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Christian Traunfellner, Immofinanz
There is an increasing need for high-quality office properties»
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Land transactions volume reached record high last year in Bucharest, says C&W Echinox

Last year in Bucharest the total land area transacted was of 110 ha, the highest volume recorded in the last ten years, according to C&W Echinox. In terms of value, land transactions amounted to 127 million Euro, which represents an increase of 41 per cent compared with the previous year. The largest sites were acquired by foreign investors, such as Vastint from Sweden, while One United was the most active local buyer.

2017-06-20 15:09:48 - From the Print Edition

The most expensive lands were acquired for office development in the central area of the city, while at the opposite end of the price line stand the logistics sites located on A1 Highway. The market witnessed an increased diversity in terms of investors′ profiles and sources of capital, with foreign investors continuing to be the most active. When it comes to local investors, One United secured three new lands for medium-high residential developments located in the central - north area of the city.

"Besides an increase in the volume and value of the traded land, we notice a significant diversification of the buyers′ profile, such as Strabag Real Estate or Prime Kapital acquiring first lands last year in Bucharest, while groups such as Atenor, Hanner or Auchan made new deals after many years of inactivity," said Alexandru Mitrache, commercial land development at Cushman & Wakefield Echinox. "We expect this year to see an increase in activity among office developers amid a limited stock of projects for the 2019 - 2020 period, but also on the retail segment. Bucharest has shown that it can absorb new modern space."

According to C&W Echinox, the perspectives on the Bucharest land market are positive, since vacancy rate for office, retail and logistics properties have dropped significantly during the last years. At the same time, the residential market is very dynamic, with developers securing buyers during the construction stage.



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