Romanian Real Estate News 29/10/24

CONSTRUCTION

-Romania’s construction sector reached record highs in 2023 and 2024, amid strong private demand for certain property segments and a significant increase in public investments, but next year is expected to be challenging, according to an analysis by Colliers.

-In January-August 2024 the volume of construction works in the country was down 2.5% on an annual basis, as the output of residential buildings dropped by an annual 23.2%, the National Institute of Statistics said citing working-day adjusted data.

COMMERCIAL

-The stock of industrial and logistics spaces in Romania is likely to cross the 8 million square meters threshold at end-2025, should the annual 500,000-sqm expansion pace maintain, according to the latest Romania Industrial & Logistics Market report by Cushman & Wakefield Echinox.

-Greek investment fund Bluehouse Capital, active in Central and Southeastern Europe, has sold the space of former Eva store on Bucharest’s Magheru boulevard, currently leased by super market chain Mega Image, to a private Romanian investor, in a deal valued at around EUR8 million. The commercial property has a leasable surface of approximately 1,700 square meters. The deal was brokered by real estate consultant SVN Romania.

-Bucharest-listed One United Properties, the leading green investor and developer of residential, mixed-use, and office real estate in Romania, has sold long leasehold properties, part of its portfolio of commercial projects, worth EUR 52.4 million in the last 18 months. The total GLA (gross lettable area) of these properties is 20,851 sqm (GLA) and the transactions have achieved an average yield of 6.64%.

-Average costs for office space fit-outs in Romania are 10-15% higher than the previous year, primarily due to increased labor costs, according to a report by iO Partners.

-In Q3 2024 total demand for modern office spaces rented in Bucharest dropped 25% on an annual basis, reaching 236,000 square meters, while the demand for new leasing contracts decreased by 11%, according to an analysis by Colliers.


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