Almost 60 hectares of land plots suitable for the development of real estate projects were transacted in the Bucharest – Ilfov region in the H2 2022 – H1 2023 period, with former industrial platforms accounting for some of the largest transactions, according to a report by Cushman & Wakefield Echinox.

Romanian developer Redport Capital will start this fall the construction of the third phase of The Level Apartments complex in northern Bucharest. The company says it has already pre-sold 40% of the apartments in the new phase that will be completed following an €12 million investment. 

Radisson Hotel Group was selected to be the operator of the hotel component in the Central District Lagoon City, developed in Bucharest by Forty Management. The Radisson Lagoon Hotel Bucharest is planned as the first of several such branded co-operations across the globe. 

Romanian property holding Meta Estate Trust has sold its 40% stake in Redport Properties, the developer of The Level Apartments project in Bucharest, for more than €2.7 million. Additionally, the holding has decided to gradually reinvest €2 million by acquiring 10% of Redport Capital for future developments.

Romanian company Rock Development Holding has obtained the construction permit for its first five-star hotel in Poaiana Brașov which will attract an investment of €70 million.

Romanian developer Forte Partners has delivered the second phase of its U•Center 2 office project in Bucharest. The building has a leasable area of 35,000 sqm and 28,000 sqm have already been occupied by office and retail tenants.

With interest rates forecasted to decrease across Europe in 2024, real estate investment activity is set to increase in Romania as well as in other countries in the region. Andrei Văcaru, Head of Capital Markets CEE at iO Partners talked to Property Forum about the movers and shakers of the Romanian investment market.

Globalworth has recorded a net operating income of €73.7 million in the first half of 2023, up by 5.6% compared to the same period of last year, while the development pipeline includes industrial projects in Romania and the refurbishment of mixed-use projects in Poland. 

The investment transaction market in Romania reached €181 million in H1 2023, down by 43% compared to the same period of last year over rising financing costs. At the same time, the average price per property decreased from €24 million to €11 million, according to Cushman & Wakefield Echinox. 

Alesonor has achieved the LEED Community Platinum Precertification for Amber Forest complete suburb, which is under development near Bucharest. This has become the fourth project in Europe obtaining the Platinum precertification from the U.S. Green Building Council (USGBC).