Land deals in Bucharest reach highest volume in ten years

The total surface of the land plots traded in Bucharest last year reached 116 hectares, the highest volume recorded in the last ten years, according to real estate consultancy firm Cushman & Wakefield Echinox. The total value of the deals reached EUR 216 million, up by 69% over the previous year. Companies controlled by Romanian investors, such as RES, DVD Residential Imobiliare, Eden Capital Development, Impact, Exigent Development and H4L Development, bought total land plots worth EUR 110 million, almost 51% of the total value. Local developers mainly bough land plots for residential projects while foreign developers such as GTC, Atenor and Globalworth secured locations for new office projects in the Northern and Western parts of the city. The purchases for residential developments totaled 48 hectares, namely 42% of the total volume. These land plots allow the development of 10,000 to 15,000 new homes. Five of the land plots traded last year can be used for developing 200,000 sqm of offices. There were also two deals with land for retail developments, namely the Policolor and Industria Iutei industrial platforms, on which a retail park and a DIY store will be developed. This year, large land plots that belonged to former factories, such as Griro, Helitube and Aversa, with surfaces of over 10 hectares each, will re-enter the real estate circuit, according to C&W Echinox specialists. Smaller plots, of 5-6 hectares, on the former Ventilatorul and Textile Dacia industrial platform are also on sale. editor@romania-insider.com