There are some tens of large plots of land purchased for construction in 2006-2007, which have not yet been utilised. The unused areas are estimated by Ziarul Financiar to total 80 ha and to be worth over €500m combined.
The main investors which have postponed the completion of projects on bought land in Romania include the Israeli developer AFI Europe, Greek Bluehouse, Gran Via, Hercesa and GEA Prasa (all from Spain), Belgium’s BelRom, Real4You from Austria and Irish Caelum. Projects worth a total of over €3bn were planned on these plots, the values of which are now half the prices paid when purchased, according to market estimates.
Gran Via, Hercesa and GEA Prasa had plans to develop residential projects in west and south Bucharest. Other projects that are currently on hold include shopping centres, residential buildings and office projects in Bucharest.
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