Real estate deals total EUR 750 million in 2007
17 March 2008
The top ten land deals registered last year in Bucharest amounted to a total EUR 500 million, according to a study by real estate consulting company Atisreal Romania, part of French group BNP Paribas. Meanwhile, deals with real estate projects totalled EUR 750 million in 2007, mostly for office buildings, Business Standard daily reports.
Raiffeisen Evolution was top land buyer with a EUR 90 million deal involving 11 hectares of land in northern Bucharest. The plot was purchased from Romania’s largest company, Petrom.
Israeli developer AFI Europe purchased 15.5 hectares of the Laromet industrial platform, in north-western Bucharest, for EUR 77.5 million, in the second-largest deal registered in 2007.
Israeli company Rosebud Medical ranks third, with a payment of EUR 72.9 million for 6 hectares in northern Bucharest, while the fourth-largest deal involved mall developer Belrom, which purchased 9 hectares in eastern Bucharest, for EUR 60 million.
The same amount was paid by Austrian company Real4you for 7 hectares, also in the eastern area of the capital.
''Investors are mainly targeting small [adjoining] plots to create larger areas, especially in the northern and western areas of Bucharest, where large residential and industrial projects have been built,'' according to the study.
Last year, the prices of land for residential and office projects in central areas rose some 15-20 percent, according to real estate specialists.