A multinational real estate developer acquired a land plot of over one hectare, located near Tineretului Park in Bucharest for over 17 million euros, after seven months of talks, said Neoland, representative of the buyer.

The transaction was initiated in February this year and was completed in September, according to sources in the market, explaining that, although the price of the land parcel was 20 million euros at first, the seller had to lower down the price, as the effects of the crisis narrowed transactions, and the price was much above the real value of the land.

In different economic conditions, the land purchase proceedings would have completed within three-four months, but now, the developers are putting off purchases, due to capital shortages, or because they already have sufficient projects announced.

The land is located near Tineretului Park, where the average price per square meter is 1.500 euros.

“The transaction closed with Neoland, in which we provided advisory to the buyer, proves that the current blackout of the real estate segment is a consequence of the widespread speculations and rumors in the market. Buyers are facing a clogged access to financing, but this does not mean that the market demand has been covered. At present, only the high-quality products are up for sale”, said Costin Lazar, managing director of Neoland, NewsIn informs.

According to him, the real estate developer is planning on setting up a 14-story residential compound, which will enclose approximately 350 apartments.

Translated by Camelia Oancea

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