Business Forum • 22 August, 2024 at 9:56 AM
The retail and residential players have been the most active buyers of land during H1 2024, while speculative transactions are also gaining ground, according to Colliers Romania research.
Retail developers are focusing both on developing retail parks and on standalone stores operated by major retailers across the country. Large plots of land suitable for mixed-use projects continue to have a significant impact in this sector. Meanwhile, residential developers have directed their efforts primarily towards Bucharest and its peripheral areas as well as regional cities.
“Considering that several major transactions are in various stages of completion, and others have already been finalized in the first half of 2024, the total volume for this year will certainly appear quite good when we do the annual review. We continue to see several active developers seeking land with appropriate permits to quickly start projects, but this process is hindered by the limited availability of land meeting these criteria,” says Sînziana Oprea, Director of Land Agency at Colliers Romania.
Land with good potential continues to attract significant interest, and if it has the necessary urban documentation desired by developers, it sells at the asking price, without any discounts, according to the agency.
Meanwhile, the completion of the southern section of Bucharest's ring road (A0) and the highway connecting Ploiești to Pașcani, both scheduled for next year, have already sparked a wave of interest in industrial and logistics projects in these areas.