ARTICLES LABELLED WITH TAG Romania

Romanian real estate developer Nordis Group is planning a mixed-use project in the northern area of Mamaia, Romania’s most popular seaside resort. The developer will allow people to invest in hotel rooms that they can use for one week each year. The developer promises an annual yield of 7% of the invested sum, paid in 12 monthly instalments.

The ongoing COVID-19 outbreak seems to be having a severely negative impact on market sentiment across the CEE region, according to the latest RICS Commercial Property Monitor. Q1 2020 figures show that both rental and capital value expectations have been downgraded across the region with retail expected to see the sharpest decline and industrial proving to be the most resilient asset class.

Dunwell brokered a transaction for TeraPlast for 5,000 sqm (1,500 sqm of warehouse space and 3,500 sqm of outer platform) in Mega Distribution Center’s park in Chiajna. The relocation from the northern area into this new space aims at increasing the efficiency of the company’s distribution activities.

The immediate impact of COVID-19 pandemic in the real estate market will be felt during the second quarter of the year while on the medium and long term the focus will be on health and safety measures as well as on technology, these are the main takeaways from the Romania Call Flash, organized by CBRE Romania.

Romanian developer One United Properties has completed the structure of its One Herăstrău Towers mixed-use project, which will include 139 residential units, in addition to offices and commercial space on 5,055 sqm. The project is 85% pre-contracted ahead its completion planned before the end of the year.

Bucharest and the major university centres in Romania, such as Cluj-Napoca, Timişoara, Iaşi, Braşov or Craiova, are well-positioned to attract new business in the services sector, despite the Covid-19 pandemic that slowed down the transactional activity and led companies to work from home, according to Cushman & Wakefield Echinox.

Opus Land Development, the developer of the Cosmopolis residential complex, completed the acquisition of a 15.6 ha piece of land located in the immediate vicinity of the project. Last year the developer purchased a 10 ha lot in the area.

The latest online panel discussion of Property Forum focused on the effects of the COVID-19 lockdown on the Romanian property industry. The experts discussed, with the moderation of Răzvan Gheorghiu-Testa FRICS, Partner and Co-Head of Real Estate Practice Group at Ţuca Zbârcea & Asociaţii, how governmental measures affect the market and how different asset classes are impacted by the crisis.  

While the current situation imposed by the COVID-19 pandemic has delayed various investments, CBRE’s Building Consultancy team continues to manage ongoing projects of over €80 million invested in the medical, production and IT&C fields in different areas of Romania.

Globalworth is significantly scaling back its construction and development programme and suspended new investment activity. The company posted an update on COVID-19’s implications for its operations.