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Romania Constructions and Real Estate Report - Q4, 2014

  • January 2015
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 13 pages

Summary

Table of Contents

This report covers the market developments in Q3/2014 and the data available as of December 2014

The construction works index accelerated its decline and dropped by 11.7% y/y in Q3/2014, after having decreased at double-digit annual pace in the previous two quarters. The decline in Q3 was mainly driven by the poor performance of the civil engineering segment, which diminished by 26.7% y/y over the quarter and by 24.7% y/y in January-September 2014.

The buildings segment recorded better y/y evolution in Q3, yet its performance has been uneven during the first three quarters of the year. Both the residential and non-residential sub-segments demonstrated temporary, seemingly unsustainable periods of expansion. On the residential segment, demand remains subdued -- but real estate developers have redesigned their projects to adjust to market reality, while banks are also extending mortgage loans under a state-guaranteed programme, likely to encourage the construction of new buildings.

The real estate market was more dynamic in terms of investments and transactions, particularly on the commercial segment. According to market data, the value of real estate investments in 2014 increased four times compared to 2013. Of the total, deals involving retail and office properties accounted for a cumulated 75% share. Investment activity on the commercial real estate market is expected to continue growing in 2015, with the office segment projected to record the most dynamic pace.

Key points:

oConstruction works index plunges 11.2% y/y in Q3/2014

oGovernment scales down road infrastructure plan, to concentrate on lower grade roads

oNumber of real estate transactions up 2.5% y/y in January-October 2014

oValue of real estate investments quadruples to EUR1.2bn in 2014

oNEPI pays EUR148mn for Promenada shopping mall in Bucharest

oImmofinanz to invest EUR85mn in expansion, upgrade of business park in Bucharest

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