“We are looking for new plots of land to develop, we don’t want to do it in the outskirts anymore, but in the central-northern area. We are looking at Calea Grivitei, Expozitiei, Sisesti, Bucurestii Noi and Grozavesti. There is still available land there but it is very expensive,” says Constantin Pruteanu, project manager of Rotar Park Residence and representative of the investors.
The developer owns land in Chiajna (near Bucharest) and Mihai Bravu but is not planning on building anything there for the time being.
Each of the areas Rotar Park Residence owners are considering is already eyed by other investors, as well, which have been buying plots there, leaving fewer and fewer possibilities. The biggest land deals in the Expozitiei area, for instance, so far include Dan Sucu and Conarg’s (30,000 square meters for homes), Impact (23,000 square meters), GTC (15,000 square meters for office space), Futureal (15,000 square meters for homes). This is the area of Bucharest with most deals in the past year.
Inter Ikea’s real estate arm, Vastint bought 48 hectares in Sisesti area in early 2016 and Grozavesti is home to a number of office space projects under development. AFI Europe, the owner of the AFI Cotroceni mall, wants to build a residential complex in Bucurestii Noi.
Land is selling for about EUR700/square meter in the Expozitiei area and for about EUR500/square meter in Grozavesti.
(English version by Loredana Fratila-Cristescu)