Beruflich Dokumente
Kultur Dokumente
Bucharest Property
Year End 2007
2
3 Introduction 23 Introducere
Bucharest office market has continued the trend recorded in the last 2 years with increasing supply surpassed by the growing
demand. Despite the significant number of new completions recorded in 2007 the local market is still witnessing shortage of
available quality office accommodation. The office stock has remained focused in the northern and central submarkets. The
western part of Bucharest is expected to emerge as one of the most active submarkets considering properties currently under
construction or in advanced planning process.
On the investment market the strong demand has been sustained by the important capital inflows coming from investment
funds and property investment companies targeting Romania to diversify real estate portfolios and risks across regional markets.
Albeit the investment market continues to mature, it is still primarily limited by the shortage of quality investment products
offered on the market which are not sufficient to satisfy the ever-increasing demand. As a consequence of the rapid yield
compression the local market has experienced unprecedented trends. New low risk funds have entered the market while some
funds have taken the advantages of the lower yields and exit their first investments. The lack of quality investment products and
high level of pre-lease transactions on specific submarkets offer investors the opportunity to acquire off-plan or under
construction schemes, especially offices. The market has witnessed a clear tendency towards forward purchase transactions over
standing investments as investors are keen on securing better yields and attaining control over the project development.
The local investment market is less affected by the U.S. subprime crisis and Romania is still perceived as an attractive market.
However, the lenders are more prudent in granting finance for real estate projects and transactions. Under the circumstances of
the instability of the international markets, in 2008 the investment funds will become more precautious in their decision to
acquire expensive properties, but will still be looking for alternative products with higher yields. Although the lack of transactional
evidence is still making accurate pricing difficult, it is clear that prime yields are moving towards the levels recorded in H2 2006
(7-7,25%).
Perhaps the most significant trend recorded on the local market is the increasing number of announcements for large residential
projects comprising hundreds or thousands of housing units to support an efficient cost policy. This trend is expected to continue
in the future, allowing developers to promote units at affordable prices addressing medium-income customers.
The purchasing power and the sale price per sq m directly influence the required unit size and type of finishing. Most customers
prefer to purchase one or two-bedroom apartments while three bedroom apartments and duplexes are currently less popular
among buyers as demand is highly price sensitive. The increasing competition on the residential market enlarges the portfolio of
advantages for clients, thus offering a variety of financial arrangements such as buy-back solutions, favourable terms for
mortgage lending or other facilities (furnished rooms, several finishing options etc).
Ioana Momiceanu
Managing Director, President of the Board
Atisreal Romania
4 E C ONOM I C OVER VIEW
Economic Overview
After the impressive increase in 2006 (7.7%), at the end of GDP growth (% Y-O-Y)
2007 GDP recorded a 2 percentage points drop reaching
10
around 5.7%. The National Commission for Prognosis fore-
8
GDP Growth %
casts a slowdown of the GDP growth compared to the levels 6
4
recorded in 2006 and 2007. The above mentioned institution
2
estimates a constant increase of GDP with an average annual 0
-2
rate of around 5.7% in the next 5 years.
In 2006, Foreign Direct Investment reached a record level of
f
99
00
03
04
05
06
02
01
07
08
19
20
20
20
20
20
20
20
20
20
Euro 9 billion, 75% higher than 2005. According to the National
f - forecast
Bank of Romania, the FDI recorded between January-November Source: National Commission for Prognosis
2007 totalized Euro 6.55 billion, 21% lower than 2006. However,
the higher rate in 2006 was owed to the takeover of the Unemployment and inflation rates evolution
Romanian Commercial Bank by Erste Bank, the largest invest-
ment so far on the Romanian market. For 2008 the Romanian Unemployment (%) Inflation rate (%)
Agency for Foreign Investments forecasts a level of Euro 7 bil- 12 60
Inflation rate
8 40
According to the National Commission for Prognosis, the total
6 30
investments in the economy will increase in the next five years,
4 20
due to the opportunities created by EU financing and also by
2 10
domestic financing. The investment ratio is expected to grow
0 0
from 23.9% of GDP in 2006 to 31.5% of GDP in 2013.
f
99
00
03
04
05
06
02
01
07
08
The fluctuation of oil prices and the economic instability on
19
20
20
20
20
20
20
20
20
20
the international markets were among the causes for the f - forecast
Source: National Institute of Statistics; National Bank of Romania
higher than expected inflation growth rate in 2007, which
peaked at 6.57% in December 2007. However, the inflation
Structure of household consumption
rate is forecast to decrease to around 5.9% at the end of
expenditure in Q3 2007
2008, along with a lower unemployment rate.
1%
Last year brought the lowest unemployment rate in the past
Agro-food products and
4%
15 years. Romania is facing a shortage in the labour force, 1% non-alcoholic drinks
6% Beverages and tobacco
especially in the construction sector, caused by the migration 5%
Clothing and footwear
of workers to the Western European countries. The annual
6% Housing, water, electricity,
41%
unemployment rate in 2007 was 4.3% and it is expected to gas and other fuels
4% Furniture, dwelling endow-
record a comparable level in 2008. ment and maintenance
5% Health
As a consequence of the labor market imbalance, the average
Transport
net monthly salary increased steadily with a rate of 15.2%
14%
Communications
during previous year reaching RON 1,266 (Euro 359) in 7% 6%
December 2007. This increase is reflected in the average Leisure and culture
monthly household income, which reached RON 1,693 (Euro Miscellaneous (products
and services )
525) in Q3 2007, as the most important financial source for Education
household income is represented by salary (51.4%). Source: National Institute of Statistics Hotels, cafs and restaurants
O FFICE MARKET O VERVIEW 5
Significant offices completed in 2007 The office stock remained focused in the northern and central
Q Building Location GEA submarkets, while other locations account for around 22% of
(sq m) completions in 2007. The western part of Bucharest is expect-
1 S-Park North 30,000 ed to emerge as one of the most active submarkets consider-
1 North Gate North 20,400
ing properties currently under construction or in advanced
1 Novo Park North 16,000
planning process.
2 Victoria Park North 21,610
Since 2005 this area has witnessed a major interest from
3 Nord City Tower North 12,500
3 West Gate Project West 20,700 developers who have acquired former industrial sites in view
4 Twin Barba I North 30,000 of office re-development.
4 Baneasa Business & Tech- North 26,000 This area is expected to become the secondary non-core office
nology Park - A
location in Bucharest after the northern submarket.
Source: Atisreal Romania
6 OF F I C E M ARKET OVER VIEW
180
to the central submarket, sufficient and less expensive parking
150
facilities, proximity to desirable residential districts. The polari- 120
Consequently large tenants have become more committed to the imbalanced situation between demand and supply. Pre-
conclude pre-lease transactions several months before com- existing unsatisfied demand corroborated with increasing
pletion of the buildings, providing good fundamentals for relocations toward better quality premises induced an escala-
office investment market. tion of rental levels of 10-12% in nominal terms compared to
In contradiction with the high interest of tenants for the 2006 both for Class A and B offices.
northern areas, the largest proportion of vacant space (35%) After the relative stability of the rents in 2006, during 2007
is located within this submarket. This situation can be the average prime office rents increased to approximately
attributed to a mismatch between demand for international Euro 21.0-22.0/sq m/month, while for quality Class B buildings
standard premises and the location and specifications of the rents are currently ranging between Euro 14.0-16.0/sq m/
existing available supply. Around 6,000 sq m of the vacant month. The achieved rental levels for less attractive Class B
space is situated in the central submarket, mainly within small space range between Euro 12.0-14.0/sq m/month.
size premises, ranging between 1,000 sq m to 2,000 sq m. However, this trend was not homogenous within the city and
rents have fluctuated significantly depending on location and
Office vacancy rates Total vacancy building quality. The central submarket is still the most expen-
Class-A vacancy
sive location with average asking rents at Euro 22.0-24.0/sq m/
20
18 month or even higher for accessible and high quality offices,
16
levels comparable with office rents in late 1990's. Considering
14
12 the market evolution, landlords of centrally located properties
%
10
are not willing to grant substantial discounts for pre-leases. The
8
6 supply-demand imbalance in the northern submarket has put
4
2
an upward pressure on rents that have increased to Euro
0 16.0-18.0/sq m/ month while rents for pre-lease transactions in
2001 2002 2003 2004 2005 2006 2007
Source: Atisreal Romania
this submarket remained stable at Euro 12.0-14.0/sq m/month.
New office accommodation in the western area (the second
non-core office location) is leased at Euro 12.0-15.0/sq m/
Significant office transactions in 2007
Tenant Building Area month for ready-to-occupy spaces and between Euro 11.5-
(sq m) 12.5/sq m/ month for pre-lease spaces. In decentralized loca-
Renault* Barba Center 10,000 tions large tenants with a strong covenant benefit from tenant
Metro* Barba Center 7,300 incentives, which reduce effective rents with around 10%.
Cetelem* Clucerului OB 4,772
Prices for institutional investment products are on the rise driven
Accenture* West Gate 4,000
by the limited availability of properties and increasing recognition
Trapec Domenii OB 2,600
of Romania as one of the best risk-rewarded investment markets,
Ozone Laboratories Arta Grafica 1,700
WNS* West Gate 1,200 with yields compressing by 4 to 5 percentage points over the last
* - pre-lease transaction three years. Sale prices for investment properties are currently
Source: Atisreal Romania ranging between Euro 2,800-3,000/sq m while prime yields have
fluctuated around 6.0-6.5% during H2 2007.
8 OF F I C E M ARKET OVER VIEW
20
Rents for car parking followed the upward trend and recorded
15
an increase of 15-20% in the last 2 years. In the central sub- 10
market, monthly rents for parking spaces fluctuated between 5
Euro 50-70 per off-street space and Euro 100-110 per under- 0
1996
1997
1998
1999
2000
2003
2004
2005
2006
2001
2002
2007
ground parking space. In non-central locations, underground
Source: Atisreal Romania
spaces are leased for Euro 80-100/space/month while surface
parking spaces are leased for Euro 40-50/space/month. Significant office projects to be completed in
H1 2008
Q Building Location GEA Preleased
Prognosis for 2008
(sq m) (%)
The prospects for coming years are optimistic as significant sup-
1 IEMI North 40,000 91
ply is scheduled to be completed, confirming further market
1 Tower Centre international Central 31,135 80
expansion. By the end of 2008 office stock is expected to reach 1 Dimitrie Pompei BC North 8,150 0
around 1,9 million sq m as a result of almost 410,000 sq m of 1 SEMA Park I West 17,500 100
offices planned for completion. Around 250,000 sq m of Class A 2 Rams Centre East 16,000 52
offices are due to be completed this year, showing a significant 2 Twin Towers Barba Center 2 North 30,000 93
Source: Atisreal Romania
increase compared to 2007. The shortage of supply will continue
in 2008, as 43% of the proposed supply is already pre-leased. Proposed supply for 2008-2010
The proposed supply for 2008 will be mainly located in the
Class A Class B
northern submarket (40%), with several new projects to be 800
700
delivered within Pipera area, while the western submarket will 600
Thousand sq m
500
count for 67,000 sq m reflecting further market decentraliza-
400
tion. In the near future the number of mixed use projects, 300
200
including retail, residential and office accommodation, will 100
0
increase as several developers have started the development 2008 2009 2010
of large sites suitable for multiple purpose use. Source: Atisreal Romania
RESID ENTIAL MARKET O VERVIEW 9
Annual completions by number of rooms Residential units completed in the last years have contributed
in Bucharest - Ilfov Region to the overall improvement of the stock, since new units are
of better quality and more spacious. Whereas the average
6,000
usable area per housing unit in 2000 was 130 sq m, new com-
5,000
pletions in 2006 witnessed a significant increase with around
20 sq m per unit as newly built units tend to have more bed-
4,000
rooms (at least two) and larger living rooms. Residential units
with more than 3 rooms completed in 2006 represented
3,000
around 87% of the total units while in 2000 these properties
2,000 accounted for 70% of completions.
As the land prices and the costs of constructions escalated in the
1,000
last years, developers have started to reconsider their projects and
0 design smaller units (ranging between 60 sq m to 90 sq m) in
2000 2001 2002 2003 2004 2005 2006
order to maintain end-user prices at affordable levels.
1 room 2 rooms 3 rooms 4 rooms 5 rooms and over
Although a large proportion of demand comes for single-family
Source: Atisreal Romania
homes, in the last 12 months developers have become inter-
ested in building multistory apartment blocks in Ilfov County
due to lack of suitable sites within Bucharest city limits.
10 RE S I D E NT I A L M A R KET OVER VIEW
Residential units
600,000
bedrooms - 60-65% (80-90 sq m) and 3 bedrooms - 10-15%
500,000
(90-100 sq m).
400,000
The newly built multifamily buildings are mainly situated in 300,000
ability of parking places, sports and retail facilities. The first State owned Private owned
high rise residential buildings are planned to be delivered on Source: National Institute of Statistics
ers is to offer smaller areas for the attached land of the prop- Source: National Institute of Statistics
erty, however in line with the clients demand.
As the availability of land in Bucharest is severely limited and
the sale prices of land in Ilfov County increased significantly,
developers are focusing on multistorey projects.
Several multifamily projects are under construction or in plan-
ning stage, mainly located in the proximity of Bucharest bounda-
ries, such as Pipera, Tunari, Stefanestii de Jos, Mogosoaia.
RESID ENTIAL MARKET O VERVIEW 11
5%
Banks norms concerning mortgage loans have aimed to
25% encourage real estate acquisitions. Currently the residential
30%
market both on apartment and villa segments is driven by
young customers (between 35 and 40 years) born during the
baby boom of early 1970s. The average net monthly income
per household should be in excess of Euro 2,000-2,500 in
Studios 1 bedroom 2 bedrooms 3 bedrooms or more potential customers are living in old apartment blocks built
Source: National Institute of Statistics before 1990s, in studios and 1 bedroom apartments.
The purchasing power and the sale price per sq m directly
influence the required unit size and type of finishing. Most
Asking sale prices (Euro/SQ M) customers prefer to purchase one or two-bedroom apart-
Location Apartments Villas
ments while three bedroom apartments and duplexes are cur-
Baneasa/Pipera 1,400-2,400 1,500-2,000
rently less popular among buyers as demand is highly price
Domenii 2,200-2,900 2,000-3,000
Herastrau 2,300-3,700 2,000-3,000 sensitive. Customers are almost exclusively interested in
Floreasca 2,000-2,800 1,600-2,500 acquiring a fully finished flat having the option to choose the
Primaverii 4,500-6,000 3,200-4,500 quality of finishing before completion.
Aviatorilor 4,000-5,000 2,800-4,500 The highest demand coming from the above mentioned type
Dorobanti 3,000-4,300 2,200-6,000 of customers is recorded for apartments with prices below
Source: National Institute of Statistics Euro 1,800/sq m + VAT.
12 RE S I D E NT I A L M A R KET OVER VIEW
around 50%. Currently not only private investors are trying to 5.0
take advantage of the increasing development activity, but also
4.0
professional players, such as developers and realtors are investing
3.0
in residential properties, by acquiring a significant number of
2.0
units in view of disposal on the secondary market after the com-
1.0
pletion of the project. It is expected that the number of total 2000 2001 2002 2003 2004 2005 2006 Q3 2007
0.0
units offered on the market both for selling and renting will
Construction costs for residential units
increase, due to the situation mentioned above. Average net salary in constructions
institutions which prefer to rent smaller apartments (for 1 Herastrau 2,500-5,500 3,500-5,000
Floreasca 2,200-4,500 3,000-5,000
year leases) or larger villas (for longer agreements) selecting
Aviatorilor 3,000-6,000 4,000-8,000
the accommodation according to the highest requirements
Source: Atisreal Romania
location in the most prestigious neighborhood, large areas,
design and special fittings.
Customers that prefer to acquire villas as an alternative to Selected proposed residential developments
apartments located in high rise buildings are more interested Project Location Nr. of Total
units to be pro-
in the quality of lifestyle, comfort, security, privacy, quality of completed in posed
natural environment, location, access and surroundings of the 2008 units
trend recorded in 2006, with an average increase of 20% for InCity Residence Central-East 502 502
2007. Generally, the average price for a new apartment is Primavara Residence West 396 396
ranging between Euro 1,400-1,800/sq m on gross area. In
some cases sale prices per sq m vary depending on location of West Park West 300 1,370
the unit within the building, sale prices for the upper floors Source: Atisreal Romania
sale prices are separately quoted, usually at 50% of the sale projects addressing medium and upper medium customers.
price for residential area. Competition between developers will become fierce as large
In prime residential locations (Primaverii, Aviatorilor, Dorobanti) projects comprising thousands of units having the same tar-
the sale prices for parking are between Euro 20,000-30,000 for get market have been announced. In 2007 the number of
underground parking while in secondary locations sale prices of construction permits issued in the Bucharest-Ilfov Region for
Euro 11,000-15,000 per place for underground and Euro residential buildings has reached 7,499, recording an increase
8,000-10.000 per space for surface parking are recorded. by 22% compared to the same period of 2006.
Sale prices for apartments are affected by several internal and The increasing competition on the residential market enlarges
external factors. The main internal factor is the current shortage the portfolio of advantages for clients, thus being offered a
of supply due to the increased demand coming from both end variety of financial arrangements such as buy-back solutions,
users and speculative transactions. The external factors are the favourable terms for mortgage lending or other facilities (fur-
rise of land prices, labour costs and construction materials prices nished rooms, several finishing options etc).
which witnessed a continue increase since 2000, especially from Demand for residential units is price-sensitive and as a conse-
2005 until today. quence of the increased prices for both land and construction
The average prices for villa-type properties and apartments costs, developers have to build units with areas comparable to
located in low rise buildings situated in prestigious areas those of flats built before 1989, but better finished, in order to
(Primaverii, Dorobantilor Kiseleff) start from around Euro 2,200/sq offer affordable sale prices per unit on the market. As for the
m and reach up to Euro 6,000/sq m. In the last year, sale prices for upper-class, the newly built premises will have variable areas,
new completed villa-type properties located in the northern parts depending on the concept of the project.
has reached nearly 66,000 sq m during 2007, a level lower than Real Hyper- South-East 7,700
market
expected as delivery dates for some projects were postponed
Source: Atisreal Romania
for Q2-Q3 2008. The total modern retail stock in Bucharest is
estimated at around 695,000 sq m, of which 40% is represented
by mall type developments and shopping centers.
RETAIL MARKET O VERVIEW 15
Prime
Prognosis for 2008
Attracted by the large potential of the Bucharest retail market,
0 30 60 90 120 150
developers are planning to complete various projects in and
Euro/sq m/month
around Bucharest. The total modern stock is expected to
Source: Atisreal Romania
increase by 26% in the next 12 months, as extensive projects
Selected retail schemes proposed for are proposed to be delivered in 2008. Shopping malls will have
delivery in 2008 the most significant development, local market witnessing a
Building Location Sellable Area
(sq m) stock increase of around 191,000 sq m after the completion of
Baneasa Shopping City North 85,000 three new projects (Baneasa Shopping City, Sun Plaza and
Sun Plaza South 76,000 Liberty Centre).
Retail park projects and multi-brand factory-outlet centers
Liberty Centre South-West 30,000
with good accessibility are emerging as new retail formats.
Vitantis South-East 30,000
Fashion House Outlet West 28,000 Developers such as Liebrecht & Wood and American Outlets
Centre Overseas have targeted the western exit of the city along A1
Source: Atisreal Romania highway while BelRom intends to develop a retail park in the
eastern part of Bucharest.
16 I ND U S T RI AL M A R KET OVER VIEW
developers only start construction works after securing pre- * - including office spaces
leases. As a consequence, it is still difficult for small tenants to Source: Atisreal Romania
find suitable premises for short to medium-term leases.
Usually lease contracts are concluded for 3-5 years, except for
larger logistics operators and retailers which secure spaces for
periods in excess of 5 years.
Almost exclusively, large transactions of over 5,000 sq m have
been concluded in the western submarket due to limited available
supply in other areas and clear preference of tenants to the west-
ern/north-western area (good vehicular connection, proximity of
retail concentrations, large and fully serviced industrial premises).
Strong demand prevailed for the industrial projects situated
along A1 highway in particular (Cefin Logistics Park, ProLogis).
IND USTRIAL MARKET O VERVIEW 17
South New 3.50-4.00 western submarket and up to Euro 5.5/sq m/month in the
South Old 2.50-3.50 northern areas while on other submarkets these are fluctuat-
East New 3.50-4.00 ing between Euro 3.5-4.0/sq m/month. Larger tenants with
East Old 2.50-3.50
strong covenants renting modern premises (larger than 10,000
Source: Atisreal Romania sq m) in the western submarket are achieving lower rents
which fluctuate around the lower limit of the range Euro 4.0-
4.5/sq m per month.
Monthly rents for refrigerated storage facilities range between
Euro 7.0-10.0/sq m while offices within industrial premises are
Selected warehouse developments to be typically leased for Euro 8.0-10.0/sq m/month. Service charges
completed in 2008 generally fluctuate between Euro 0.5-0.7/sq m per month
Property Developer/ Location Area with an upward trend stimulated by the increase of utilities
Owner (sq m)
costs and property taxes.
ProLogis Park Phase II ProLogis West 56,000
Equest Logistic Equest West 15,600 Prognosis for 2008
Centre
An increase in the level of speculative developments is expect-
Mercury Logistic Park Helios West 10,000
Properties ed on the medium term in the most sought after locations
Bucharest West Portland 30,000 within Ilfov County. New modern industrial facilities are
Trust
expected to be completed in the eastern and southern parts
Source: Atisreal Romania
of the city as large developers and investors, such as European
Future Group and Immoeast, have acquired plots in view of
this type of development.
Demand will continue to be focused on the western locations
as lack of major road improvements and availability of new
modern facilities in other areas will not significantly influence
the occupiers location preferences. In addition the required
size of associated offices to the industrial premises is expected
to increase as there is a clear tenants preference to integrate
within the same location their industrial and administrative
operations.
18 L AND M ARK ET OVER VIEW
land prices as the availability of sites suitable for new projects has 5,400
diminished. This trend has been also levered by the restrictive 5,200
Hectares
artificial increase of the prices induced by the psychological fac-
4,800
tor of EU accession.
4,600
Growth of development activity especially in the residential mar-
4,400
ket has induced a shift in developers interest from the central
4,200
and secondary locations towards peripheral areas of Bucharest
and Ilfov County. During 2006 around 110 hectares of agricul- 4,000
2000 2001 2002 2003 2004 2005 2006
tural land were withdrawn from agricultural use in Bucharest
Source: National Institute of Statistics
while approximately 490 hectares were converted in land suitable
for constructions in Ilfov County. Despite intense urban extension
developers have remained interested in acquiring former indus-
trial sites within the city and older large residential properties in
view of redevelopment due to limited available plots. The most
sought after residential properties acquired for this purpose are Significant land transactions in Bucharest in
located in the city centre or within its proximity (Traian, Unirii, 2007
Purchaser Location Area Value
Cotroceni, Floreasca areas), where developers prefer to build high (ha) (mil Euro)
standard residential and office accommodation. Raiffesein Evolution North 11 90
AFI Europe* North-West 15.5 77.5
Demand Rosebud Medical North 6.0 72.9
In terms of demand, the local land market is dominated by BelRom East 9.0 60.0
Real4you* East 7.0 60.0
foreign purchasers, mainly originated from Israel, Spain,
Caelum Development East 8.3 53.0
Greece, UK and Ireland. Investors are mainly looking to aggre-
Gran Via* West 5.4 42.0
gate small plots to create larger sites, especially in the north-
IUE Leader* Central-West 4.3 30.6
ern and western areas of Bucharest where large residential Ablon Group North 3.3 9.5
and industrial projects have been developed. The emergence Gran Via* West 3.1 17.5
of multi-brand factory outlet segments has induced an * Involved former industrial sites
increased interest of developers for acquiring plots located
Source: Atisreal Romania
along the main transport corridors.
Although the market is dominated by transactions in view of
development, some specific areas (South, A2 Highway area,
future Bucharest-Brasov Highway) are targeted by opportun-
istic investors which are looking to benefit from the potential
price escalation after the completion of proposed infrastruc-
ture and real estate projects.
Sursa: http://www.realestate.bnpparibas.com.ro/marketresearch/Atisreal%20Romania_Bucharest%
20Property_year%20end%202007%20EN%20&%20RO.pdf
LAND MARKET O VERVIEW 19
Sale prices
Average land prices in Bucharest During 2007 sale prices for centrally located sites suitable for
District Location Average Price residential and office projects have increased on average by 15-
(Euro/sq m)
20% compared to 2006. In the central-northern areas (Kiseleff,
Kiseleff-Clucerului Central 3,300-4,000
Primaverii) prices have steadily increased and now range between
Unirii Central 2,200-3,500
Primaverii North 4,000-4,500 Euro 3,300-4,000/sq m or even higher, being directly reflected in
Herastrau North 2,000-2,500 both the sale prices and rental level quoted in office and residen-
Militari West 900-1,300 tial markets.
Ghencea West 500-700 Excepting some specific areas located in the eastern and south-
Berceni South 400-800 ern Bucharest and Ilfov County which are subject to speculative
Giurgiului South 150-350 transactions, the highest increase (between 20-30%) has been
Pantelimon East 600-1,000 recorded for plots situated in the secondary locations as a result
Titan East 800-1,200 of high demand coming from residential developers. The expan-
Source: Atisreal Romania sion of the residential market was the main factor for the price
increase in Ilfov County supported by the fact that in certain
areas urban planning has allowed the construction of multi-sto-
Land prices outside Bucharest city limits rey buildings.
Area Use Loca- Average Price
tion (Euro/sq m)
Otopeni Residential North 150-450 Prognosis for 2008
Pipera Residential North 400-1,000 Demand for land suitable for residential developments is high
Office North 1,100-1,300 and is likely to remain strong for the foreseeable future.
Chitila Residential West 150-500 Developers react to the strong demand on the residential
A1 Highway Industrial West 45-100
market and upward trend of land prices within Bucharest by
Popesti Leordeni Residential South 150-250
acquiring larger plots situated outside the city but within its
Pantelimon Residential East 150-200
proximity.
Afumati Residential East 120-250
Demolition of old individual residential properties and former
Source: Atisreal Romania
industrial sites will remain the main sources for increasing the
availability of land in the secondary and peripheral locations.
Opportunistic investors will continue to be focused on plots
situated along the Bucharest-Brasov highway and less devel-
oped eastern and southern areas of Ilfov County. These areas
will witness the most significant price increase, as the current
level of prices and high development potential encourage the
speculative transactions.
20 I NV E S T M E N T M A R KET OVER VIEW
Investors by country tions have been concluded by DEGI (Euro 111 million), Fabian
2 Baneasa BC Office 9,600 7.7 attaining control over the project development. Approximately
3 Construdava Office 9,200 7.2 Euro 252 million was involved in forward purchase transactions,
3 Millennium BC Office 14,800 6.4 such as the acquisition of Cubic Centre project by Fabian Capital
3 America House Office 27,000 5.6
Ltd for around Euro 60 million. Due to the limited investment
Source: Atisreal Romania grade product and strong demand for accommodation on cer-
tain market segments, some investors have become interested
Yields by market segments
in taking the development risk and are already focusing on set-
Office Industrial Retail
14.0 12.0 ting up partnerships with either local or international develop-
12.0 10.0
ers and co-fund projects to come.
10.0 As an example, Teesland IOG has acquired A1 Industrial Park
Industrial
8.0
8.0 from Cefin Real Estate while Immoeast has bought Logistic
Retail
6.0
6.0
Contractor, an industrial development company.
4.0
Office
4.0
The office market remained the most active investment sector
2.0 2.0
in Bucharest during 2007, with a total capital inflow of over
0.0 0.0
2003 2004 2005 2006 2007 EUR 531 million, increasing by 39% compared with 2006.
Source: Atisreal Romania
22 I NV E S T M E N T M A R KET OVER VIEW
Pe piata spatiilor de birouri din Bucuresti s-a mentinut tendinta ascendenta inregistrata in ultimii doi ani, oferta aflata in crestere
fiind depasita de cererea tot mai mare. Desi in 2007 au fost finalizate numeroase cladiri de birouri, pe piata exista inca o lipsa acuta
de spatii de calitate disponibile. Stocul de birouri a ramas concentrat in zonele centrale si de nord, in celelalte zone regasindu-se
numai aproximativ 22% din spatiile finalizate in 2007. Se estimeaza ca zona de vest a Bucurestiului va deveni una dintre cele mai
active pe segmentul birourilor, datorita proiectelor aflate in constructie sau in stadii finale de obtinere a avizelor de urbanism.
Cresterea constanta a cererii pe piata de investitii a fost sustinuta de aportul important de capital al fondurilor de investitii si
companiilor ce gestioneaza proprietati imobiliare. Acestea au in vedere Romania in scopul diversificarii portofoliului imobiliar si
a riscului la nivel regional. Cu toate ca piata investitiilor se afla in plin proces de maturizare, dezvoltarea acesteia continua sa fie
limitata de lipsa proprietatilor de calitate, insuficiente pentru acoperirea cererii tot mai mari. Ca urmare a scaderii rapide a
randamentelor, pe piata locala s-au creat noi tendinte. Au aparut noi fonduri de investitii cu risc scazut, in timp ce altele au
profitat de scaderea randamentelor si au vandut investitiile initiale.
Lipsa proprietatilor de calitate si numarul mare de tranzactii de pre-inchiriere pe diferite segmente ale pietei imobiliare determina
investitorii sa achizitioneze proprietati in faza de proiect sau aflate in constructie, in special pe segmentul birourilor. S-a
inregistrat o tendinta clara de achizitionare a cladirilor inainte de finalizarea lucrarilor de constructie, in defavoarea proprietatilor
deja finalizate, deoarece investitorii urmaresc sa isi asigure randamente cat mai bune si sa obtina controlul asupra proiectului.
Piata locala de investitii este mai putin afectata de criza din Statele Unite, Romania fiind inca perceputa ca piata atractiva.
Totusi, institutiile finantatoare sunt mai prudente in acordarea de finantari pentru proiecte si tranzactii imobiliare. In contextul
instabilitatii pietelor financiare internationale, in 2008 fondurile de investitii vor deveni mai precaute in privinta achizitionarii de
proprietati cu preturi mari, dar vor cauta in continuare solutii alternative cu randamente mai ridicate. Desi lipsa unei evidente a
tranzactiilor face in continuare dificila stabilirea exacta a preturilor, este evident ca nivelul randamentelor pentru birourile de
calitate va tinde spre cel inregistrat in a doua jumatate a anului 2006 (7-7,25%). Pe segmentul rezidential, probabil cea mai
importanta tendinta inregistrata pe teritoriul judetului Ilfov este cresterea numarului de anunturi privind initierea unor proiecte
rezidentiale de mari dimensiuni ce cuprind sute sau mii de locuinte, pentru a promova o politica de preturi eficienta. Se estimeaza
ca aceasta tendinta va continua si in viitor deoarece le permite dezvoltatorilor sa vanda locuinte la preturi accesibile populatiei
cu venituri medii.
Puterea de cumparare si pretul de vanzare pe metru patrat influenteaza in mod direct marimea locuintelor si tipul de finisaje
solicitate. Majoritatea clientilor prefera sa achizitioneze apartamente cu unu sau doua dormitoare, locuintele cu trei dormitoare sau
duplex-urile fiind mai putin cautate in acest moment de catre cumparatori, deoarece cererea este puternic influentata de pret.
Competitia crescuta dintre dezvoltatori va duce la cresterea avantajelor oferite clientilor, pornind de la numeroase variante de
finantare, cum ar fi metoda buy-back, pana la conditii favorabile pentru credite sau alte facilitati (mobilarea apartamentelor, mai
multe optiuni de finisare, etc).
Ioana Momiceanu
Managing Director, President of the Board
Atisreal Romania
24 S I T U AT I A E CON OM ICA
Situatia economica
Dupa cresterea impresionanta inregistrata in 2006 (7,7%), la Cresterea produsului intern brut (% anual)
sfarsitul anului 2007 Produsul Intern Brut a scazut cu doua 10
p
ximativ 5,5% in urmatorii 5 ani.
99
00
03
04
05
06
02
01
07
08
19
20
20
20
20
20
20
20
20
20
In anul 2006 investitiile straine directe au atins un nivel record de
p - previziuni
9 miliarde Euro, cu 75% mai mult decat in 2005. Conform Bancii Sursa: Comisia Nationala de Prognoza
Nationale a Romaniei, in perioada ianuarie-noiembrie 2007 inves-
titiile straine directe au insumat 6,55 miliarde Euro, cu 21% mai Evolutia somajului si a ratei inflatiei
putin decat in 2006. Totusi, cuantumul superior al investitiilor din
2006 se datoreaza preluarii Bancii Comerciale Romane de catre Somaj (%) Rata inflatiei (%)
12 60
Erste Bank, prin cea mai mare tranzactie inregistrata pe piata
10 50
romaneasca pana in prezent. Pentru anul 2008 Agentia Romana
Rata inflatiei
8 40
pentru Investitii Directe estimeaza investitii straine directe de
Somaj
6 30
7miliarde Euro, nivel comparabil cu cel inregistrat in 2007.
4 20
Conform Comisiei Nationale de Prognoza, investitiile straine
2 10
directe vor creste in urmatorii cinci ani datorita oportunitatilor 0 0
create prin finantarile Uniunii Europene, dar si prin finantari
p
99
00
03
04
05
06
02
01
07
08
19
20
20
20
20
20
20
20
20
20
interne. Se estimeaza ca ponderea investitiilor in cadrul PIB va
p - previziuni
creste de la 23,9% (2006) pana la 31,5% in 2013.
Sursa: Institutul National de Statistica; Banca Nationala a Romaniei
Fluctuatiile pretului petrolului si instabilitatea economica de
pe pietele internationale s-au numarat printre cauzele ce au
Structura cheltuielilor de consum
determinat cresterea ratei inflatiei peste nivelul estimat pen-
pe familie in trim. 3 2007
tru 2007, aceasta atingand 6,57% in luna decembrie a anului
trecut. Cu toate acestea se estimeaza ca pana la sfarsitul lui 1%
Produse agroalimentare si
4%
2008 rata inflatiei va scadea pana la aproximativ 5,9% coro- 1% bauturi neacoolice
6% Bauturi alcoolice si tutun
borata cu micsorarea ratei somajului.
5%
Imbracaminte si incaltaminte
Anul trecut s-a inregistrat cea mai scazuta rata a somajului din
6% Locuinta, apa, electricitate,
ultimii 15 ani. Romania se confrunta in prezent cu lipsa fortei de 41%
gaze si alti combustibili
munca, in special in sectorul constructiilor, cauzata de migrarea 4% Mobilier, dotarea si
intretinerea locuintei
muncitorilor catre tarile din Europa de Vest. In 2007 rata anuala a 5% Sanatate
somajului a fost de 4,3% si se estimeaza ca in 2008 se va mentine Transport
la un nivel comparabil cu cel de anul trecut. 14%
Comunicatii
7% 6%
Ca urmare a dezechilibrului de pe piata muncii, in 2007 salariul
Recreere si cultura
mediu lunar net a crescut intr-un ritm constant, cu 15,2%, atin-
Diverse (produse si servicii)
gand 1.266 RON (359 Euro) in luna decembrie. Aceasta crestere se
Educatie
reflecta in venitul mediu lunar pe familie, care a ajuns la 1.693
RON (525 Euro) in trimestrul 3 din 2007, salariul reprezentand cea Hoteuri, cafenele si restaurante
mai importanta sursa financiara a familiei (51,4%). Sursa: Institutul National de Statistica
PIATA SPATIILO R D E B IRO URI 25
Trim. Cladire Zona Suprafata Bucurestiului va deveni una dintre cele mai active pe segmen-
bruta (mp) tul birourilor, datorita proiectelor aflate in constructie sau in
1 S-Park Nord 30.000 stadii finale de obtinere a avizelor de urbanism. Incepand cu
1 North Gate Nord 20.400
anul 2005 aceasta zona a generat un interes tot mai mare din
1 Novo Park Nord 16.000
partea dezvoltatorilor care au achizitionat foste platforme
2 Victoria Park Nord 21.610
industriale in vederea realizarii unor proiecte de birouri.
3 Nord City Tower Nord 12.500
3 West Gate Project Vest 20.700 Aceasta zona va deveni a doua ca importanta dupa nordul
Nivelul chiriilor si preturile de vanzare chirii solicitate intre 22-24 Euro/mp/luna sau chiar mai mult, in
Pe parcursul anului 2007 nivelul chiriilor a continuat sa fie afectat cazul cladirilor cu acces facil ce ofera spatii de calitate, la care
de dezechilibrul dintre cerere si oferta. Cererea pre-existenta chiriile pot ajunge la niveluri comparabile cu chiriile solicitate la
sfarsitul anilor 90. Avand in vedere evolutia pietei, proprietarii
Evolutia ratelor de neocupare cladirilor de birouri situate in zona centrala nu acorda reduceri
Rata totala de neocupare
Birouri clasa-A neocupate
semnificative pentru incheierea contractelor de pre-inchiriere. In
20
zona de nord a orasului dezechilibrul dintre cerere si oferta a
18
16 determinat cresterea chiriilor pana la 16-18 Euro/mp/luna, in
14
timp ce pentru tranzactiile de pre-inchiriere acestea s-au menti-
12
nut la un nivel stabil de 12-14 Euro/mp/luna.
%
10
8 In zona de vest (a doua zona ca atractivitate din cele situate la
6
4 periferia orasului) birourile noi deja finalizate se inchiriaza cu
2 12-15 Euro/mp/luna, iar tranzactiile de pre-inchiriere se incheie cu
0
2001 2002 2003 2004 2005 2006 2007 aproximativ 11,5-12,5 Euro/mp/luna. In zonele secundare, compa-
Sursa: Atisreal Romania niilor de mari dimensiuni dispuse sa incheie contracte de inchiriere
pe perioade lungi de timp, le sunt oferite stimultente importante,
Tranzactii semnificative cu spatii de birouri care pot reduce valoarea efectiva a chiriei cu pana la 10%.
in 2007 Pentru proiectele corespunzatoare calitativ pentru investitiile
Chirias Cladire Suprafata (mp) institutionale, preturile de vanzare sunt in crestere ca urmare
Renault* Barba Center 10.000 a lipsei de oferta si a recunoasterii Romaniei drept una dintre
Metro* Barba Center 7.300 cele mai profitabile piete de investitii in privinta raportului
Cetelem* Clucerului OB 4.772 risc-profit, cu randamente ce au scazut cu 4-5 puncte procen-
Accenture* West Gate 4.000
tuale in decursul ultimilor 3 ani. In prezent, pretul de achizitie
Trapec Domenii OB 2,600
a cladirilor inchiriate variaza intre 2.800-3.000 Euro/mp, in
Ozone Laboratories Arta Grafica 1.700
timp ce randamentele pentru birourile de calitate au fluctuat
WNS* West Gate 1.200
intre 6,0-6,5% in semestrul 2 din 2007.
* - tranzactie de pre-inchiriere
Sursa: Atisreal Romania
28 P I ATA S PATIILOR DE BIR OUR I
1997
1998
1999
2000
2003
2004
2005
2006
2001
2002
2007
dent, inregistrand o crestere cu 15-20% in ultimii doi ani. In
zona centrala chiria pentru un loc de parcare suprateran a fluc- Sursa: Atisreal Romania
tuat intre 50-70 Euro/loc/luna, in timp ce pentru parcarile sub-
terane nivelul chiriilor a variat intre 100-110 Euro/loc/luna. In Cladiri semnificative de birouri propuse pentru
zonele secundare locurile de parcare subterane se inchiriaza cu finalizare in semestrul 1 2008
Cladire Zona Suprafata Prein-
Trim.
numarul proiectelor cu utilizare mixta ce vor include spatii Sursa: Atisreal Romania
PIATA SPATIILO R REZID ENTIALE 29
Numarul de locuinte finalizate anual locuinte (din care 6.167 au fost livrate in primele trei trimestre
in functie de numarul de camere din 2007).
in regiunea Bucuresti-Ilfov Locuintele finalizate in ultimii ani au contribuit la imbunatatirea
6.000 calitatii stocului rezidential, noile unitati fiind de calitate supe-
rioara si mai spatioase. Daca in anul 2000 suprafata utila medie
5.000
per locuinta era de 130 mp, in 2006 s-a inregistrat o crestere cu
4.000 aproximativ 20 mp per unitate, noile locuinte avand mai multe
dormitoare (cel putin doua) si living-uri mai mari. Locuintele cu
3.000
mai mult de trei camere finalizate in 2006 au reprezentat apro-
2.000 ximativ 87% din stocul total, in timp ce in anul 2000 acestea
reprezentau 70% din totalul locuintelor construite.
1.000
Ca urmare a cresterii rapide din ultimii ani a pretului terenurilor
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005
pania Opus Development si de proiectul Fadesa, totalizand
peste un milion de metri patrati fiecare.
Sursa: Institutul National de Statistica
Cererea
Structura cererii pe Pe segmentul apartamentelor destinate populatiei cu venituri
segmentul apartamentelor medii si medii-ridicate cererea continua sa fie in crestere, ca
Universall, in apropiere de Unirea Shopping Center. Lantul City Mall Mall Central-Sud 5.243
extindere
Real, membru al grupului Metro, si-a deschis primul magazin
IKEA Mobilier Nord 26.000
in Bucuresti in cartierul Vitan. Hornbach Bricolaj Sud 16.000
In 2007 dimensiunea si structura stocului de spatii comerciale Real Hypermarket Sud-Est 7.700
nu au fost influentate semnificativ de finalizarea proiectelor Sursa: Atisreal Romania
mai sus mentionate. Anul trecut stocul de spatii comerciale
moderne din Bucuresti s-a marit cu aproximativ 66,000 mp,
ceea ce reprezinta o cifra mai scazuta decat cea estimata,
datorita amanarii datei de finalizare a unor proiecte pentru
trimestrele doi si trei din 2008. Stocul total al spatiilor comer-
ciale moderne din Bucuresti este estimat la aproximativ
695.000 mp, din care 40% sunt reprezentati de proiecte de tip
mall si centre comerciale.
PIATA SPATIILO R CO MERCIALE 35
Central
Previziuni pentru 2008
Atrasi de potentialul ridicat al pietei spatiilor comerciale din
Bucuresti, dezvoltatorii intentioneaza sa inceapa constructia unor
Ultracentral proiecte importante in interiorul si in apropierea orasului. Pentru
2008 sunt propuse spre finalizare proiecte de mari dimensiuni,
0 30 60 90 120 150
estimandu-se ca stocul total de spatii comerciale moderne va
Euro/mp/luna creste cu 26% in urmatoarele 12 luni. Spatiile de tip mall vor
Sursa: Atisreal Romania cunoaste cea mai importanta dezvoltare, stocul acestora urmand
sa ajunga la 191.000 mp dupa finalizarea celor 3 noi proiecte
Selectie de proiecte comerciale propuse pen-
tru finalizare in 2008 Baneasa Shopping City, Sun Plaza si Liberty Centre.
Cladire Zona Suprafata de vanzare Proiectele de parcuri comerciale si centrele de tip outlet usor
(mp)
accesibile incep sa se afirme tot mai mult ca noi tipuri de
Baneasa Shopping Nord 85.000
City concepte pe piata spatiilor comerciale.
Sun Plaza Sud 76.000 Dezvoltatori ca Liebrecht & Wood si American Outlets Overseas
s-au orientat catre iesirea din partea de vest a Bucurestiului,
Liberty Centre Sud-Vest 30.000
de-a lungul autostrazii A1, in timp ce altii precum BelRom
Vitantis Sud-Est 30.000
intentioneaza sa construiasca un parc comercial in partea de
Fashion House Vest 28.000
Outlet Centre est a capitalei.
perioade de timp scurte sau medii se afla intr-o situatie difici- OTZ Logistics Cefin 10.500
Cargo Partner ProLogis 8.000
la. De obicei contractele de inchiriere se incheie pentru peri-
Omega Transport ProLogis 6.600
oade de 3-5 ani, exceptie facand operatorii de logistica si
EVW Holding Cefin 6.500
detinatorii de spatii comerciale de mari dimensiuni, care inchi-
Augsburg International ProLogis 6.500
riaza spatii industriale pentru perioade mai mari de 5 ani. Georgia Pacific Cefin 6.000
Majoritatea tranzactiilor mari cu suprafete de peste 5.000 mp Lekkerland Bucharest West 6.000
au fost incheiate in zona de vest a orasului, ca urmare a ofer- * - spatii de birouri incluse
tei limitate din celelalte zone si a preferintei clare a chiriasilor
Sursa: Atisreal Romania
pentru partea de vest/nord-vest (acces usor pentru autovehi-
PIATA SPATIILO R IND USTRIALE 37
Nord/Vest Vechi 2,50-3,50 pana la 5,5 Euro/mp/luna in zona de nord. In celelalte zone chiri-
Sud Nou 3,50-4,00 ile fluctueaza intre 3,5-4 Euro/mp/luna. Clientii care inchiriaza
Sud Vechi 2,50-3,50 suprafete mari (peste 10.000 mp) in zona de vest beneficiaza de
Est Nou 3,50-4,00
termeni avantajosi, chiria pentru acestia variind in jurul limitei
Est Vechi 2,50-3,50
minime a intervalului 4-4,5 Euro/mp/luna.
Sursa: Atisreal Romania
Pentru spatiile industriale cu temperatura controlata chiria este
de 7-10 Euro/mp/luna, iar pentru spatiile de birouri situate in
cadrul proiectelor industriale se percep aproximativ 8-10 Euro/
mp/luna. Costurile de intretinere variaza in general intre 0,5-0,7
Euro/mp/luna, situandu-se pe un trend ascendent datorita cres-
terii costului utilitatilor si a taxelor legate de proprietate.
Piata terenurilor
Cererea tot mai ridicata din partea dezvoltatorilor si scaderea Zona agricola a Bucurestiului
ofertei de terenuri disponibile au determinat cresterea rapida a 5.600
Hectare
4.800
Intensificarea activitatii de constructie pe segmentul industrial,
4.600
dar in special pe cel rezidential au determinat transferul interesu-
4.400
lui dezvoltatorilor de la zonele centrale si secundare ale
4.200
Bucurestiului catre periferia orasului si judetul Ilfov. In cursul
4.000
anului 2006 aproximativ 110 hectare de teren au fost retrase din
2000 2001 2002 2003 2004 2005 2006
circuitul agricol al Bucurestiului, in timp ce in judetul Ilfov aproxi-
Sursa: Institutul National de Statistica
mativ 490 hectare au fost transformate in teren construibil. In
ciuda expansiunii urbane intense, dezvoltatorii raman interesati
in achizitionarea de terenuri aferente fostelor platforme industri-
ale si a unor proprietati rezidentiale vechi de mari dimensiuni
situate in interiorul orasului, in vederea dezvoltarii unor noi pro-
iecte. Cele mai atractive proprietati rezidentiale achizitionate in Tranzactii semnificative cu terenuri incheiate
acest scop sunt situate in centrul orasului sau in apropierea aces- in Bucuresti in 2007
Cumparator Zona Suprafata Valoare
tuia (zonele Traian, Unirii, Cotroceni, Floreasca), unde dezvoltatorii
(ha) (mil
prefera sa construiasca locuinte de lux sau spatii de birouri. Euro)
Raiffesein Evolution Nord 11 90
AFI Europe* Nord-Vest 15,5 77,5
Cererea
Rosebud Medical Nord 6,0 72,9
Din punct de vedere al cererii, piata locala a terenurilor este
BelRom Est 9,0 60,0
dominata de cumparatori straini, majoritatea originari din
Real4you* Est 7,0 60,0
Israel, Spania, Grecia, Marea Britanie si Irlanda. Investitorii Caelum Development Est 8,3 53,0
urmaresc in principal comasarea unor loturi de mici dimensi- Gran Via* Vest 5,4 42,0
uni pentru crearea de suprafete mari, in special in zonele de IUE Leader* Centru-Vest 4,3 30,6
nord si de vest ale Bucurestiului, unde au fost construite pro- Ablon Group Nord 3,3 9,5
Gran Via* Vest 3,1 17,5
iecte rezidentiale si industriale de anvergura.
Aparitia segmentului spatiilor de tip outlet a generat un inte- * Foste platforme industriale
Unirii Centru 2.200-3.500 pietei rezidentiale a fost principalul factor ce a determinat creste-
Primaverii Nord 4.000-4.500 rea preturilor si in judetul Ilfov, crestere sustinuta si de faptul ca in
Herastrau Nord 2.000-2.500 unele zone ale judetului regimul urbanistic permite construirea de
Militari Vest 900-1300 cladiri multietajate.
Ghencea Vest 500-700
Berceni Sud 400-800
Previziuni pentru 2008
Giurgiului Sud 150-350
Pantelimon Est 600-1.000 Cererea de terenuri pentru proiecte rezidentiale este ridica-
Pretul terenurilor in afara Bucurestiului capitalei, dar in proximitatea acesteia. Demolarea proprieta-
Cladire Utilizare Zona Pretul mediu tilor rezidentiale vechi si a fostelor platforme industriale
(Euro/mp)
raman principalele surse pentru cresterea ofertei de terenuri
Otopeni Rezidential Nord 150-450
in zonele secundare si periferice ale orasului.
Pipera Rezidential Nord 400-1.000
Birouri Nord 1.100-1.400 Investitorii speculativi vor continua sa isi concentreze aten-
Chitila Rezidential Vest 150-500 tia asupra terenurilor situate de-a lungul viitoarei autostrazi
Autostrada A1 Industrial Vest 45-100 Bucuresti-Brasov si in zonele mai putin dezvoltate din estul
Popesti Leordeni Rezidential Sud 150-250
si sudul judetului Ilfov. In aceste zone se vor inregistra cele
Pantelimon Rezidential Est 150-200
mai mari cresteri de pret, potentialul deosebit de dezvoltare
Afumati Rezidential Est 120-250
al zonelor respective si nivelul actual al preturilor incura-
Sursa: Atisreal Romania
jand tranzactiile speculative.
40 P I ATA D E I NVESTITII
Piata de investitii
Aderarea la Uniunea Europeana si perspectivele economice Primele doua companii in privinta volumului investiilor in 2007
optimiste, coroborate cu evolutia ascendenta a pietei imobili- au fost Immoeast si Ixis Corporate & Investment Bank.
are precum si indicatorii favorabili referitori la riscul de tara, Immoeast si-a extins portofoliul de proprietati detinute in
constituie principalii factori ce au condus la cresterea atracti- Bucuresti prin achizitionarea proiectului S Park (spatii de biro-
vitatii pietei locale de investitii in prima jumatate a lui 2007. uri) si a unei companii de dezvoltare in domeniul industrial, in
Insa ca urmare a instabilitatii de pe pietele financiare interna- timp ce in orasele de provincie interesul companiei a fost con-
tionale si in special datorita ingrijorarii crescute legate de
piata creditelor, in trimestrul 4 al anului trecut s-a inregistrat Tranzactii de investitii in functie de
o scadere a activitatii de investitii in Bucuresti. segmentele pietei in 2007
Cresterea constanta a cererii pe acest segment a fost sustinu- 8%
2%
ta de aportul important de capital al fondurilor de investitii si
companiilor ce gestioneaza proprietati imobiliare. Acestea au
in vedere Romania in scopul diversificarii portofoliului imobi- 19%
liar si a riscului la nivel regional. Cu toate ca piata investitiilor
se afla in plin proces de maturizare, dezvoltarea acesteia con-
tinua sa fie limitata de lipsa proprietatilor de calitate, insufici-
ente pentru acoperirea cererii tot mai mari.
In 2007 piata investitiilor institutionale a atras aproximativ 71%
Sursa: Atisreal Romania risc scazut, in timp ce altele au profitat de scaderea randa-
mentelor si au vandut investitiile initiale. Ixis si DEGI sunt
fonduri cu risc scazut care au intrat pe piata romaneasca dupa
volume de investitii totalizand 120 milioane Euro, respectiv
Principalele tranzactii de investitii in 2007 111 milioane Euro. DEGI a achizitionat portofoliul local al
Proprietate Destinatie Suprafata Randa-
Trim.
1 S-Park Birouri 30.800 6,9 Lipsa proprietatilor de calitate si numarul mare de tranzactii
1 Evocentre Birouri 3.200 8,5 de pre-inchiriere pe diferite segmente ale pietei imobiliare
1 Logistic facility Industrial 9.000 10,0 determina investitorii sa achizitioneze proprietati in faza de
2 Cubic Centre Birouri 44.000 7,4-7,8 proiect sau aflate in constructie, in special pe segmentul biro-
2 Baneasa BC Birouri 9.600 7,7 urilor. S-a inregistrat o tendinta clara de achizitionare a cladi-
3 Construdava Birouri 9.200 7,2 rilor inainte de finalizarea lucrarilor de constructie, in
3 Millennium BC Birouri 14.800 6,4 defavoarea proprietatilor deja finalizate, deoarece investitorii
3 America House Birouri 27.000 5,6
urmaresc sa isi asigure randamente cat mai bune si sa obtina
Sursa: Atisreal Romania controlul asupra proiectului. Astfel de achizitii au totalizat
aproximativ 252 milioane Euro, incluzand proiecte precum
Cubic Centre dezvoltat de Fabian Capital Ltd, tranzactionat
pentru aproximativ 60 milioane Euro. Datorita lipsei proprie-
Randamentul investitiilor pe
segmente de piata tatilor generatoare de venit, a gradului mare de lichiditate a
fondurilor internationale de investitii, dar si a cererii crescute
Birouri Industrial Comercial
14,0 12,0 de spatii pe anumite segmente ale pietei, unii investitori au
12,0 10,0 devenit interesati in dezvoltarea de proiecte prin initierea
Industrial
8,0
8,0
6,0
co-finantarea de proiecte viitoare.
6,0
De exemplu, Teesland IOG a achizitionat Parcul Industrial A1 de la
Birouri
4,0
4,0
Cefin Real Estate, iar Immoeast a achizitionat Logistic Contractor,
2,0 2,0
o companie de dezvoltare industriala.
0,0 0,0
2003 2004 2005 2006 2007
Atisreal International
Atisreal, continental Europes leading commercial real estate services group, offers to public and private sector organizations,
occupiers and investors, a comprehensive range of real estate services: consultancy, letting & sales, investment, valuations, space
planning, as well as market research.
Atisreal accompanies its clients national and international real estate strategies via a network of 60 direct offices in Europe and
in New York, and across America and Asia thanks to its Alliance Partners and a staff of 2,220 professionals. Atisreal generated a
net banking income (NBI) of 340 million in 2006.
Atisreal is a subsidiary of BNP Paribas Real Estate, the real estate division of BNP Paribas, ranking among the worlds top 10 banks
by market capitalization and total assets.
Atisreal Romania
In Romania Atisreal provides to their international clients a comprehensive range of services: letting & sales, investments,
valuation, advisory and market research.
Atisreal Romania is active in the following sectors: office, residential, retail, industrial and land.