Half a billion euros, buried in Bucharest plots of land for over three years

Spanish, Israeli or Greek investors have been buying, for more
than 3 years, plots of land with a total area of over 100 hectares
in Bucharest, planning to build houses, offices or malls, but the
real estate crisis turned their bet into a wrong one, leaving them
with their money placed in a frozen market. A ZF survey shows that
only ten of the biggest plots traded during 2006-2007 period have
an area of almost 80 hectares and cost almost half a billion euros,
but nothing has been built on them. These plots have generated no
income so far, but on the contrary, taxes, and in some cases
banking interests, have been paid. More importantly, prices have
halved and initial business plans have been completely upset. Most
investors wanted their projects already developed and possibly sold
in three years. Instead, they have just managed to demolish, in
most cases, existing buildings, get part of permits required and
draw up projects after projects. Some developers maintain they
might start work on these plots this year. Nevertheless, losses
generated by the plots not having been used at the right time may
exceed 50%.