CBRE: Bucharest Shopping Centers Value Dn 46% YY In June, Strongest Fall In CEE
Publish date: 05-08-2009The value of the shopping centers in Romanian capital city Bucharest dropped by over 46% between June 2008 and June 2009, on increasing yields and lower rents, being the strongest decrease in the Central and Eastern Europe, according to real estate services company CB Richard Ellis.
Thus, the yield at the acquisition of shopping centers in Bucharest increased by three percentage points in the first semester, to 9.5%, while the value of shopping centers decreased by 46.1% on the year in the first half of 2009.
According to the CBRE survey, in the first half of 2009, the rents dropped by 21%, to EUR55 per square meter/month in Bucharest, which is one of the lowest values in CEE.
A number a six mall-type shopping centers and one shopping park currently operate in Bucharest. Also, two other such projects are under completion.
The office buildings and industrial or logistic parks devaluated in the first year’s half, by 28.2% and 16.4%, respectively.
As regards the office areas, the building value decreases in Bucharest was among the softest in the CEE region. The strongest decreases were in Kiev, by 76.2%, Moscow, by 53.4%, Warsaw, by 41.6%.
According to CBRE survey, the yields of the office market in Bucharest reached 9.5%, up two percentage points compared with the same period a year ago, while the industrial and logistic parks registered a 10% yield, also a two percentage points growth.
The yield of the real estate investments means the percentage rapport between the area-driven annual revenue (through sale or lease) and the value of the funds assigned for construction and planning or the price at which the dwelling was purchased.
mediafax.ro
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