HOTEL
Between 2024 and 2025 Bucharest will witness the strongest increase in new hotel spaces among Central and Eastern Europe (CEE) capitals (Bucharest, Warsaw, Prague, Bratislava, Budapest, and Sofia), with an advance of around 5.8%, as around 2,400 rooms will be delivered, a rate that tops the CEE-6 average growth of 3.2%, a new analysis by real estate consultancy Cushman & Wakefield reveals.
OFFICE
AFI Europe, one of the leading real estate development, management and investment companies operating in Central and Eastern Europe since 1997, has acquired the landmark myhive Victoriei building on Calea Victoriei, Bucharest, from Austrian commercial real estate group Immofinanz for EUR 27 mln. Completed in 1998, myhive Victoriei, with an area of 38,700 sqm, was the first modern office building in the Romanian capital. It was previously known as the Bancorex Block, later rebranded as Bucharest Financial Plaza. The transaction was brokered by Colliers and Cushman & Wakefield Echinox. With this deal, AFI Europe’s office portfolio has reached over 300,000 sqm in Romania.
CONSTRUCTION
In the first half of 2024, the volume of construction works decreased, in unadjusted data, by 2.5% and by 2.2% when adjusted for the number of working days and seasonality, data from the National Institute of Statistics showed. In June 2024, the volume of construction works increased, as gross series, by 8.8% compared to May 2024 and was up 2.6% as adjusted series according to the number of working days and to seasonality. In June 2024, the volume of construction works fell, as gross series, by 6.0% compared to June 2023 and was down 0.4% as adjusted series according to the number of working days and to seasonality.
FINANCE
Financial analysts part of CFA Romania Association expect a 4.4% inflation for the next 12 months and the Romanian currency to drop to an average value of 5.1062 units/euro. They also project flat housing market prices, rising public debt and budgetary gap. European Union’s annual inflation was 2.8% in July 2024 and the highest annual rate was recorded in Romania (5.8%), according to Eurostat. Meanwhile, the National Bank of Romania (BNR) expects the inflation to fall to 4% in December 2024 and 3.4% at the end of 2025.
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