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South Eastern Europe Construction and Real Estate Report - 2013

  • April 2014
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 62 pages

The report covers developments in the SEE construction and real estate sectors in the second half of 2012 and in early 2013.



Construction activity contracted in almost all counties in Southeast Europe in 2012 continuing a trend from 2011. Economies in the region are suffering from the global slowdown and the sovereign debt crisis in the eurozone and many of them stagnated or slightly contracted in 2012. SEE governments are trying to cut costs in order to meet targets for smaller budget deficit so funds for infrastructure projects have been reduced. Mainly projects that were co-financed with European Union's funds were started last year. The main drag on the SEE construction sector was the buildings segment as the unfavorable economic environment and tight financing have forced developers to cancel or put on hold many projects.



The outlook for the industry is a bit more optimistic that it was in mid-2012 with most economies in the region expected to post a slight growth in 2013 and fears of the eurozone debt crisis receding. The civil engineering sector is again expected to be better positioned than the buildings construction and the pace of expansion will depend on the absorption of EU funds.



Commercial property investments in Central and Eastern Europe (CEE) fell by 22% in 2012 with Romania attracting the highest volume of investments of the countries under review in this report. Bulgaria followed, ahead of Croatia and Serbia. European investments in the region are expected to remain subdued in the short-term due to the lack of quality product and affordable financing.



Investments in retail property dominated the real estate market in 2012 with almost all SEE countries adding new shopping centre space. Albania, Bulgaria, Croatia, Macedonia, Romania and Serbia are expected to add new retail space this year as well. Activity on the office property market was mixed with growth reported in Bulgaria, Croatia and Romania, while the markets in Albania, Macedonia and Serbia stagnated.

Regarding the residential property market, home prices in 2012 increased only in Albania and Bosnia and fell in all other countries.

Table Of Contents

South Eastern Europe Construction and Real Estate Report - 2013
Executive summary7

REGIONAL OVERVIEW8

Construction activity in almost all SEE countries declines in 2012.8

SEE commercial property investments decline in 2012.10

Retailers looking to expand in SEE.10

CONSTRUCTION INDUSTRY10

ALBANIA10

Construction sector's contribution to GDP.10

Albania's construction cost index edges up 0.9% y/y in Q3 201212

ADF calls tender for road sections upgrades in Skodra.13

BOSNIA AND HERZEGOVINA14

Construction output in Bosnia's two entities falls in 2012.14

Number of completed housing units in Bosnia down 13.2% y/y in Jan-Sep 2012.14

Bosnia construction firms expand works abroad.14

BULGARIA16

Bulgaria's construction output down 12.4% in Dec 201216

Bulgaria's construction sector to grow by 5% in 2013 - PMR16

Building permits down 9.7% in 201216

CROATIA20

Construction sector's contribution to GDP.20

Croatia's construction output down 11.8% in 2012.20

Croatia's construction permits down 13.2% in 2012.20

Croatia, Bosnia seek builder for Sava bridge - EBRD21

HAC gets EUR 130mn loan from local banks.22

MACEDONIA22

Construction sector biggest contributor to Macedonia's Q3 2012 economic growth22

Macedonia's 2011 construction works up 2.3%23

Contracting foreign market for Macedonian construction companies in 2012.24

Macedonia to invest EUR 100mn in road projects in 2013.24

MOLDOVA26

Executive summary7

REGIONAL OVERVIEW8

Construction activity in almost all SEE countries declines in 2012.8

SEE commercial property investments decline in 2012.10

Retailers looking to expand in SEE.10

CONSTRUCTION INDUSTRY10

ALBANIA10

Construction sector's contribution to GDP.10

Albania's construction cost index edges up 0.9% y/y in Q3 201212

ADF calls tender for road sections upgrades in Skodra.13

BOSNIA AND HERZEGOVINA14

Construction output in Bosnia's two entities falls in 2012.14

Number of completed housing units in Bosnia down 13.2% y/y in Jan-Sep 2012.14

Bosnia construction firms expand works abroad.14

BULGARIA16

Bulgaria's construction output down 12.4% in Dec 201216

Bulgaria's construction sector to grow by 5% in 2013 - PMR16

Building permits down 9.7% in 201216

CROATIA20

Construction sector's contribution to GDP.20

Croatia's construction output down 11.8% in 2012.20

Croatia's construction permits down 13.2% in 2012.20

Croatia, Bosnia seek builder for Sava bridge - EBRD21

HAC gets EUR 130mn loan from local banks.22

MACEDONIA22

Construction sector biggest contributor to Macedonia's Q3 2012 economic growth22

Macedonia's 2011 construction works up 2.3%23

Contracting foreign market for Macedonian construction companies in 2012.24

Macedonia to invest EUR 100mn in road projects in 2013.24

MOLDOVA26

Moldova's construction works down 4% y/y in 2012.26

Investments in construction projects down 1.3% in 2012.26

Producer price growth in construction sector eases in Q2 2012.26

MONTENEGRO27

Montenegro's construction sector shrinks 13.2% in 2012.27

Montenegro building permits up 16.6% in 201227

ROMANIA29

Romania's construction market stagnates in 2012.29

Number of building permits for residential buildings down 4% in 2012.31

Completed housing units down 4.3% y/y in 2012.31

Investments in national economy up 12.3% in 2012.32

Transport ministry to announce winners of several delayed tenders by mid-April.33

CNADNR opens EUR 2bn tender for Craiova-Pitesti motorway.33

Four companies file bids to build 55km motorway Comarnic-Brasov.33

SERBIA35

Serbia's construction activity down 3.3% in 2012.35

Building permits up 0.5% in 2012.35

Serbia extends tender deadline for Bela Palanka - Pirot motorway section.37

Serbia might cancel Corridor 10 deal with Austria's Alpina due to 18-mo delay.37

Azvi-led consortium wins EUR 39.4mn road construction contract.37

China's SDHS starts building new Corridor 11 section in Serbia in March.38

Turkey could lend Serbia EUR 300mn for road infrastructure projects.38

Russia lends Serbia USD 800mn for railway upgrades, mulls budget support loan.39

SLOVENIA41

Slovenia's construction sector contracts for third year in row41

Value of construction works plunges 16.8% in 201242

Slovenia's construction cost index down in 1.2% y/y 201243

REAL ESTATE44

ALBANIA44

Albania's office market stagnates in 201244

Tirana retail stock to increase in 2013.45

Executive summary7

REGIONAL OVERVIEW8

Construction activity in almost all SEE countries declines in 2012.8

SEE commercial property investments decline in 2012.10

Retailers looking to expand in SEE.10

CONSTRUCTION INDUSTRY10

ALBANIA10

Construction sector's contribution to GDP.10

Albania's construction cost index edges up 0.9% y/y in Q3 201212

ADF calls tender for road sections upgrades in Skodra.13

BOSNIA AND HERZEGOVINA14

Construction output in Bosnia's two entities falls in 2012.14

Number of completed housing units in Bosnia down 13.2% y/y in Jan-Sep 2012.14

Bosnia construction firms expand works abroad.14

BULGARIA16

Bulgaria's construction output down 12.4% in Dec 201216

Bulgaria's construction sector to grow by 5% in 2013 - PMR16

Building permits down 9.7% in 201216

CROATIA20

Construction sector's contribution to GDP.20

Croatia's construction output down 11.8% in 2012.20

Croatia's construction permits down 13.2% in 2012.20

Croatia, Bosnia seek builder for Sava bridge - EBRD21

HAC gets EUR 130mn loan from local banks.22

MACEDONIA22

Construction sector biggest contributor to Macedonia's Q3 2012 economic growth22

Macedonia's 2011 construction works up 2.3%23

Contracting foreign market for Macedonian construction companies in 2012.24

Macedonia to invest EUR 100mn in road projects in 2013.24

MOLDOVA26

Moldova's construction works down 4% y/y in 2012.26

Investments in construction projects down 1.3% in 2012.26

Producer price growth in construction sector eases in Q2 2012.26

MONTENEGRO27

Montenegro's construction sector shrinks 13.2% in 2012.27

Montenegro building permits up 16.6% in 201227

ROMANIA29

Romania's construction market stagnates in 2012.29

Number of building permits for residential buildings down 4% in 2012.31

Completed housing units down 4.3% y/y in 2012.31

Investments in national economy up 12.3% in 2012.32

Transport ministry to announce winners of several delayed tenders by mid-April.33

CNADNR opens EUR 2bn tender for Craiova-Pitesti motorway.33

Four companies file bids to build 55km motorway Comarnic-Brasov.33

SERBIA35

Serbia's construction activity down 3.3% in 2012.35

Building permits up 0.5% in 2012.35

Serbia extends tender deadline for Bela Palanka - Pirot motorway section.37

Serbia might cancel Corridor 10 deal with Austria's Alpina due to 18-mo delay.37

Azvi-led consortium wins EUR 39.4mn road construction contract.37

China's SDHS starts building new Corridor 11 section in Serbia in March.38

Turkey could lend Serbia EUR 300mn for road infrastructure projects.38

Russia lends Serbia USD 800mn for railway upgrades, mulls budget support loan.39

SLOVENIA41

Slovenia's construction sector contracts for third year in row41

Value of construction works plunges 16.8% in 201242

Slovenia's construction cost index down in 1.2% y/y 201243

REAL ESTATE44

ALBANIA44

Albania's office market stagnates in 201244

Tirana retail stock to increase in 2013.45

BOSNIA AND HERZEGOVINA45

Prices of new homes in Bosnia up 1.4% in 201245

Arabs, Russians eye Bosnia's real estate market.46

BULGARIA46

Sofia office market adds 41,700 sq m new space in Q4 2012.46

Retail property market expands in 2012, further growth expected in 2013.47

Bulgaria's property investments outlook deteriorating.47

Home prices in Bulgaria down 2.7% in 201247

CROATIA49

Prices of new homes in Croatia down 1.4% in H1 2012.49

Zagreb's office market adds 27,000 sq m new space in H1 2012.49

International retailers continue to be drivers of retail demand in Croatia.50

Croatia's accession to EU expected to stimulate industrial market, Colliers says.50

MACEDONIA51

Apartment prices in Macedonia down 0.4% in 2012.52

Skopje office market seen staying stable in H1 2013.52

City Mall boosts Skopje retail stock to 135,900 sq m in H2 2012.52

Residential real estate sector sees steady growth in delivery in H2 012.52

MOLDOVA53

Real estate prices in Moldova to fall by 5-8% in 2012.53

Scarce demand for offices in Moldova.53

MONTENEGRO53

Home prices drop 13.5% in Q2 201253

Real estate projects attract 35.7% of FDI in 2012.54

Orascom to launch EUR 90mn stage of Montenegro's Lustica Bay project in 2013.54

ROMANIA55

Value of real estate transactions inches up 6.3% y/y to EUR 340mn in 2012- study.55

Residential property prices drop 27.7% in Q3 2012.55

NEPI pays EUR 61.7mn for office building in Bucharest57

NEPI in talks to develop large-scale shopping mall project in Bucharest.57

SERBIA59

Executive summary7

REGIONAL OVERVIEW8

Construction activity in almost all SEE countries declines in 2012.8

SEE commercial property investments decline in 2012.10

Retailers looking to expand in SEE.10

CONSTRUCTION INDUSTRY10

ALBANIA10

Construction sector's contribution to GDP.10

Albania's construction cost index edges up 0.9% y/y in Q3 201212

ADF calls tender for road sections upgrades in Skodra.13

BOSNIA AND HERZEGOVINA14

Construction output in Bosnia's two entities falls in 2012.14

Number of completed housing units in Bosnia down 13.2% y/y in Jan-Sep 2012.14

Bosnia construction firms expand works abroad.14

BULGARIA16

Bulgaria's construction output down 12.4% in Dec 201216

Bulgaria's construction sector to grow by 5% in 2013 - PMR16

Building permits down 9.7% in 201216

CROATIA20

Construction sector's contribution to GDP.20

Croatia's construction output down 11.8% in 2012.20

Croatia's construction permits down 13.2% in 2012.20

Croatia, Bosnia seek builder for Sava bridge - EBRD21

HAC gets EUR 130mn loan from local banks.22

MACEDONIA22

Construction sector biggest contributor to Macedonia's Q3 2012 economic growth22

Macedonia's 2011 construction works up 2.3%23

Contracting foreign market for Macedonian construction companies in 2012.24

Macedonia to invest EUR 100mn in road projects in 2013.24

MOLDOVA26

Moldova's construction works down 4% y/y in 2012.26

Investments in construction projects down 1.3% in 2012.26

Producer price growth in construction sector eases in Q2 2012.26

MONTENEGRO27

Montenegro's construction sector shrinks 13.2% in 2012.27

Montenegro building permits up 16.6% in 201227

ROMANIA29

Romania's construction market stagnates in 2012.29

Number of building permits for residential buildings down 4% in 2012.31

Completed housing units down 4.3% y/y in 2012.31

Investments in national economy up 12.3% in 2012.32

Transport ministry to announce winners of several delayed tenders by mid-April.33

CNADNR opens EUR 2bn tender for Craiova-Pitesti motorway.33

Four companies file bids to build 55km motorway Comarnic-Brasov.33

SERBIA35

Serbia's construction activity down 3.3% in 2012.35

Building permits up 0.5% in 2012.35

Serbia extends tender deadline for Bela Palanka - Pirot motorway section.37

Serbia might cancel Corridor 10 deal with Austria's Alpina due to 18-mo delay.37

Azvi-led consortium wins EUR 39.4mn road construction contract.37

China's SDHS starts building new Corridor 11 section in Serbia in March.38

Turkey could lend Serbia EUR 300mn for road infrastructure projects.38

Russia lends Serbia USD 800mn for railway upgrades, mulls budget support loan.39

SLOVENIA41

Slovenia's construction sector contracts for third year in row41

Value of construction works plunges 16.8% in 201242

Slovenia's construction cost index down in 1.2% y/y 201243

REAL ESTATE44

ALBANIA44

Albania's office market stagnates in 201244

Tirana retail stock to increase in 2013.45

BOSNIA AND HERZEGOVINA45

Prices of new homes in Bosnia up 1.4% in 201245

Arabs, Russians eye Bosnia's real estate market.46

BULGARIA46

Sofia office market adds 41,700 sq m new space in Q4 2012.46

Retail property market expands in 2012, further growth expected in 2013.47

Bulgaria's property investments outlook deteriorating.47

Home prices in Bulgaria down 2.7% in 201247

CROATIA49

Prices of new homes in Croatia down 1.4% in H1 2012.49

Zagreb's office market adds 27,000 sq m new space in H1 2012.49

International retailers continue to be drivers of retail demand in Croatia.50

Croatia's accession to EU expected to stimulate industrial market, Colliers says.50

MACEDONIA51

Apartment prices in Macedonia down 0.4% in 2012.52

Skopje office market seen staying stable in H1 2013.52

City Mall boosts Skopje retail stock to 135,900 sq m in H2 2012.52

Residential real estate sector sees steady growth in delivery in H2 012.52

MOLDOVA53

Real estate prices in Moldova to fall by 5-8% in 2012.53

Scarce demand for offices in Moldova.53

MONTENEGRO53

Home prices drop 13.5% in Q2 201253

Real estate projects attract 35.7% of FDI in 2012.54

Orascom to launch EUR 90mn stage of Montenegro's Lustica Bay project in 2013.54

ROMANIA55

Value of real estate transactions inches up 6.3% y/y to EUR 340mn in 2012- study.55

Residential property prices drop 27.7% in Q3 2012.55

NEPI pays EUR 61.7mn for office building in Bucharest57

NEPI in talks to develop large-scale shopping mall project in Bucharest.57

SERBIA59

Prices of new apartments down 2% in 2012.59

Investment activity on Serbian real estate market stays subdued in 2012.60

Belgrade retail market to attract new international brands in 2013.60

SLOVENIA61

Housing prices down 8.8% y/y in Q4 2012.61

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