Investors spend €100 million on renovating Bucharest’s historic buildings
The investments in renovating historic buildings in Bucharest have totaled over €100 million in the last three years.
The number of people and companies interested in buying old, interwar buildings located in central areas has also been growing, according to real estate consultancy firm ESOP Consulting. After renovating these buildings, the investors usually put them on the market for rent.
Among the biggest buyers were companies specialized in real estate investments, such as NEPI, Global Vision, Iberia, Hercesa, S+B Gruppe, as well as companies and individuals who see these assets as an option to diversify their investments.
There are currently 2,058 buildings on the list of historic monuments in Bucharest with a total surface of 926,000 sqm. Almost a third of this surface is renovated or undergoing renovation work and has commercial potential.
The asking rent for office space in renovated historic buildings is €12-18 per sqm per month.