In 2007, capital Bucharest saw transactions worth over EUR800 million and, across Romania, transactions exceeded the EUR1 billion threshold, in line with estimations at that time.
Retailers and residential developers were extremely active in 2021, with lands intended for this type of projects accounting for almost 90% of the total.
Bucharest kept the top spot, with three quarters of the nominal volume of transactions, namely, over EUR600 million.
Nearly 70% of land deals in Bucharest are intended for residential projects, according to Colliers consultants.
“The market has doubled since 2019, reaching values unseen since the previous boom of 2006-2008 period. 2021 proves a record year due to a growing interest in lands, sustained by proper liquidity, with the present context, with a very high inflation, boosting the attractiveness of real estate investments. The pipeline of important deals started in 2019 and 2020, which were carried out with difficulty in the pandemic context, also had a significant contribution”, said Sinziana Oprea, land agency director with Colliers International.
Apart from Bucharest, real estate developers expressed a growing interest in cities such as Timisoara, Brasov, Constanta, Cluj-Napoca, Craiova, Galati, Braila, Oradea, Sibiu, and towns such as Vaslui, Tulcea, Giurgiu and Calarasi.
The number of large deals (worth over EUR5 million), including in towns and cities outside of Bucharest, has surged.