COLLIERS INTERNATIONAL ROMANIA RESEARCH & FORECAST REPORT | 2019
28 February 2019 • Real estate2018: ANOTHER YEAR WITH A ROBUST ECONOMY The last decade has probably been the best period in terms of economic development in Romania’s 100-year history, even when taking into account the boom-bust 2007-2009 cycle, with the 2015-2018 period especially supporting this outcome. Last year ended with economic growth of a bit over 4%. This is a slowdown from the surprising 7% figure in 2017, but nevertheless, it is still one of the better results in the EU, where growth hovered around 2% on an aggregate level. Private consumption continued to play a leading role (likely up by around 5%), albeit expanding less than in the previous year (a bit over 10% in 2017) and generated close to three quarters of economic growth; this slowdown came amid higher inflation, tighter monetary policy, fiscal policy uncertainties and slight softening of the RON, all of which impacted consumer optimism to an extent. Other details of growth numbers were even less encouraging, as investments returned to negative territory, the negative impact of net exports swelled a bit and inventories (often a volatile component) had a significant positive contribution to GDP growth.
FSBOs vs. Real Estate Agents. Do agents really sell homes for 13% more?
22 April 2015 • Real estateHave you seen the claim that “research shows” that real estate agents sell homes for 13% higher prices than people who sell their homes themselves? Does that seem right to you? I wouldn’t be surprised if real estate agents sold homes for prices that are a few percentage points higher than homes sold directly by homeowners but 13% more didn’t seem plausible to me. So being a trained economist, in addition to being a real estate agent the last 12 years, I decided to track down the origin of this beloved real estate agent data point. Note: A home the owner is selling directly to buyers without using a real estate agent is called a “For Sale By Owner” or “FSBO” by real estate agents.
Futureal Group exits retail project ParkLake and powers ahead in the real estate market of Bucharest through Cordia
26 November 2018 • Real estateFutureal Group exits retail project ParkLake and powers ahead in the real estate market of Bucharest through Cordia Futureal Group announces an exit worth 19 million euros from the retail project ParkLake, developed by Sonnae Siera and Caelum Development. Futureal participated in the development of ParkLake by financing Caelum Development, the latter controlling 50% of the shopping center. Futureal Group will intensify its activity in Romania through its residential investments brand, Cordia. The company has recently announced a 50 million EUR worth of investment plan in Bucharest for the next year, part of a long-term roadmap for the local market. Cordia division plans to deliver about 500 apartments per year, designed for medium and medium high segments.
One United Properties received the building permit for One Herastrau Towers
22 October 2018 • Real estateOne United Properties received the building permit for One Herastrau Towers One United Properties, a real estate developer for exclusive residential and office buildings in Bucharest, founded by Andrei Diaconescu and Victor Capitanu, has been granted the building permit for One Herastrau Towers. The company has already begun preparations for the construction of a mixed set of housing, office and trade units. Located on the site of an abandoned building that has already been demolished by One United Properties, One Herastrau Towers will have a contemporary contemporary design with high-quality finishes, plus the benefits of green buildings.
How much does it cost to demolish Bucharest’s most controversial office building?
29 April 2015 • Real estateHow much does it cost to demolish Bucharest’s most controversial office building? Bucharest local authorities would have to pay EUR 100 million to demolish the controversial office building Cathedral Plaza, according to Greek investor Ioannis Papalekas, the building’s current owner. A Romanian court ruled in 2013 that the Bucharest City Hall should demolish the building, which is located in one of the city’s central areas. The reason was that the developers allegedly didn’t have a valid construction permit.
Expat of the day: Romania’s Greek “office king” makes EUR 2.6 mln a year
3 September 2015 • Real estateExpat of the day: Romania’s Greek “office king” makes EUR 2.6 mln a year Greek Ioannis Papalekas, one of the most powerful real estate investors in Romania, made over EUR 2.6 million last year as CEO of Globalworth, a real estate investment firm that is listed on London Stock Exchange’s AIM market, according to the company’s annual report. Most of this sum represents bonuses related to the company’s results in 2014, which Papalekas received in cash and shares.
Real estate developer Speedwell starts construction on Record Park in Cluj-Napoca, an EUR 42 mil. investment
26 November 2018 • Real estateReal estate developer Speedwell starts construction on Record Park in Cluj-Napoca, an EUR 42 mil. investment Real estate developer Speedwell has started the construction works for Record Park, the first mixed-use development and urban regeneration project in Cluj-Napoca. The development process will involve an investment of EUR 42 million, and the entire project is due in the second quarter of 2020.
19032018 Coldwell Banker: Residential developers in Bucharest and its surroundings invest EUR 750 M in new houses
19 March 2018 • Real estateColdwell Banker: Residential developers in Bucharest and its surroundings invest EUR 750 M in new houses 2018 has all the ingredients to be the most prolific year of the local residential market in its modern history. This year, the residential market will reach the highest level of maturity so far, according to the latest ’Residential Market Beat 2018’ report released by Coldwell Banker Romania. If, in 2015, almost 17 percent of the residential projects developed in Bucharest and its surroundings targeted the middle market, about 37 percent of the new offer developed in 2017 was for the same segment, according to Coldwell Banker Romania.
ROMANIAN REAL ESTATE MARKET REPORT Q3 2018
1 November 2018 • Real estateROMANIAN REAL ESTATE MARKET REPORT Q3 2018 By http://www.analizeimobiliare.ro/reports/ Access first hand information about the dynamics of the Romanian real estate market. Every quarter, we analyse the most important indicators on the Romanian real estate market in order to help investors better plan their businesses in Romania or real estate professionals be up to date with the latest market trends.
Merchant's House, vestiges dating back to the 14th century
5 November 2018 • Real estateThe Merchant’s House on Turnului street in Sibiu has its beginning in the fourteenth century. It has been accurately dated by specialists after the remains of a Gothic sprocket found in the attic of the house. Located in one of the most picturesque areas of the old town, in the "Lower Town", in a historic square, the building is part of the small circle of urban residences, built between the 1300s and the 1400s. In comparison, the oldest house in Bucharest, the Melik House – currently Theodor Pallady Museum, has a history of only 250 years.
The Three Classes of Office Buildings
3 December 2018 • Real estateThe Three Classes of Office Buildings Not all office buildings are created equal – which is why a general classification system exists to categorize them by age, amenities, aesthetics, and general infrastructure. Commercial real estate brokers use these classes to prepare market data and justify the cost of leases within the building.
The most sought-after areas to rent an apartment in Bucharest by students
7 September 2018 • Real estateStudents who want to stay in Bucharest during the academic year 2018-2019 choose to rent studios in Dristor, Politehnica, Center, Timpuri Noi or Eroilor, prices reaching between 230 and 310 euros, depending on the area, shows a study done by Real Estate Salon Bucharest (Salonul Imobiliar Bucuresti).
TOP 10 OFFICE DEALS, Q2 2018
30 August 2018 • Real estateCo-work takes hold in the second trimester on the office market in Bucharest, with two new international groups announcing their entrance on the local market: Mindspace in Globalworth buildings and Spaces in Campus 6.1 and Unirii View. Another important new entry has been confirmed – London Stock Exchange, thus reinforcing the potential of the Romanian office sector, with a positive signal to institutional foreign investors.
You want to buy a property in Romania? Here’s how a Romanian real estate due diligence lawyer can advise you
30 August 2018 • Real estateBefore buying a property in Romania, both the seller and the buyer must ensure that they have all the necessary documents available. Issuing some of the documents takes time and it would be unpleasant to know that some of the documents are missing in the day before the transaction takes place, so that the deal must be postponed. In this sense, it is advisable to use the services of a Romanian lawyer specialized in due diligence, constructions and real estate transactions.
Re-imagining office lobby
6 September 2018 • Real estateIn a more and more crowded office market, with new hubs developing at fast pace, real estate investors are coming with new concepts, re-thinking the use of different functions, such as the office lobby. According to “Innovation Spaces: The New Design of Work” study, the ground-floor of the office buildings is transforming “into community magnets that creatively draw like and unlike people together”. The study argues that the coffee shop on the ground floor is the easiest approach. “In other cases, the infusion of free, fast and pervasive wireless technology combined with more lounge-like spaces has transformed ground floors into working hubs”.
Bucharest’s Floreasca/Barbu Vacarescu area is the most valuable fusion between retail and office spaces
7 September 2018 • Real estateBucharest’s Floreasca/Barbu Vacarescu area is the most valuable fusion between retail and office spaces. According to the real estate consultancy company Colliers International Romania, for every 1,000 sqm of offices there are 35-40 sqm within them dedicated to the selling of various goods and services. In total, in the Floreasca/Barbu Vacarescu area there are about 10,000 sqm of such spaces at the ground floor of the office buildings, with the rents generated by these holding a share of 4-5% of the total cashed in by landlords.
Dutch investors start EUR 5 mln renovation at store in downtown Bucharest
7 September 2018 • Real estateThe Bucuresti store, located in Bucharest’s Old Town, will undergo a EUR 5 million renovation process that should take about one year. Much of the store’s interior will be demolished and rebuilt but the façade will be kept to its original form. The store’s underground and first three levels will be used for retail, the 4th and 5th floors will host offices and the top floor will be leased to a restaurant or bar operator, according to Radu Moldoveanu, the representative of the store’s owners, cited by local Ziarul Financiar
BR Exclusive: Czech PPF Real Estate close to buying Crystal Tower for over EUR 40 million
26 September 2018 • Real estateCzech investment fund PPF Real Estate, founded by Petr Kellner, is close to acquiring Crystal Tower, the first Romanian office building equipped with a heliport, for more than EUR 40 million, market sources told BR. Two years ago, PPF Real Estate bought Metropolis Center, a 19,000-sqm building in Bucharest for around EUR 50 million, in its first Romanian real estate market investment.
JLL - Bucharest City Report Q2 2018
27 August 2018 • Real estateOverview The City Reports cover key trends in the economy and recent trends in the investment, office, retail and industrial markets. In this edition, JLL brings you her second quarter update on Bucharest Romania Published August 2018
Seismic Risk in Romania Assessment and Awareness
17 September 2018 • Real estateWe at BLISS Imobiliare wish to share with you this very interesting presentation discussing the Earthquake Risks of Romania. This presentation also gives you a clear summary of the past, present and future of Romania's earthquake risks. SEISMIC RISK IN ROMANIA. ASSESSMENT AND AWARENESS | BLISS Imobiliare
Residential rentals recommended by BLISS Imobiliare | 24062020
23 June 2020 • Real estateRecommended this week by BLISS: Apartments and Houses for rent in Bucharest Ilfov Romania. Offers as from 400 euro upwards. Studio apartment to premium villas in residential complexes | BLISS Imobiliare