Out of the eight plots bought only two will include an office component.
“Buyers’ interest in Bucharest and big cities has been directed towards plots or properties that can be repurposed, in prime central locations, suitable for hotel developments. The trend has already been visible for two years and is because of the rise in the number of tourists and businesspeople who visit Romania, so the local market has become a target for hotel investors,” said Ioan Nastase, Development & Land Department consultant with real estate firm JLL.
The largest land deal signed in the first half was the sale of a 17-hectare plot NEPI-Rockcastle bought from Craiova businessman Adrian Mititelu for EUR21 million. The South-African property investment company therefore bets a lot on the development of Craiova in the coming years, at a time when the US-held Ford doubled the production at its plant in the city, adding its new Puma SUV to EcoSport.
“Outside Bucharest we are seeing a lot of interest in land that can accommodate industrial projects, especially in the West of the country, near the main road hubs. The retail chains continuing expansion are worth mentioning, too, but they are going to cities of less than 100,000 people, not covered by modern retail yet, as are retail project developers (like Prime Kapital, Mitiska etc.), which are targeting precisely the same type of cities.”
(English version by Loredana Fratila-Cristescu)