Romanian developer One United Properties has completed the first phase of Bucharest-based One Cotroceni Office Park, with a gross leasable area of 46,000 sqm. The company said it has leased 75% of the office and commercial spaces by the time of delivery. 

Bogdan Doicescu, Development Director and Executive Board Member at Bog’Art, spoke with Property Forum about the company’s construction pipeline and the outlook of the real estate market in Romania going into 2022.

Romanian Nordis Group, specialized in the development of hotels and residential projects, recorded sales of RON 400 million (around €80.9 million), mainly in the project located in Mamaia.

Romanian developer Forty Management has initiated the authorization procedure for Royal Suites Central District in northern Bucharest, with a market value of €76 million. Once completed, the building will be the tallest residential project in Romania with a height of 122 meters. 

Property developer Impact Developer & Contractor has completed the Luxuria Residence complex in northern Bucharest, with an estimated market value of €150 million. 

The volume of real estate investments in Romania gained 4% year-on-year to €919.45 million, driven by office and industrial developments, according to a report by real estate consultancy Fortim T.A., a member of BNP Paribas Real Estate. 

Property group Yellow Tree has purchased an office building near Romană Square in central Bucharest from Mecanoexportimport. The Mecano Export-Import building has a leasable area of 3,000 sqm and was finalized in 2004. The deal, with an undisclosed value, was first reported by profit.ro. 

Sales of lands, homes and apartments in Romania rose by a yearly rate of 16% to 698,756 units in 2021, with a peak of 74,429 transactions recorded in December, according to the National Agency for Cadastre and Real Estate Publicity (ANCPI). 

Griffes ended 2021 with a significant office leasing surge, placing the agency as the second best performing real estate player in the intermediated office leasing segment in Romania. The achievement tops Griffes’ 5 years of activity on the Romanian real estate landscape which the company celebrated at the end of the year. The team extended significantly its activities throughout 2021, growing into land sales and industrial leasing by marketing a large-scale project to be developed next to Budapest Airport in Hungary.

The volume of land transactions for commercial and residential projects totaled €800 million in 2021, which is a 15-year high, according to real estate consultancy Colliers. Retailers and residential developers have generated roughly 90% of the deals.