The value of these land transactions is estimated at 216 million euros, up 69% over 2016, according to Cushman & Wakefield Echinox data. Companies controlled by Romanian investors such as ERES, DVD Residential Immobiliar, Eden Capital Development, Impact, Exigent Development or H4L Development, made transactions with a cumulative value of 110 million euros, contributing almost 51% to the total volume traded.
While local investors concentrated mainly on land suitable for residential projects, foreign investors such as GTC, Atenor and Globalworth secured positions for new office projects in the north and west of the city.
However, in the total volume traded, the largest share (almost 42%) was for residential projects located in all areas of the city, with a higher focus on the north and west.
With regard to the office segment, in 2017 five plots of land were traded on which new office space with a lease area of about 200,000 sqm could be built.
The A1 motorway remains the most attractive area for the logistics segment, as CTP and P3, two of the major owners and developers, decided in 2017 to consolidate their position through new land acquisitions. Also, in the Chitila area, the Polish group MLP decided to return to the local market by acquiring 18.8 hectares of land to develop a logistics project of 80.000 sqm.
The outlook for the Bucharest real estate market remains positive, but the number of large land inside the city, with easy access to utilities and public transport, is diminishing. The vacancy rates for office, retail and logistics properties continued to decline in 2017, reflecting a sustained and constant demand from tenants. (source: agerpres.ro)