Banks look to boost mortgage lending in Romania

18
Mar
2024
News - Banks look to boost mortgage lending in Romania #Bucharest #Cushman & Wakefield Echinox #residential #Romania #Vlad Săftoiu

by Property Forum | Residential

Banks in Romania are actively looking to accelerate new residential lending in Romania as the central bank is expected to lower interest rates in H2 2024. Lenders have initiated a series of offers with more favourable interest rates, below the 7% monetary policy rate set by the National Bank of Romania (NBR), according to Vlad Săftoiu, Head of Research at Cushman & Wakefield Echinox.


“We are currently noticing offers in the market with annual fixed interest rates ranging between 5.6 - 5.85% for a period of 3 - 5 years, a level similar to those currently registered in Western Europe and which, combined with the higher housing affordability in Bucharest compared with most major European cities, will create an extremely favourable framework for further developments of large-scale residential projects in the capital city, as well as for price increases on the medium and long terms,” said Săftoiu.

At the same time, Bucharest is among the most affordable residential markets in Europe, with 96.2 average wages needed to purchase a 70 sqm apartment. Furthermore, the capital city of Romania also offers attractive residential prices at CEE level, with lower affordability rates being registered in Prague (the average asking prices exceed €4,700/ sqm and 196.7 average net salaries are needed), Bratislava (171.5 salaries), Warsaw (165.3), Belgrade (161). At the end of February 2024, the average asking price for a listed apartment in Bucharest was €1,663 per sqm, up by 6.6% year-on-year.




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New leases

  • Cordon Electronics, a specialist in electronics and advanced technologies, has renewed its lease agreement at MLP Pruszków II, in the immediate vicinity of Warsaw. The company will continue to occupy a total of 7,770 sqm of modern space, a footprint that includes 458 sqm dedicated to office operations.
  • mBank, the digital banking company in Poland, has decided to relocate its largest corporate branch in Lower Silesia to the Infinity office building in Wrocław. The company will occupy nearly 1,300 sqm on the fourth floor of the building. The tenant will move into the development owned by Avestus Real Estate and Alchemy Properties in January 2027.
  • GSP Global Solutions Provider has further expanded its cooperation with CTP by leasing an additional nearly 7,000 sqm in CTPark Budapest Vecsés on a long-term basis.

New appointments

  • Krzysztof Wróblewski (MRICS) has been named Head of Portfolio Management CEE at Peakside Capital Advisors, responsible for overseeing investments and managing the real estate portfolio. He succeeds Christopher Smith in this role.
  • Garbe Industrial is reorganising its senior leadership team. CEO Christopher Garbe will now focus on strategic orientation and international activities. Jan Philipp Daun assumes leadership of the Development division alongside his existing Investment and Joint Venture responsibilities. Andrea Agrusow expands her remit to include Portfolio Management while retaining control of Commercial and Real Estate Management. Additionally, Michael Marcinek and Maik Zeranski will now jointly head the restructured Development unit as Management Board Members, succeeding Adrian Zellner.
  • CPI Property Group is strengthening its leasing structure with the appointment of Agnieszka Baczyńska as Head of Leasing. In her new role, she will be responsible for shaping and executing the leasing strategy across the group’s office and retail portfolio in Poland. At the same time, Izabela Potrykus has been appointed Leasing Office Director. Baczyńska brings more than 20 years of experience in the commercial real estate market. Prior to joining CPI Property Group in 2022, she served as International Leasing Director at Neinver Polska.


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