Developers pay up to 3,000 euros / sqm for land downtown
Investment funds interested in the opportunities offered by the real estate market in the Capital acquires land around 1000 square meters in central areas with prices ranging from 1,200 to 3,000 euro / sqm. According to real estate agency Palace estate, luxury estate transactions and land in central Bucharest in the last year have increased by at least 10%.
"It is obviously an increased appetite of investors in the real estate market in Bucharest. Many of the projects that have stalled in the past four years were released and scheduled for completion mid 2016. The most popular areas are those where more than 1,000 square meters will be constructed office buildings, commercial premises and hotels, "says Yaniv Dahan owner Palace Estate Agency.
Regarding the trend of individual purchasing , they are more interested in the purchase of land in the northern area of Bucharest. "Most of the applications we receive for surfaces between 400-3500 sqm bound individual houses or residential complexes. Pipera-Tunari area has become a magnet for investors and for individuals and expatriates due to private educational centers in the area. Now in Pipera are located most popular private schools and kindergartens in Bucharest "says Corina Cherciu Palace Estate sales manager.
Increased demand for land in northern Bucharest did not affect price developments over the previous year, say brokers Palace Estate. Land prices in Pipera American School Turani- varies between 130 and 200 euro / sqm and located near the ring road area are sold under 100 euro / sqm. In Pipera-Iancu Nicolae area-Sos. Petricani price of land varies between 150 and 300 square meters and in Pipera-Iancu Nicolae-Zoo prices are between 200-600 euro / sq m. According to analyzes conducted by the Palace Estate, the real estate market will continue its dynamic growth in terms of transactions without having the effect of a price increase.
With a portfolio of over 1,500 properties, the agency has become the most important player in the region north of the capital, two offices located in Iancu Nicolae sauce and gravy. North. Palace Estate Clients include Israeli Embassy, US Embassy and Ambas Republic of Pakistan, the agency provides comprehensive relocation. The Palace Estate portfolio falls and all City Point, sold under exclusivity by the Agency.