Bucharest's '08 Avg Land Prices, At 2007's Level - Colliers

The average land price in Romania's capital city Bucharest was at the end of 2008 at EUR633 per square meter, close to the previous year's, as the lands in northern area Pipera reported the largest price decreases, according to real estate consultancy company Colliers.

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“Price adjustments varied across the market depending mostly on the location and the size of the plot. If in areas such as Pipera the asking price for land returned to levels registered approximately three years ago, the depreciation for central and prime properties was significantly lower,” a Colliers report said.

In the first half of 2008, land prices rose 30% compared with 2007 to EUR791 per square meter, followed by a 20% fall in the second half when they reached EUR633 per sqm, close to 2007’s average of EUR615 per square meter.

According to Colliers, in 2009 there will be two types of vendors, those who will sell excellent properties in central locations and those who will face financial difficulties.

Colliers analysts estimate that the land market will be "strongly related" to other real estate markets and to the demand for finite products.

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