WDP builds 4M Euro Logistic Project in Ploiesti City

The Belgian real estate company Warehouses DePauw WDP builds 4M Euro Logistic Project in Ploiesti City from Romania, a logistic project of about 7,000 square meters for the Spanish hydraulics producer Grupo Industrial Roquet, and the investment budget is four million euro. The project is developed based on a long-term lease contract and the construction deadline is the first quarter of 2015. “In Romania, the economic rebound started in 2013 continues in Read more

Portland Trust Bought 4 Hectares of Land for Office Development in Bucharest

The real estate development company Portland Trust, founded by the British businessman Robert Neale, bought four hectares of land in Bucharest in Pipera area, planning to develop a new office project estimated at 100-150 million euro. The land plot was bought from the Italian group Nusco in a deal estimated at about 20 million euro (average price of 500 euro/ square meter). Robert Neale now plans to start the works on this project, named Oregon Park, by the end of this year.

According to Neale’s statements, the project will have three buildings with six floors each and an overall lease surface of 70,000 square meters. The works on the first two buildings (45,000 square meters) should start by the end of this year and should be completed at the middle of 2016.

The Galleria Malls from Romania have lost Value

The Galleria malls from the cities of Arad, Piatra Neamt and Buzau, owned by the real estate developer GTC, were valued at the end of June 2014 at 29 million euro, 17% less compared to March, while the office ensemble City Gate from Bucharest lost 1% of its value in the past three months.

City Gate ensemble, the most important asset of GTC in Romania, was estimated at the of H1 at 156 million euro, 1% less compared to the end of March.

The downwards reevaluation of the commercial centers was caused by Read more

The Prices of Apartments Keep Decreasing In Romania

The prices of apartments keep decreasing in Romania. The most expensive apartments offered for sale are in Bucharest, followed by the ones from Cluj-Napoca City and Constanta City, but the prices are 50% smaller compared to the economic boom period.

The capital City of Romania, Bucharest, has the most expensive houses for sale, although here have been registered also the worst price decreases in the past six ears. The new studio flats from Bucharest got 56% cheaper, from 2,519 euro per square meter to 1,108 euro per square meter, while the old studio flats have cheapened by 55%, from 2,388 euro to 1,061 euro per square meter, according to the real estate website imobiliare.ro, who calculates a monthly index of property prices.

Over the past 6 years, the two-bedroom apartments from Bucharest have registered Read more

The Best Semester for the Bucharest Office Market

H1 2014 was the best semester for the Bucharest Office Market in the past six years. In the first six months of this year have been leased 108,000 square meters of office spaces in Bucharest – the largest volume of rentals in one semester since 2008, according to a report from the real estate consultancy company DTZ Echinox. The demand for office spaces has increased gradually in the first part of this year, and this trend will continue in the following quarters, declared Madalina Cojocaru, head of office department of DTZ.

“The tenants continue to prefer to relocate into existing buildings or in buildings that will be delivered within 6 to 12 months. This behavior is encouraged by the occupancy costs and by the quality of the new office spaces delivered. We identify in the market big companies looking for Read more

The Govern is Merciful with the Owners of Multiple Homes

The Govern decided to be more merciful with the owners of multiple homes. Until now, the property taxation system formula was raising the property tax by up to 300% for a third property. The citizens who own multiple homes will no longer be taxed additionally, according to the new Fiscal Code of Romania. The stipulation comes into effect next year. Until now, the private entities who own two or more homes were paying 65% larger tax for the second property (except the home address), 150% more for a second extra property and 300% more for the third or more extra properties. The latest draft of the Fiscal Code is stipulating that this over-taxation will be eliminated, and the Govern has a simple explanation for this decision: the Read more

6 Hectares Plot for Sale in Bucharest

The insolvency company Rominsolv is offering for sale a 6 hectares land plot for sale on Preciziei Street in the west side of Bucharest. On this land plot exist several constructions owned by the bankrupt Motor Transportation and Expedition Company (CETA), owned by the businessman Marius Cae.

“The entire asset is divided into three individual properties owned by three distinct juridical personalities (two of them are bankrupt), controlled by the same group – CETA SA. The property is to be sold as a unitary asset, but it can be sold individually in some degree. The starting prices for the bidding are about 9.5 million euro plus VAT for all three properties”, declared the representatives of Rominsolv.

The constructions include industrial halls of 10,600 square meters, an office building of 2,040 square meters and a workshop of 375 square meters. Among the assets offered for sale are also a cars inspection station, a cars service, car painting shop, parking lot and other facilities.

Unusually High Demand for Houses in July

The demand for houses in Romania has registered an important increase in July – a month traditionally low on demand in this industry. “The decrease of the real estate prices to a minimum level, the news about the depletion of the funds for the First Home program, the very low interest rates offered by banks and the statements of the Governor of the National Bank of Romania regarding the risk of a new real estate bubble that could lead to prices increase, made the Romanians go out shopping for homes”, shows a press release from the real estate website Imobiliare.net.

The website has registered in July an increased by 20% of the requests on the real estate market. The two-bedroom apartments have Read more

70% of the Romanians Go to Supermarket

Some of the Romanians (70%) prefer the big commercial centers, while 27% of them prefer the small ones, and the shopping on street shops represent an option for only 2% of the Romanians, according to the CBRE study “How Consumers Shop”, Romania edition. In comparison, 1 in 5 Europeans chooses the commercial street against other forms of retail. In the same study have been interviewed 21,000 consumers from 21 countries to find out where and how they shop. Romania was included in the study with a batch of over 1,000 consumers from all geographical areas and all age groups. Read more

Globalworth Bought 30,000 Square Meters of Land in Bucharest

Globalworth, the investments company created last year by the businessman Ioannis Papalekas, has paid 14.3 million euro for several land plots with an overall surface of about 30,000 square meters, located in the north of Bucharest, on which he plans to develop offices and commercial centers. The land plots are located near Pipera subway station, at the corner of Dimitrie Pompeiu Avenue and George Constantinescu Street, shows a press release from the company. The land plots are near the residential ensemble Upground and Read more