“Looking at the overall land market in 2020, the pandemic barely affected the sector. It was a busy time in terms of interest, negotiations, deals, urban development, except for the two months of lockdown and one or two of gradual recovery obviously,” said Sinziana Oprea, land agency director with Colliers International.
“Looking at the structure of the market last year, however, we can see differences on various segments. The freeze on the office building and/or hotel segment was largely offset by the retailers and residential developers.”
To some actors, 2020 ended with record investment volume in land such as SIF Banat-Crisana, which bought the IMGB site in southern Bucharest and Helitube site in the northeast of the city. The two deals are put at some EUR60 million and the land may be used for residential developments.
Bucharest generated most of the volume of the deals for land, 80%.
About 70% of the volume of land bought in Bucharest last year was set to be used for residential development and 30% for retail projects, Oprea added.
The retail sector accounted for 70% of the land deals in the rest of the country.
(English version by Loredana Fratila-Cristescu)