Land deals on Romania’s seaside intensify | What’s happening with prices

Ovidiu Posirca 07/05/2018 | 07:00

The Romanian seaside is starting to attract more investors as the overall property market in Romania is expanding. The market for lands located near the Black Sea has boomed in the past few years and prices vary between EUR 5 to over EUR 500 for one square meters, depending on the location. Investors looking for land located near the beach will have to pay for a premium.

Consultants say that the land located in the northern part of the seaside, especially on the Mamaia-Navodari connection will remain popular. The prices here already reflect the interest of investors.

Andreea Comsa, managing director Premier Estate Management, told BR: “Out of the investors I know and who want to develop residential projects on the seaside, many are interested”

For instance, a land of 2,870 sqm with beach opening in Mamaia is up for sale for around EUR 1 million, according to real estate portal Imobiliare.ro, while another land of around 6,000 sqm is on the market at more than EUR 3 million.

Gabriel Voicu, director, New Homes Division at Coldwell Banker Romania, says that the land price market on the seaside has been on a growth trend.

He says that 4-5 years ago some areas were unexplored and in the meantime they were filled with hundreds of blocks of apartments.

The director says that a massive development of projects has been recorded between Mamaia and Navodari.

“Vama Veche and 2 Mai have grown a lot due to the investments in guest houses,” Voicu told BR, adding that in this area there is a different kind of tourism market that supports such investments.

Speaking about investments, he said that the north part of the Romanian seaside will attract residential projects, while in the south we might see more investments in guesthouses.

Aside from residential investments in Constanta, we might see more development in retail and office projects.

“There are residential and retail projects in the pipeline, in the near future we will probably witness the increase of the modern office stock in Constanta and of course projects in the hospitality segment, being a university hub, a large regional city, with insufficient class A developments,” Catalin Gavrila, associate Land & Retail, Crosspoint Real Estate, told BR.

According to Gavrila, Mamaia will continue to attract investments in the residential sector, but also in the hospitality & entertainment industry.

Speaking about other resorts, he said that Eforie has refurbishment potential, there are a number of hotels for sale, but also for projects in other sectors than hospitality, the resort having a permanent, non-seasonal population, unlike other seaside resorts.

“For Neptun and Vama Veche we believe that there is potential, the southern coast of the seashore having the right the fundamentals needed for future successful projects. In Neptun there are several attractive land plots that we think can become interesting projects,” he explained.

As we move towards the southern part of the Romanian seaside, asking prices for land start to go down. For instance, a land of 10,000 sqm located in the southern Costinesti is up for sale at a price of EUR 5.5 per sqm.

In 2 Mai resort, a land of 1,000 sqm located on the sea shore is put on the market at a price of EUR 70 per sqm, according to Imobiliare.ro. In the center of Venus resort, a land of close to 10,000 sqm is up for sale at a price of EUR 1 million.

In Vama Veche, the second most popular resort on the seaside after Mamaia, prices for land hover EUR 50 to EUR 200 per sqm, according to available classifieds.

One land covering 1,000 sqm located close to the beach is up for sale at EUR 146 per sqm, according to a posting on Imobiliare.ro platform.

Gavrila of Crosspoint says that lower prices can be found for a large size land in an undeveloped area, while higher for well-positioned land in a developed area with good parameters.

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Ovidiu Posirca | 29/11/2022 | 10:17

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