Developers paid EUR 100 mln for land in Romania in the first half

Real estate developers active in Romania paid EUR 100 million for plots of land envisaged for further projects, in the first half of this year. The developers bought land for residential and retail projects, but not for office projects as well.

“In Bucharest and in the big cities, the buyers’ interest has turned to lands or properties that can be converted, located downtown, suitable for hotel development. The trend has already been visible in the past two years and is due to the increase in the number of tourists and business people visiting Romania, the local market thus becoming an investment target for big hotel operators,” explained Ioan Năstase, consultant Development & Land Department at real estate consultancy firm JLL Romania.

Investors also remained interested in buying land in areas near the capital city, with direct access to highways, for logistics projects, he added.

The biggest land deal in the first half was the sale of 17 hectares of land in Craiova by local investor Adrian Mititelu to investment fund NEPI-Rockcastle for EUR 21 mln. The fund thus bets on the development of the Craiova region in the coming years, as the Ford car factory in the city will double its production.

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