ARTICLES LABELLED WITH TAG Romania

Property developer Cordia Romania, part of Futureal group, says it has obtained the occupancy permit for the second phase of Parcului20, its residential complex based in northern Bucharest. 

While the costs of construction materials in Romania rose during 2022, impacting the ability of developers to self-finance their projects, the current outlook is not pointing towards an improvement of this situation this year, according to an analysis by the Eastern European Construction Forecasting Association (EECFA).

The potential development of residential for rent (PRS) in Bucharest could reach 5,000 units by 2025, according to real estate consultancy Colliers Romania.

Zuzanna Kurek, Investor Relations Manager and ESG Committee Member of One United Properties, spoke with Property Forum about the ESG agenda of the Romanian developer and its role in growing the value of the company. Moreover, she also discussed how sustainability is becoming a strategic element in the developer’s negotiations for funding with banks and capital market investors.

The modern office stock in regional Romanian cities is set to reach around 1.3 million sqm in the next five years if the planned projects spanning 275,000 sqm will be delivered in this period, according to a report by real estate consultancy Cushman & Wakefield Echinox. 

Speedwell has purchased a land plot of 14 hectares in Corbeanca locality, close to northern Bucharest, for a new residential development that will feature 210 villas. 

Romanian developer Prima Development Group has obtained a loan of €16.8 million from Libra Bank for the first phase of a new residential complex in Bucharest. 

Romanian property fund Encore Capital Trust has made 170 acquisitions in the first six months of operation with an average investment ticket of around €290,000. The purchases covered apartments and parking lots based in nine residential projects. 

WE RENT Bucharest, the first residential rental platform in Romania under the Vitan Estate brand, has appointed its Board of Directors at the beginning of this year. Kimberly Vrânceanu was named President of the Council, and Violeta Niculae is a member of the Board of Directors and Executive Director of the platform. 

With 17 new brands entering the Romanian market in 2022 and the opening of 11 new retail parks, the total stock of retail projects came close to 4.1 million sqm. On this backdrop, new opportunities appear in the market for developers as the available commercial spaces are mostly rented and the vacancy rate is 3% in malls and even lower in retail parks, according to CBRE.