ARTICLES LABELLED WITH TAG Bucharest

There is increased demand for all categories of property assets in Romania, with office and industrial set to continue their growth streak this year. Property Forum talked to Victor Constantinescu, Managing Partner of Kinstellar’s Bucharest office and Co-Head of the firm-wide Real Estate practice, about the impact of the pandemic on Romania’s real estate market and how the country’s property investment potential can be harnessed in the next years.

Romanian e-commerce player eMAG is investing in a new warehouse spanning more than 100,000 sqm near Budapest, which is the company’s first development of this kind outside the country. 

Delivery firm Cargus has started operations last September in a warehouse covering 15,000 sqm in CTPark Bucharest that will accommodate fulfillment demand of e-commerce companies. 

The average asking price for apartments in Romania gained 0.8% in February to €1,609 per sqm compared to the same period of last year. Over the past 12 months, the average increase of prices stood at 18.5%, according to property classifieds platform Imobiliare.ro. 

One United Properties continues to develop its Bucharest-based office portfolio which has reached an estimated value of almost €400 million. Property Forum spoke with Mihai Păduroiu, CEO of the Office Division of One United Properties, about the transformation in the office market triggered by the pandemic and the drivers of demand going forward.

AFI Europe Romania says that all its office portfolio comprising seven projects has received the Well Health-Safety Certification.  

Bergam Design House will manage the renovation process of Grand Hotel Bucharest, former Intercontinental Bucharest, as part of an €21 million investment that will be completed in 2024. 

Romanian developer One United Properties recorded revenues of 1.1 billion lei (€222 million) during 2021, up 105% year-on-year, while the gross profit expanded almost two-fold to 603.5 million lei (€122 million) over higher residential sales and increased rental income. 

Romania's Impact Developer & Contractor says it sold 430 residential units during 2021, of which pre-sold apartments sales gained 37% to 250 million lei (€50.5 million), while the rest of 183 units were worth 138 million (€27.8 million). 

Fashion House Outlet Centre Pallady will undergo an expansion of 5,674 sqm roughly one year after the delivery of the first phase of the project located on the eastern outskirts of Bucharest.