The strategic location, which offers access to the pan-European road infrastructure, the educated and qualified workforce, doubled by the efforts of the local authorities both in terms of infrastructure projects and cultural programs put Timisoara on the radar of real estate investors. Romania Property Club data presented at the “Timişoara Real Estate Roundtable” event, organized today, show a total of 125,000 square meters of offices, retail and logistics in development, to which four new four and five star hotels are added. Investors’ focus on this city determines a dynamic land market. Data from the local consulting company Hitch & Mosher show that land prices vary between 35-60 euros/sq m for logistic developments, 113-350 euros/sq m for commercial developments and 155 to 1,490 euros/sq m for residential and mixed ones. Timisoara represents the third office market in Romania, after Bucharest and Cluj-Napoca.
Some large tenants, such as Amazon, IBM, Microsoft, Wipro, Hella or Accenture have opened offices locally. The modern office stock reaches 300,000 sq m, plus another 24,000 sq m under development.
The demand for apartments for sale registered -7% in the first three quarters of the current year compared to the same period last year, while in Q3 2023 compared to Q3 2022 there is an increase of 7%, as real estate data shows. ro collected by the PRC.
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2023-10-26 21:10:32
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