RESIDENTIAL
The number of online searches for real estate is higher in Bucharest than in other parts of the country, indicating a high interest in the Romanian capital’s real estate market and defying a 5-year national decline, according to an analysis by Five Elements Digital, a Bucharest-based digital marketing agency. Rising prices, amid inflation and high interest rates, have affected the interest of potential home buyers.
-In Q1 2024, a total 11,360 housing units were put into use in Romania, down 25% on an annual basis, data from the National Institute of Statistics (INSSE) showed.
OFFICE
The office building America House, located in the heart of Bucharest’s central business district has added to its tenant mix financial services multinationals VSR and Ebury. America House has among its shareholders Morgan Stanley and David Hay.
CONSTRUCTION
In Q1 2024, net investments in Romania’s economy stood at RON34.6 billion, up 6.7% on an annual basis with new construction works accounting for 53.3% and purchases of machinery, including transport vehicles, for 28.2%, INSSE data revealed.
HOTEL
ibis Styles, the design-led brand by French multinational hospitality company Accor announced the opening of ibis Styles Venus, the first internationally branded hotel to debut on Romania’s Black Sea Coast. Venus is a small city on the southern Coast of the Black Sea. The main attraction is the amazing coastline with beautiful beaches and clear blue waters.
COMPANIES
IBB Holding Group (IBB Holding), a group of 12 companies active in the construction field with a focus on infrastructure projects, plans to raise EUR 10mn with a bond issue at the Bucharest Stock Exchange (BVB) to increase production capacity and secure working capital.
-Mitiska REIM, a privately held specialist real estate investment fund manager and advisor headquartered in Brussels, has obtained a loan of EUR19 million from Austria’s Erste Group Bank AG to finance its newest retail park in Pitesti, in southern Romania, with BCR acting as security agent.
