However, the value of real estate transactions for the whole of 2008, is expected to be lower compared to 2007, when property acquisitions amounted to some €1.8 billion, according to DTZ Echinox consulting company.
“The market is currently stagnating, and investors are waiting to see what happens on international financial markets,” said DTZ Echinox General Manager, Tim Wilkinson.
The most significant transaction of this year is a deal including the mixed Upground project and two office buildings, acquired by the EREEF real estate investment company, part of German Deutsche Bank group, for €340 million. In fact, this is the largest deal ever on the local real estate market.
The Atisreal study shows that only residential and office segment deals were made in Bucharest, while retail deals were outside Romania’s capital.