The large real estate projects underway were started at leasttwo years ago. Meanwhile, no investor has bet tens of million euroson housing or mall projects. Just six construction sites with nomore 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 linewith data centralised by ZF. Numberless projects are frozen invarious stages of construction, so that the funds engaged in largereal estate projects currently revolve around 300-400 millioneuros, against the 2-3 billion euros invested in 2007-2008, when10-15 shopping centres were opened annually, and the number ofbuilt apartments hit new records after the revolution. Overall,less than 2,000 apartments are now being built, not all of them setto be finalised this year. Weak sales and the high number of newapartments available are not encouraging developers to embark uponnew projects. On the other hand, in line with ZF calculations, 33shopping centres were opened in Romania in 2007-2009, involvingoverall investments of around 2bn euros. This year, instead, onlySun Plaza of Bucharest and Atrium Center of Arad have been opened,and a single significant opening is now expected, that of GoldPlaza of Baia Mare.
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