Last year, property prices remained low, which is why most owners preferred to postpone sales. However, 2012 will be a year marked by the availability of property held by banks. Transactions will thus define a bottom point for land prices.
Bucharest continues to be attractive for two reasons, according to the report. Non-performing investment in the region makes developers and constructors look towards prime locations in the capital city, and high demand will be felt from international tenants in the second half of 2012.
In 2011 in Bucharest, most plot purchases were performed by shopping center and office building developers. For this year, CBRE estimates that demand for fully approved plots will be maintained.
The perception that prices have reached a low point has determined the first half of 2011 to be one of the most active periods in terms of transactions in Bucharest, according to the report.
For the residential segment, buyers will seek plots with all urbanism authorizations granted, while developers on the industrial segment await the improvement of rental activity in order to buy new plots.
On the Bucharest office market, developers are seeking plots with easy access to various means of transportation, as well as to commercial areas.
The CBRE report notes, thus, that there is a solid demand for such locations in the market, as well as for premium buildings, with high running cost efficiency and flexible space setup.