The large real estate projects underway were started at least two years ago. Meanwhile, no investor has bet tens of million euros on housing or mall projects. Just six construction sites with no more than 200 housing units each are still active in Bucharest, while the mall industry has just one significant project underway: Gold Plaza of Baia Mare, scheduled for opening this autumn, in line with data centralised by ZF. Numberless projects are frozen in various stages of construction, so that the funds engaged in large real estate projects currently revolve around 300-400 million euros, against the 2-3 billion euros invested in 2007-2008, when 10-15 shopping centres were opened annually, and the number of built apartments hit new records after the revolution. Overall, less than 2,000 apartments are now being built, not all of them set to be finalised this year. Weak sales and the high number of new apartments available are not encouraging developers to embark upon new projects. On the other hand, in line with ZF calculations, 33 shopping centres were opened in Romania in 2007-2009, involving overall investments of around 2bn euros. This year, instead, only Sun Plaza of Bucharest and Atrium Center of Arad have been opened, and a single significant opening is now expected, that of Gold Plaza of Baia Mare.
The large real estate projects underway were started at least two years ago. Meanwhile, no investor has bet tens of million euros on housing or mall projects. Just six construction sites with no more than 200 housing units each are still active in Bucharest, while the mall industry has just one significant project underway: Gold Plaza of Baia Mare, scheduled for opening this autumn, in line with data centralised by ZF. Numberless projects are frozen in various stages of construction, so that the funds engaged in large real estate projects currently revolve ar
