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
ART BUSINESS CENTER 571-73 Caramfil Blvd.,Entrance B5 floor, Bucharest 1, 014143
nairomania.ro