By Andra Beltz
The volume of real estate investments in Romania will exceed 1.1 billion euros, in 2020, more than 700 million euros out of total representing contracts already signed or due process (due dilligence), shows a specialized analysis, published on Wednesday, according to Agerpres .
Comparatively, the value of real estate transactions registered in 2019, at national level, amounted to 683 million euros, below the initial estimates.
“In the last period we managed to convince more and more international investors to look at Romania and this materialized, on the one hand, through a high volume of transactions that have already been secured and are to be completed in the next period. In total, transactions of over 700 million euros are in advanced stages, and for the whole year it is very likely that the volume will exceed 1.1 billion euros, a record level for the last six years, “said Andrei Văcaru, chief of Capital Markets JLL Romania.
In this context of real estate market development, the offices in Bucharest will be the most liquid assets in 2020, analysts say. According to them, the capital could attract over 80% of the total volume of investments, compared to 48%, last year.
‘In 2020, office buildings will represent the most liquid class of real estate assets. Moreover, we expect an increase in the share of total transactions to 80%, from 60% last year. Of note, the evolution of the hotel sector, which is becoming more active and where we expect new transactions in 2020, in the context in which, during the last three years, no less than 11 hotel sales were closed, both in Bucharest, as well as in the secondary cities’, is mentioned in the market analysis.
Last year, real estate consultancy company JLL was involved in transactions of over 325 million euros. The most important projects in which JLL provided consulting services, in 2019, representing the sellers were: The Office (the largest sale of a project of offices outside the Capital), Promenada Târgu Mureş and the sale of an emblematic building in Bucharest, the Palace Oscar Mausgch (BCR) from University Square.
At the regional level, the year 2020 is expected to be a reference, after in 2019 the volume reached an absolute record, with almost 14 billion euros.
By Andra Beltz