ARTICLES LABELLED WITH TAG Bucharest

The occupancy of Bucharest hotels increased by 33% in the first quarter compared with the same period of last year, and remains about 5% below the 2019 level, according to a report by Cushman & Wakefield Echinox.

E-commerce player eMAG has leased 10,000 sqm in Globalworth Square in Bucharest for its new HQ in one of the largest office leasing deals closed in the year to date.  

Belgian developer Speedwell has obtained the construction permit for the third building of The Ivy, the premium residential complex located in the Băneasa neighborhood, in Bucharest. The building is part of the second phase of development and represents an investment of €22 million, out of the €160 million value of the entire project.

Hospitality group Accor has opened a new ibis Styles hotel near the international airport Henri Coanda based in Otopeni, close to Bucharest. This is the fifth ibis Styles hotel opening in Romania. 

Redport Capital and Mobexpert Group have announced the completion of the concept design for the Infinity Nord project, located in the Străulești area in Bucharest. The concept was created by the investors alongside London-based architecture house Design International. 

Yitzhak Hagag, Co-Founder and Shareholder of Hagag Development Europe, spoke with Property Forum about the ongoing developments in Romania and the company's plan to invest around €130 million in the local property market in the upcoming years. Hagag also outlined the growing potential of the newly launched private offices division, which has already reached an occupancy rate above 60%.

The Center - West area (Politehnica, Orhideea, Cotroceni) has become the largest office hub in Bucharest, overtaking the Floreasca – Barbu Văcărescu submarket in Q1 2023, according to research by Cushman & Wakefield Echinox. This area is set to maintain its leading position in the medium term, considering the current development pipeline in the city. 

Romania’s property sector has more liquidity and deals are taking place across sectors, although the country is not in a late stage of price discovery, concluded speakers of the dealmakers panel at the Spring Networking Party 2023, organised by Property Forum earlier this month in Bucharest

Romanian developer One United Properties recorded a turnover of €89.3 million in Q1 2023, up 27% compared to the same period of last year, while the net profit more than doubled to €30.8 million in the first quarter over higher residential sales and growing rental income. 

Communication consultancy Șerban & Musneci Associates has launched SMA Real Estate Kluster, a new division that is exclusively dedicated to the Romanian property market.