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Real estate : Transactions of 340 million euro in 2012, a little more than in 2011
The value of real estate transactions concluded last year in Romania amounted to about 340 million euro, more than in 2011, when there were transactions of 320 million euro, according to Mediafax data. The capital covers half of the amount the rest concerning towns like Timisoara, Sibiu, Brasov and Pitesti. The dominating real estate sector was that of offices, where transactions of 160 million euro (47% of overall volume) were concluded, followed by retail with 116 million euro (34% of total volume). The industrial and hotel sectors had transactions in 2012 but of reduced dimensions.
The total amount included transactions with lands for real estate developments. The most important land transactions amounted to over 40 million euro.The most important transactions in 2012 concerned the office market. The projects which involved direct purchases from investment funds are City Business Center Timisoara office complex, bought by New Europe Property Investors (NEPI) and HQ Victoria building in Bucharest, taken over by the Greek fund Zeus Capital Partners.
Other transactions had in view the purchase of Tower Center international building by businessmen Dragos Bilteanu and Ioannis Papalekas and the selling of Litexco Stirbey Center building.
In the retail market, Auchan purchased a store in Pitesti, owned by NEPI and Tractorul Brasov platform. In the same category we can include the sale of Liberty Center in Bucharest.In the office chapter, NEPI and businessman Ovidiu Sandor bought the former factory Tricitajul Somesul in Cluj Napoca to build an office complex.
The Swedish giant Skanska paid 17 million euro to businessman Gabriel Popoviciu for a land of 15,000 square meters in the area Floreasca-Barbu Vacarescu.
The lack of financing for real estate properties led to reduced transactions in the last years. In the period before the financial crisis, properties of about 1 billion euro were bought and sold in Romania.
For 2013 real estate consultants hope that political stability will attract more investors although access to financing will be limited.