Real estate developers looking for land to build residential projects in Bucharest are shifting their attention to small and medium plots in the central or semi-central or northern areas, with access to the subway and near the office centers, says Sînziana Oprea, Land Agency director at Colliers International Romania.

The demand for large plots has decreased after deals were reported in this segment over the past several years.

Developers also look for land with approved urbanization documentation (PUZ), which will allow them to estimate as realistic as possible the delivery term and, consequently, their business plan.  

Some very large transactions, both in Bucharest and in the country, have been blocked in the past months for various reasons, related either to the buyers' reluctance to take risks, or certain ownership problems, Oprea explained.

The same is valid for the land plots for office developments, and the trend can be seen in regional cities as well, not only in Bucharest.

editor@romania-insider.com

(Photo source: Shutterstock)