As a general trend on the land market in 2012, the average duration for the unfolding and conclusion of a transaction has become strictly dependent on obtaining a PUZ (zonal urbanism plan) or a building permit, in some cases, according to Colliers.
In 2012, the number of land transactions in Bucharest remained pretty limited, following the trend in the previous years.
Bucharest’s Aviatiei area has become realty investors’ main target in the last two months. Four land transactions have been carried out in the area, mainly for the development of office buildings, and talks regarding two-three other transactions are under way, according to Colliers.
The land department of Colliers International Romania alone has brokered the sale of three lands in the Aviatiei area in the last two months. The cumulated value of transactions reached around EUR16 million.
The price of lands in the Aviatiei area depended on the potential for further development on the short and medium term, as well as investor risk.