The value of real estate transactions has increased this year to EUR 1.2 billion, from EUR 300 million in 2013. The retail projects represent 45 percent of the acquisitions, the office acquisitions being of 30 percent, CTZ Echinox informs, estimating more transactions on the office market.
15 percent of transactions included the industrial sector, 10 percent the land transactions.
“We believe this is the beginning of a long period of growth for the investment market year by year. The international funds that ignored Romania several years ago are now active and looking for profit-making properties. The most important players were NEPI for retail and Globalworth (the company controller by Greek businessman Papalekas) for offices. They now have competitive contenders that force them to offer aggressive prices,” said Razvan Sin, the DTZ head for capital markets.
He said investors do not know the market properly and hardly decide to buy. They see how much the Barbu Vacarescu area is developing and the huge offer coming from Western Bucharest – it’s hard to estimate the sustainable rent level, Sin further said.
The DTZ representatives estimate for 2015 investors will focus on offices, as there are no attractive assets in the retail field.
DTZ estimated this year’s turnover will go up by 10 percent to EUR 2.5 million, while for 2015 it is envisaging a level of EUR 3.3 million.