Studiu Piata ImobiliaraReal Estate Market StudyJune / Iunie 2013

1 General overview

2 Office market

3 Investment market

4 Residential market

5 Retail market

6 Land market

Aspecte generale

Piata spatiilor de birouri

Piata tranzactiilor investitionale

Piata spatiilor rezidentiale

Piata spatiilor comerciale

Piata terenurilor

Content / Cuprins

www.nairomania.ro 1

Studiu Piata Imobiliara

Aspecte generale

Romania

General overview

Real Estate Market Study

June / Iunie 2013

Limited local banking finance, corroborated with the

decreasing foreign capital inflow and blockage of capital

in bankrupt developments represent the main problems

that affected the real estate market. These problems

were also identified during previous years, but their

effects have become more and more acute.

Although the volatility of the market is lower, there is still

a level of uncertainty that induces a reluctant attitude of

the market players. Their exigencies, especially those

coming from the demand supporters, have induced a

general qualitative increase of the real estate market and

a better equilibrium between quality and price.

Considering the entire real estate market, the commercial

sector has recorded a positive evolution, being

sustained by foreign market players, while the residential

segment, being exclusively dependent on the domestic

demand, did not witness an obvious improvement.

However, the perspectives of the real estate market

have improved, proved by strong prospecting activities

and consolidation of the portfolios owned by foreign

investors and developers.

Capacitatea de finantare bancara locala redusa,

coroborata cu reducerea fluxului de capital strain

si indisponibilizarea capitalului in dezvoltari imobiliare

falimentare sunt principalele probleme care au afectat

piata imobiliara. Aceste probleme au existat si in anii

anteriori, insa efectele acestora au devenit din ce in ce

mai acute.

Desi volatilitatea pietei este mult mai scazuta, raman

in continuare o serie de incertitudini care determina o

atitudine ezitanta a jucatorilor pietei. Exigentele acestora,

in special cele provenite din partea sustinatorilor cererii,

au determinat o crestere calitativa a pietei imobiliare si

un echilibru mai bun intre calitate si pret.

Privite in ansamblu, sectorul comercial a inregistrat o

evolutie pozitiva, fiind sustinut de jucatorii straini, in timp

ce sectorul residential, exclusiv dependent de cererea

interna, nu a cunoscut o imbunatatire evidenta. Totusi,

perspectivele pietei imobiliare s-au imbunatatit, dovada

fiind activitatile de prospectie a pietei si consolidarea

portofoliilor de proprietati a unor dezvoltatori si investitori

straini.

Office market

Demand for offices will continue to remain active during

2013-2014, the perspective of a future improvement

being encouraging. Although the level of take-up will

slightly increase, the amount of vacant offices will

increase as a result of the relocations of tenants that

are likely to produce additional vacant spaces. This

increase in the surface of vacant offices should not

be considered a premise for an additional decrease of

rents at the level of the entire market; in this situation the

individual case of each property and market area should

be considered and analyzed.

Piata spatiilor de birouri

Cererea de spatii de birouri va continua sa ramana activa

in 2013-2014, perspectivele unei viitoare imbunatatiri

fiind incurajatoare. Desi nivelul suprafetei inchiriate va

creste usor, disponibilitatea suprafetei de birouri va

creste deoarece prin relocarile chiriasilor se vor genera

spatii libere. Aceasta crestere a suprafetei spatiilor

libere nu trebuie considerata o premisa pentru scaderi

semnificative ale chiriilor la nivelul intregii piete, in aceste

cazuri trebuie analizata situatia fiecarei proprietati in

parte.

The availability of office spaces

remained high, but the number

of properties that meet the

expectations of tenants decreased.

Due to this specific situation

the downward pressure occurs

exclusively on the properties

with low degree of attractiveness

generated by poor location and

technical characteristics; in

other cases, the rents remained

comparable to those recorded in

2012.

In general, nivelul chiriei de baza pentru birourile clasa

A din Bucuresti a fluctuat intre 16-18 Euro/mp/luna, in

timp ce cladirile clasa B din zona centrala sunt cotate la

aproximativ 12-14 Euro/mp/luna.

Totusi, piata spatiilor de birouri ramane o piata a

chiriasilor, in care proprietarii au continuat sa ofere

stimulente pentru atragerea acestora (perioade libere

de chirie, locuri de parcare gratuite etc), costurile

totale de ocupare fiind principalul criteriu de selectie

a ofertelor de inchiriere. Din aceasta cauza, chiriile

de baza vor ramane constante in urmatoarele 12 luni,

exceptie facand zonele in care se vor finaliza suprafete

semnificative de birouri (ex. zona Vacarescu-Dimitrie

Pompeiu-Pipera), acestea fiind supuse unor presiuni in

sensul scaderii chiriilor.

Evolution of the average rent - Euro/sq

Evolutia chiriei medii - Euro/mp/luna

Generally the headline rent for class A offices in

Bucharest fluctuated between Euro 16-18/sq m/month,

while for centrally-located class B offices, the rents

varied between Euro 12-14/sq m/month.

However, the office segment remained a tenant market,

where landlords continued to offer incentives to attract

tenants (i.e. rent free periods, free of charge parking

places etc.), the total occupancy costs remaining

the main decision factor for choosing the offers. As a

consequence, the headline rents will remain constant

in the next 12 months, excepting the areas that will

witness significant completions of office developments

(i.e. Vacarescu-Dimitrie Pompeiu-Pipera) that will be

under a downward pressure.

Disponibilitatea spatiilor de birouri

ramane ridicata, insa numarul

proprietati lor care corespund

asteptarilor chiriasilor s-a diminuat.

Din aceasta cauza presiunea

asupra chiriilor in sensul scaderii

acestora se exercita numai asupra

proprietatilor care au un grad

redus de atractivitate din cauza

accesibil itati i si specificati i lor

tehnice, in celelalte cazuri, chiriile

se mentin la un nivel comparativ

cu 2012.

H110

15

20

25 Class B

2013201220112010200920082007

Class A

www.nairomania.ro 3

Piata tranzactiilor investitionale

Investment transactions have concentrated on the office

segment similar with previous years, the second best

performing sector being the retail market. Local market

is still affected by the lack of financing and uncertainty of

the investment climate generated by expected evolution

of economy, rather than the fundamentals of the real

estate market.

The transactions recorded in 2013 mainly aimed

to consolidate the portfolios owned by the foreign

investment funds in Romania. The most active investment

fund, New Europe Property Investments acquired Lake

View office building In Bucharest (Euro 61.7 Million) and

Severin Shopping Center in Drobeta Turnu-Severin,

maintaining the strategy of consolidation on office and

retail segments.

Yields for new modern properties maintained stable,

generally fluctuating between 8.25-8.50% for class

A office buildings, between 8.0-8.75% for shopping

centers and between 10-10.5% for industrial/logistic

schemes.

Generally the prospection of the market became more

active, both the potential buyers and sellers being

more willing to be involved in negotiation compared to

previous years. Some of the foreign investment funds are

willing to implement “exit strategies” by disposing totally

or partially their assets in Romania and concentrate on

more developed markets.

Lack of financing affects both the development and

investment activities. The main capital inflows are

generated by foreign market players that succeeded

in attracting finance from sources other than banking

finance. Thus the lack of finance and the credibility of

the local market have diminished the willingness of the

foreign investors to invest in Romania.

Investment market

Tranzactiile de investitii s-au concentrat ca si in anii

trecuti pe segmentul spatiilor de birouri, secondat

fiind de segmentul spatiilor comerciale. Piata locala

investitionala continua sa resimta lipsa finantarii si

nesiguranta climatului investitional, generat in primul

rand de evolutiile economice asteptate si mai putin de

fundamentele pietei imobiliare.

Tranzactiile de investitii inregistrate in 2013 au vizat in

primul rand consolidarea portofoliilor de proprietati pe

care fondurile straine le au in Romania. Cel mai activ

fond de investitii, New Europe Property Investments a

cumparat cladirea de birouri Lake View din Bucuresti

(61.7 mil.euro) si centrul comercial Severin Shopping

Center din Drobeta Turnu-Severin, continuand astfel

strategia de consolidare a prezentei fondului pe

segmentele de birouri si al spatiilor comerciale.

Ratele de capitalizare pentru proprietatile noi, moderne,

s-au mentinut stabile, fluctuand intre 8.25-8.50% pentru

spatiile de birouri clasa A, intre 8.0-8.75% pentru

cladirile comerciale si intre 10-10.5% pentru spatiile

industriale.

In general, activitatea de prospectie a pietei s-a

intensificat, atat potentialii cumparatori, cat si potentialii

vanzatori, fiind mult mai active comparativ cu perioada

anterioara. Unele din fondurile institutionale straine

doresc sa realizeze un “exit” total sau partial pentru a-si

concentra activitatea in pietele mai dezvoltate.

Lipsa finantarii afecteaza atat activitatea de dezvoltare,

dar si segmentul investitional. Principalele fluxuri de

capital provin de la jucatorii straini, care reusesc sa

atraga finantare din alte surse decat cele bancare.

Astfel, lipsa finantarii si credibilitatea pietei locale au

diminuat disponibilitatea fondurilor de investitii straine de

a investi in Romania.

www.nairomania.ro 5

Piata tranzactiilor investitionale

Anticipam ca ratele de capitalizare se vor mentine stabile

pe parcursul anului 2013 si in prima jumatate a anului

2014, evolutie determinata de atitudinea inca ezitanta a

investitorilor de a achizitiona proprietati, de lipsa finantarii

si a produselor investitionale atractive. Consideram ca

vom asista in continuare la vanzari razlete de proprietati,

parte a unor portofolii, acestea fiind achizitionate de

fonduri de investitii deja existente pe piata ca parte

a strategiei acestora de consolidare a portofollilor

deja achizitionate. Aceste proprietati necesita eforturi

financiare semnificative, avand o vandabilitate redusa

atat timp cat fluxurile de capital strain vor fi la fel de

reduse. In consecinta, apreciem ca strategia de exit

a unor fonduri de investitii vor fi puse in aplicare cu

dificultate, atat timp cat alte fonduri straine de investitii

ezita sa intre pe piata locala.

Investment market

We consider that the level of yields remain stable

throughout 2013 and during the first half of 2014 due

to the reluctant attitude of investors, lack of finance and

attractive investment products. We are expected a limited

number of investment transactions involving singular

properties part of large portfolios; these transactions

will be concluded by investment funds that are already

present on the local market willing to consolidate their

portfolios. These properties require significant finance

resources and a long marketing period as the foreign

capital inflow maintain at low levels. As a consequence,

we consider that the “exit strategy” will be difficult to be

implemented by some investment funds as other foreign

investment funds hesitate to enter the local market.

Evolution of the capitalisation rate

Evolutia ratelor de capitalizare - segment birouri

H16

8

10 Class B

Class A

2013201220112010200920082007

www.nairomania.ro 6

Residential market

Development activity during the first part of 2013

concentrated almost exclusively on the apartment

segment located within small scale residential

compounds. The characteristics of properties are

adapted to the price expectations of the potential

clients; thus the sale prices should not exceed the

maximum limit (Euro 67.000) imposed by the “First Time

Buyer” program.

Local residential market remained dependent on the

banking finance; as a consequence the sale price is

the main decision factor under the condition of a more

impoverished demand.

New residential developments are almost exclusively

located in the peripheral areas, in the vicinity of the

main public transportation routes, but these areas do

not benefit of the proximity of social services (education,

health etc.). The majority of the residential developments

addressing the clients benefitting of the provisions of

this program are located in the southern and western

areas of Bucharest.

The adaptation of the offer to the characteristics of

demand is proved by the weight of the number of

apartments completed after 2008 (34%) in the total

number of properties financed through this program.

The usable area of new apartments is between 50 and

55 sq m for 2 room apartments, respectively, between

65-70 sq m for 3 room apartment. Even under these

conditions, the old apartment segment significantly

dominates the transactions.

This situation could potentially change during 2014, if

the governmental program will be exclusively focused on

acquisition of new developed properties. The sale prices

on new apartment segment will maintain constant, while

the sale prices on old apartment segment will record a

decrease tendency.

Piata spatiilor rezidentiale

Activitatea de dezvoltare din prima parte a anului 2013

se concentreaza aproape in exclusivitate pe segmentul

apartamentelor situate in cadrul complexelor rezidentiale

de mici dimensiuni. Caracteristicile proprietatilor sunt

adaptate cerintelor de pret ale cererii, astfel ca preturile

de vanzare ale acestora sa nu depaseasca plafonul de

finantare (67.000 Euro) instituit prin programul “Prima

Casa”.

Piata rezidentiala a ramas dependenta de finantarea

bancara, astfel ca pretul de achizitie e cel mai important

factor de decizie in conditiile unei pauperizari a cererii.

Noile dezvoltari rezidentiale sunt localizate cu precadere

in zonele periferice, in apropierea retelelor de transport

in comun, insa in zone care nu beneficiaza de servicii

sociale (educatie, sanatate etc). Cele mai multe proiecte

care se adreseaza cumparatorilor prin “Prima Casa” au

fost demarate in zona sudica si vestica a Bucurestiului.

Adaptarea ofertei la cerintele cererii este relevata de

cresterea ponderii apartamentelor construite dupa 2008

(34%) in totalul proprietatilor finantate prin programul

“Prima Casa”. Noile locuinte propuse de dezvoltatori au

suprafete utile de 50-55 mp pentru 2 camere, respectiv,

65-70 mp pentru apartamentele de 3 camere. Chiar si in

aceste conditii, ponderea apartamentelor vechi ramane

semnificativa.

Aceasta situatie se poate modifica la orizontul anului

2014 daca programul de stimulare a cererii se va

adresa in exclusivitate achizitiei de locuinte noi. Daca pe

segmentul apartamentelor noi se vor mentine preturile

constante, pe piata apartamentelor vechi se vor inregistra

scaderi ale preturilor.

In plus trebuie luata in calcul presiunea asupra preturilor

determinata de portofoliile de apartamente (in special

vechi) pe care bancile sunt nevoite sa le vanda, la preturi

atractive pentru a obtine un ritm al vanzarilor satisfacator.

www.nairomania.ro 8

Piata spatiilor rezidentiale

In addition, we should consider the price pressure

generated by the intention of banks to dispose their

foreclosure portfolios (especially containing old

apartments) at very attractive prices in order to generate

a satisfactory rhythm of sales.

During 2013 the sale prices of apartments addressing

“First Time Buyer” clients remained stabled, generally

fluctuating between Euro 775-875/sq m for peripheral

properties while the sale prices for apartments situated

in the secondary areas of Bucharest range between

Euro 900-1.050/sq m.

Residential market

Pe parcursul primului semestru din 2013, preturile de

vanzare pentru apartamentele noi adresate cumparatorilor

“Prima Casa” au ramas stabile, in general fluctuand

intre 775-875 Euro/mp pentru proprietatile din zonele

periferice, in timp ce preturile pentru apartamentele noi

situate in zonele secundare se situeaza intre 900-1.050

Euro/mp.

Scaderea preturilor medii de achizitie publicate de

Fondul National de Garantare a Creditelor pentru

Intreprinderile Mici si Mijlocii este generata in special de

ajustarile segmentului apartamentelor vechi, care au o

pendere de peste 60% in totalul achizitiilor.

Average sale price - “First Time Buyer” (Euro/sq m)

Pretul mediu de vanzare

The decrease in the average sale

prices of the apartments acquired

through this program as resulted

from the information published by

public authorities that manage this

program is mainly generated by

the adjustments recorded on the

old apartment segment that have

a weight of 60% in the total value

of transacted properties.

On other segments of the residential market the

development activity is very limited; the availability of

apartments completed during the boom period of the

market is high while the sale rhythm is unsatisfactory

significantly contrasting with the expectations of

developers and financing banks.

Unfortunately the perspectives of this market segment

during H2 2013 and H1 2014 are not at all optimistic

in terms of the finance capacity of demand, finance

availability and economic uncertainty. On the offer side,

small scale developments will continue to dominate this

segment being quoted prices comparable with those

currently recorded.

Pe celelalte segmente rezidentiale se inregistreaza o

activitate de dezvoltare redusa, disponibilitate mare a

apartamentelor in ansamblurile rezidentiale construite in

anii de crestere a pietei si ritm al vanzarilor nesatisfacator,

care contrasteaza puternic cu asteptarile dezvoltatorilor

si ale bancilor finantatoare.

Din pacate, perspectivele acestui segment in sem.2

2013 si sem.1. 2014 din punctual de vedere al

cererii nu sunt optimiste avand in vedere pauperizarea

acesteia, dificultatile obtinerii finantarii si incertitudinile

economice. In ceea ce priveste oferta, dezvoltarile de

mici dimensiuni vor continua sa domine acest segment,

fiind promovate preturi care sunt comparative cu cele

inregistrate in present.

Proprietati “Prima Casa”

(Euro/mp)

0

200

400

600

800

1000

1200

20132012201120102009

www.nairomania.ro 9

Retail market

On street retail segment is marked by high availability

of properties as a result of the incapacity of tenants

to financially sustain the lease contracts. Although the

interest of tenants remained constant, the continuous

flux of tenants securing and vacating spaces generate

a high degree of uncertainty on this segment. The

most active tenants remained the proximity shops

(supermarkets) that take the advantages of the changes

in the consumption behavior.

Under these circumstances, the superior limit of the

rents quoted for 2012 has obviously decreased as the

owners are eager to retain the tenants that encounter

difficulties on their specific market.

Piata spatiilor comerciale

Segmentul spatiilor comerciale stradale este marcat

de disponibilitate mare a ofertei, pe fondul incapacitatii

chiriasilor de a sustine financiar contractele de inchiriere.

Desi interesul chiriasilor a ramas constant pentru

acest tip de proprietati, fluxul de chiriasi care ocupa,

respectiv, elibereaza spatiile comerciale confera acestui

segment un grad de incertitudine crescut. Cei mai activi

chiriasi raman magazinele de proximitate cu caracter

universal (supermarket-urile), care profita de schimbarea

comportamentului de cumparare al consumatorului.

In consecinta, limita superioara a chiriilor spatiile

comerciale a cunoscut o diminuare evidenta, din cauza

dorintei proprietarilor de a retine chiriasii care intampina

probleme legate de piata acestora specifica.

Large retailers, both big box format and specialized

stores (fashion, foot ware) are willing to continue their

expansion at the national level to take the benefits of

lower occupancy costs and high availability of retail units

that meet their specific requirements.

The equilibrium between demand and offer on the

shopping center segment is reflected in the stability of

the rents that generally fluctuate between Euro 30-45/

sq m/month for small units and between Euro 6-12/sq

m/month for anchor tenant.

For 2013-2014 we anticipate the expansion of

hypermarkets (Kaufland, Cora) and proximity shops,

supermarket format. The rents of shopping centers

will remain stable, but a potential decrease in rents for

on street units should be considered if the domestic

demand will not record an obvious improvement.

Marile lanturi comerciale, atat cele tip big box, cat si

magazinele specializate (imbracaminte, incaltaminte),

doresc sa isi continue agresiv extinderea la nivel

national, pentru a beneficia de scaderea costurilor de

ocupare si spatii comerciale potrivite cerintelor specific.

Echilibrul dintre cerere si oferta pe segmentul proprietatilor

comerciale tip centru comercial s-a reflectat in stabilitatea

chiriilor, astfel ca acestea variaza intre 30-45 Euro/mp/

luna pentru spatiile mici si 6-12 Euro/mp/luna pentru

chiriasii tip ancora.

Pentru 2013-2014 anticipam continuarea extinderilor

lanturilor de hypermartket-uri (Kaufland, Cora) si a

magazinelor de proximitate, tip supermarket. Chiriile

din centrele comerciale se vor mentine stabile, insa

posibile diminuari ale chiriilor pentru spatiile stradale

pot fi asteptate, daca cererea interna nu va cunoaste o

imbunatatire.

Average rents for on street retail units in Bucharest – Euro/sq m/month

Chiria medie pentru spatii comerciale stradale din Bucuresti – Euro/mp/luna

CentralCentru

SecondaryZone secundare

PeripheralZone periferice

40-60 18-30 8-12

www.nairomania.ro 11

Piata terenurilor

Local land market recorded an evident increase in the

number of transactions generated by the attractive

offer, both in terms of asking prices and granted urban

planning indicators. Under the conditions of a less liquid

market, the potential purchasers are speculating this

disequilibrium putting pressure on prices and adopting

an aggressive attitude on negotiation.

The acquisition of plots at lower prices compared to

2011 and 2012 was stimulated also by the policy

of banks that aim to rapidly dispose the foreclosure

portfolios.

A better equilibrium between prices, urban indicators and

location has stimulated the transactions during 2013.

Urban indicators by themselves do not automatically

result in an added value and indirectly in a price

increase. As a consequence, demand focused on plots

proper for office developments, as well as for residential

developments, especially for small scale projects.

Owners of these properties could benefit of the

development potential on short and medium term.

The most attractive areas are located along the axis

between Unirii Square-Universitatii Square-Romana

Square-Victoriei Square, as well those located in the

northern area of Bucharest, that benefit of the proximity

of important public transportation routes and flexibility of

the urban planning indicators.

Among the most important transactions, should be

noticed those concluded in the northern Bucharest by

Skanska for office development (Green Court project)

and by companies owned by Ioannis Papalekas also in

view of office development.

Land market

Piata terenurilor a inregistrat o crestere evidenta a

numarului de tranzactii, determinate de oferta atractiva,

atat din punctul de vedere al indicatorilor urbanistici,

dar mai ales al pretului solicitat. Pe fondul unei piete

cu lichiditate limitata, cumparatorii speculeaza acest

dezechilibru si pune presiune puternica asupra pretului

manifestand agresivitate in negocierile de vanzare.

Achizitia de terenuri la preturi mult mai mici decat cele

inregistrate in anii anteriori a fost generata si de politica

bancilor de vanzare rapida a portofoliilor de proprietati

executate.

Obtinerea unui echilibru echitabil intre pret, indicatorii

urbanistici si localizare a stimulat tranzactiile cu terenuri

in 2013. Indicatorii urbanistici in sine nu aduc automat

o crestere a valorii proprietatii si implicit a pretului; de

aceea cererea de terenuri s-a focalizat pe segmentul

proprietatilor propice dezvoltarilor imobiliare de birouri,

precum si pe segmentul rezidential, in special ansambluri

mici de apartamente.

Potentialul de dezvoltare al acestor proprietati poate

fi valorificat pe termen scurt si mediu. Cele mai

atractive zone au fost axul care uneste Piata Unirii-

Piata Universitatii-Piata Romana-Piata Victoriei, precum

zi zonele din nordul Bucurestiului, care beneficiaza de

proximitatea mijloacelor de transport in comun si de

flexibilitatea indicatorilor urbanistici.

Printre cele mai importante tranzactii amintim achizitiile

din nordul Bucurestiului realizate de Skanska pentru

realizarea proiectului de birouri Green Court, precum si

cele realizate de companiile omului de afaceri Ioannis

Papalekas pentru dezvoltari de cladiri de birouri.

www.nairomania.ro 13

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