€2 bln worth of real estate transactions in 2007

In Bucharest, most transactions were made on the office segment, while in other cities, retail ranked first. Most investments were on the office segment.

"The value of transactions will probably reach €2 billion by the end of this year, and this level could also continue into 2008," said Cristian Ustinescu, Capital Markets Manager at DTZ Echinox.

According to the Cornerstone brokerage comapny, deals signed in the first five months of 2007 account for some 60 percent of the value registered for the whole of 2006. Colliers global commercial real estate services company analysts identified 19 transactions totaling €850 mln in 2006.

The Arco Real Estate consultancy company said Romania is seen as the country with the most foreign direct investments on the real estate market in Southeastern Europe. These investments are estimated at €10 bln in 2007.

This year's major transaction took place in the city of Constanta. The Trigranit developer sold the Polus Center to the Immoeast investment fund for €185 mln. In Bucharest, the largest transaction was the takeover of the America House office building by French Naxis group for €120.3 mln.