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EUR 200 mln urban development plan for Bucharest’s downtown to be presented this week

Bucharest’s chief architect, Gheorghe Patrascu, will present an integrated urban development plan for downtown Bucharest worth EUR 200 million on June 3 during LAUD, the first event dedicated to urban public spaces and green spaces to be held in Romania.

Ministry of Finance announces flat tax – same level in 2015

The flat tax will remain the same in 2015 as the progressive taxation of revenue involves technical aspects, both of submitting and payment, which cannot be implemented by that time, said Minister of Finance Ioana Petrescu, avoiding saying what is the taxation formula she tends to choose, reports Mediafax.

IMF: Romania’s economy recovers slower than other countries and should take advantage of opportunities

According to the International Monetary Fund, IMF, Romania’s economy will reach this year the level of GDP from the pre-crisis period, but its recovery is slower than in other states seriously affected by the crisis, with minuses for the absorption of EU funds, infrastructure, state companies but with opportunities in fields like energy and export.

The real estate market should grow gradually in order to avoid a new `bubble`

Some real estate developers are optimistic regarding the office request in Bucharest and continue the investments, but the vacancy rate of the spaces, the decrease of the rents, as well as the low purchase power on the local residential market cause a reserved attitude on the market, the development of this sector needing to be made gradually, in order not to enter a new “speculative bubble”.

Danger on the office market - Office developers’ cannibalization

The office developers started to cannibalize, those building new projects being ready to take over the penalties due by the tenants exiting leases before term from existing buildings, only to get them into their projects.

RICS Global Commercial Property Monitor Q1 2014

Romanian occupational markets buoyant, investment market in recovery, but capital values stable short-term

Luxoft wants to move 500 programmers from Russia and Ukraine to Romania, Bulgaria and Poland

IT service supplier Luxoft will move 500 programmers it employs from Russia and Ukraine to other countries, like Bulgaria, Poland and Romania. The move will take place as a result of concerns the US and European clients raised regarding political tensions between Ukraine and Russia.

Managers estimate increases in construction, trade activity, from May to July

The managers of commercial companies estimate, for the period from May to July, increases in construction and trade activities, according to a survey of estimates conducted among employers by the National Institute of Statistics /INS/ and released on Wednesday.

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