Land transactions for future real estate developments with a total value of EUR 720 million were closed in Bucharest in the 2020 – H1 2022 period, a level almost double compared with the five previous semesters (H2 2017 – 2019), according to Cushman & Wakefield Echinox.
Residential developers were the most active in terms of land acquisitions in the past 2.5 years, as they secured land plots which allow the construction of more than 30,000 units in all parts of Bucharest.
Industrial and logistics players concluded land transactions for an area totaling over 1.2 million sq. m in the same period, on which over 500,000 sq. m of industrial and logistics spaces could be developed.
Moreover, the retail chains mainly Kaufland, Lidl, Penny, continued to buy new land plots, aiming to expand their local footprints.
The total transacted area was of approximately 4,700,000 sq. m (470 hectares) in the analyzed period (2020 – H1 2022), with 85 transactions being considered.
The largest land transaction in 2022 concerned Edificia Star Construct, which bought 248,000 sq. m from the Chimopar industrial platform where it plans to develop a significant residential project.
Furthermore, two other properties were among the largest land transactions, namely a 240,000 sq. m land plot near the A2 highway and a 65,000 sq. m one in Popesti Leordeni, both being purchased by industrial and logistics developers: VGP and WDP respectively.