Spanish groups Detea and Lar intend to invest 910 million euros within the next two years in developing real estate projects, as well as projects in energy and agriculture. The wave of investments began last year, when several Spanish developers announced their intention to invest hundreds of millions of euros in real estate projects on the domestic market. In Romania, there are currently 876 companies operating with Spanish capital, involved mostly in the real estate and the constructions sector. "Lately, Spanish companies have increased their presence on the domestic market, investing mainly in the constructions sector and in real estate projects, as well as in the automotive industry and wood processing. In 2006, Spanish investments in Romania reached 309 million euros, 45% of which were in real estate," stated Rosa Maria Sanchez-Yebra, advisor with the Spanish Commercial Office of the Spanish Embassy, at a seminar on real estate. The Detea group, which owns assets worth over 1.1 billion euros, will invest around 800 million euros in developing real estate projects, in building wind power plants and in agriculture. Another Spanish developer, which has already entered the market, Grupo Lar, has plans to build three residential complexes in Bucharest, with a total of 645 homes, having a cumulated sales value estimated at around 110 million euros.
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