Cocor Bucuresti, the company managing the Cocor shopping center in downtown Bucharest, where it owns several premium real estate assets, has sold a 90-sqm plot on the Splaiul Independentei street with EUR 2.09 million, reports Profit.ro. This means EUR 23,000 per sqm.
The price is more than 50 times higher than the average construction cost and would generate a yield of only 1-2% for the buyer at the current rent level. The seller believes “it’s a normal price”.
The high prices resemble the 2007 period, when real estate prices skyrocketed.
The company that sold the building can’t tell the buyer’s name, but Cristian-Claudiu Pricopie, Chairman of the Board of Directors, told Profit.ro that it is not a final recipient but a non-resident investor who has been active for some time in the Romanian market.