SE Europe Real Estate News – 13/02/24

SouthEast Europe Real Estate


Austrian real estate investor and developer Immofinanz has completed the sale of the Grand Center Zagreb office building to a Croatian real estate company. The Grand Center Zagreb is a prime office property in Zagreb’s strongest and most popular office submarket. The 16.000 square meters building was completed in 2006, it is BREEAM certificated and is fully rented. CBRE South Eastern Europe (SEE) acted as the exclusive real estate advisor during the sales process.


The district of Limassol dominated the Cypriot property market in 2023, according to a report by real estate data analytics firm Ask Wire. The costliest single transaction involved the sale of a plot of land in the Limassol municipality for €22.1 million. The total value of high-value plots transactions in Limassol reached €111.2 million.


Only 17% of homes are insured in Greece and more than half of the existing insurance contracts are connected to mortgage insurance, according to figures released earlier this month by the Association of Insurance Companies of Greece (EAEE).


The number of building permits issued in North Macedonia dropped 4.6% to 293 in December 2023 on an annual basis, Makstat said. The estimated value of the construction projects covered by the building permits issued decreased by 9.9% to 6.4 billion denars (104 million euro). Of the total number of permits, 133 were for new buildings, 90 were for civil engineering projects and 70 were for reconstruction projects.


The central-western part of Bucharest will be concentrating more than 900,000 square meters of office space until 2030, which is enough to accommodate one million corporate employees, thus becoming the most important office hub in Romania, according to Knight Frank Romania.


The retail market in Belgrade is currently undergoing rather limited development activity, marked by the construction of only two retail parks. This construction will result in a 40,000 sqm increase in the retail supply in 2024, Cushman & Wakefield MarketBeat revealed.