The property investment volume in the first quarter of the year is estimated at around €180mn, a very strong increase compared to the same period lasy year, when only two transactions of approximately €20mn were concluded, real estate consultancy JLL announced on May 9.

The increase comes amidst a revival of the Romanian real estate market, backed by robust economic growth. The real estate market is likely to continue growing in the coming period due to expansions planned by some companies.

Bucharest accounted for close to 70% of the total investment volume in January-March. Office transactions dominated market volumes (52%). They were followed by industrial (32%) while retail accounted for close to 16%, JLL said in a statement.

The largest buyer was GTC, which acquired 50% of City Gate, two office towers in the north of Bucharest, from Greek developer Bluehouse.

On the industrial side, the consultancy mentions Logicor, Blackstone’s European platform, which entered the local market by buying the Immofinanz Pan-European portfolio. In Romania this included four existing logistics parks and several land plots in various cities.

“Prospects for 2016 are positive given the projected economic growth of the country, one of the highest in Europe, but also the availability of quality product and the still significant yield spread between Romania and Poland or the Czech Republic,” JLL said.