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September 18, 2021

Bucharest keeps its appeal on property market

The main trends reported on the Bucharest property market in 2011, according to CB Richard Ellis (CBRE) report, indicate that most contracts signed concerned the shopping centres and office market and that there is an overwhelming demand for property pieces which received all necessary permits, a press release informs. It is estimated that properties owned by financial institutions will be the staple object of transactions in 2012. Thus, transactions will set the lowest reference price and investors will take advantage of this, the CBRE report further reads. “Despite problems on the property market, Bucharest maintains its appeal for two reasons: on the one hand, underperforming investments across the region which make the developers and builders turn to prime areas in the capital, and, on the other, increasing demand from foreign tenants in the second half of 2011,” Razvan Iorgu, CBRE Romania director-general, stated. As regards completed residential projects in Bucharest, prices slumped and the absorption rate shrank significantly, which makes it difficult to develop new projects. As for the office market in Bucharest, developers are seeking properties with easy access to public transport, particularly to the metro, as well as to the main shopping areas.

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