The office sector attracted in the first nine months of the year EUR 100 million, the retail EUR 85 million and the rest of EUR 65 million represented acquisitions of land and building structures started without completion, shows the data sent by DTZ Echinox at Mediafax request.
A half of the total investment volume, represented also by the most important transactions in value were made by New Europe Property Investments (Lakeview office building in Barbu Văcărescu, a share of 70% MegaMall project to be developed in eastern Bucharest, the retail parks in Drobeta Turnu Severin and Deva).
"Although the total investment value situated at a similar level with the same period of 2012, it has been observed a stronger market dynamics and an increasing interest from the investors wishing to benefit from the existence of some opportunities offered by the current market. After five years when the market was almost frozen, the sellers start to show a bigger flexibility in price negotiations, including the banks which accept to mark significant loss. Compared to last year, when the investors approach was shy, 2013 was more dynamic and the observed acquisition decisions are stronger. The buyers are generally local opportunistic investors and small and medium investment funds", has declared for MEDIAFAX Marius Grigorică, senior business analyst, Investment Department, DTZ Echinox.
He added that big institutional investors form western Europe are not yet showing interest in Romania because of the economic instability persisting globally, but also because of the mistrust in the political environment evolution in Romania.
"However, following the excessive compression of the yields on developed markets, we believe that big investors will also overview the markets with higher risk level within Eastern Europe, but offering as such yields. In this context, we think Romania has biggest chances to attract the attention, being the next bigger market after Poland, a country that is not attractive already due to several reasons (the yields compressed significantly down to 6%, the government decided the nationalization of some pension funds etc.)", Grigorică explains.
According to DTZ, the expected yields for prime properties situated in Bucharest are generally of 8%-8.5% for the office and retail sector, while the yields for industrial-logistic assets situates around 10.5%. The expected yields are higher for the buildings with poorer quality or situated outside Bucharest, as they are perceived as having a bigger risk degree.
"Considering the volume of transactions in negotiation we estimate a volume EUR 300 million for the entire 2013", the representative of DTZ Echinox also said.
Last year the real estate transactions value situated around EUR 300 million, similar to the level registered in 2011. (source: economica.net.ro)