In 2020, the total volume invested in land acquisitions in the Bucharest – Ilfov region reached €194 million, reflecting a 6.5% decrease compared to 2019, according to Cushman & Wakefield Echinox.
The analysis includes 27 deals with an average price of €7.2 mil. The size of transacted land plots was 193 hectares, being boosted mainly by two major deals: the 54 ha former industrial site from IMGB, acquired by SIF Banat Crisana, and the 64 ha land plot acquired by Dedeman next to WDP Park Stefanesti 2.
There was a clear preference towards peripheral sites suitable for residential developments, while supermarket chains, such as Kaufland and Lidl, pursued plots in the dense areas of the city, aiming to increase their footprint.
With a market share of 81%, Romanian buyers were the most active, followed by German groups (17%). Office developers were less active, as their current land bank provides a pipeline (under construction and planned) of almost 1 million sqm.
Bucharest’s General Council has decided to suspend the Zonal Urban Plans (PUZ) in five of the city’s six districts for one year, granting new construction permits based only on the General Urban Plan (PUG) adopted in 2000. As the suspension does not affect the projects which were already approved, it is expected to see an increasing demand for these sites.
Moreover, municipalities within Ilfov county, such as Voluntari, Bragadiru, and Popesti Leordeni have their own urban regulations. Considering the increasing interest in more spacious residential units, we might notice more transactions with sites suitable for villa projects in Bucharest’s suburbs.
Sign up today for the latest news