Land is the best business Romania has to offer at the moment, the Israeli investors feel. The Israeli companies are trying to buy the latest pieces of land available on the Bucharest market. They have been the most significant investors on the domestic real estate market thus far, but now they are interested in going beyond the Capital borders.
“The real battle now is being fought for buying land and preparing for the future businesses. Investors are buying plots of land and old houses, which are then reconditioned. They are looking for land in Bucharest mainly in view of real estate projects. Romania has a high potential in this regard,” Jose Iacobescu, deputy chairman of the Romanian Chamber of Commerce told the Romania-Israel Business Forum.
The statements were verified by Avraham Israeli, head of the Israeli delegation in Bucharest. The Israelis have actually focused on buying plots of land for developing office spaces or shopping centres until now, with Neocity Group soon to complete its second business centre as an example in this regard. Most of the business centres in Bucharest have in fact been built by Israeli investors, such as Globe Trade Center, which invested in Europe House (Orange headquarters) and is preparing another extensive project. And there are also the Avivim-Gonen Group, which is now working on its fourth building or Sitraco, the company that built the first business centre in the Capital by improving on an already existing residential building structure. The Israeli investors are now rushing to buy the last plots of land available, as they are aware other major developers are soon to come.