, in the medium to long-term.

Having visited Bucharest twice, the first time indepedantly of any agents, I'm convinced the North side of the City offers massive potential. People are struggling at the moment to obtain mortgages out there and thats down to the current economic climate - give it 18 months and the feel-good-factor will start to return, mortgages will start to become available and inflation will begin again.

If you don't mind me asking, where did you attempt to buy with MRI and why did it fall through on the three occasions?

Hi sungod. Nothing fell through. I said I went to completion. I have experienced the 'after sales' of MRI, and experienced their so called 'rental programes'. There has been cut backs due to the present economic conditions, but this was France 18 months ago, Spain last May, and Dominican Republic completion this year. They have centralised all their after sales, completions , rentals and furniture packages from Malaga. When they started into the after sales ect. they were good, and were keen to make a good impression,but when you have a small team inexperienced centralising the whole world, mistakess happen etc. Becareful of one thing, they don't like to put anything in writing like an email, everything is verbal, so if you do not want to have any surprises make sure you keep everything in written form. Like I said good luck you may be lucky.
Lynn R

I bought a house on the Melbourne development with MRI and just today I've managed to get hold of a MRI rep after several weeks. He refused to answer most of my questions regarding the development and said "You don't need MRI to help with completion because we showed you the property and you signed so MRI don't no longer need to be involved" He also said we are just like estate agents. I asked him if he could arrange an MRI rep to meet me in Romania but he refused to give me any info. Admitted MRI can no longer help with rentals or aftersales.

I put down £50,000 and now need to raise another £90,000, MRI have refused to help or give advise. The Lawyers involved who were based at MRI office in Romania have informed me there are no longer any MRI staff in the office and they no longer can help any of the customers.

Thats disappointing that MRI are no longer wanting to support the purchase. So what are you going to do?

With the mortgage situation over there I guess a Romanian mortgage is out of the question to raise the additional £90,000 to actually complete?

If the global economic situation was better then it probably wouldn't matter that MRI aren't all that interested anymore as there would be no shortage of people to help you complete and prepare the apartment for rental. However, the market just isn't geared up for people completing at the moment?

Its a scenario a lot of people are experiencing, and not just in Romania.