Money Express: Developers staking on eastern Bucharest

Last year, three developers paid €175 million to buy land for commercial projects to cover a total surface of 310,000 square meters, to be ready by 2011. By way of comparison, the completion of the Baneasa Shopping City, Sun Plaza and Liberty Center will double the ratio of commercial spaces in Bucharest to over 375,000 square meters, according to a recent report by Colliers real estate company.

Although it will be completed only in three years, developers have indicated that some 40 percent of Romania’s largest mall and the third-largest in Europe, Parklake Plaza, with a total 110,000 sqm, has already been rented.