Introduction

Report Context and Objectives

This report summarizes the analysis of the Romanian residential real estate market for 2024-2025, focusing on Bucharest, Timișoara, and the Black Sea region. It covers price and rent trends, new developments, and the general investment climate.

Overview of the Romanian Economic Environment

The Romanian economy grew by +2.1% in 2023, the best performance in the region. Forecasts for 2025 range from +2.5% (EC) to +3.3% (IMF), driven by consumption and investments (NRRP funds). Inflation is decelerating, from 14.6% (Nov 2022) to 4.7% (Oct 2024), targeting +3.6% for 2025. The National Bank of Romania (NBR) lowered its key rate to 6.5% (Summer 2024), anticipating further cuts. Mortgage rates followed this trend at the end of 2024 (around 7.2%).

Foreign Direct Investment (FDI) reached €6.7 billion in 2023. Full Schengen accession in 2025 and first-time buyer support are positive factors. However, risks remain: economic dependence (Germany, Italy) , high budget deficit (~ -8% of GDP in 2025), and rising public debt (56% of GDP in 2025). The geopolitical and electoral context adds uncertainty. Despite these challenges, the economic recovery and expected rate cuts should create a more favorable environment for real estate investment than in 2023-2024.

Part I: National Dynamics of the Romanian Real Estate Market

1.1. General Trends and Housing Price Index (2009-2025)

The Romanian housing index saw significant appreciation, rising from a low in 2014 (96.01 points) to a peak at the end of 2024 (158.36 points). Annual price growth was +4.00% in December 2024 , confirmed by Eurostat (+3.9% in Q3 2024). Over the period 2010-Q4 2023, the overall increase exceeded 25%. Forecasts for 2025 are mixed, ranging from possible stagnation to continued moderate growth, hampered by limited supply.

1.2. Residential Market: Sales and Rent Price Evolution, Ownership Rate

Residential prices rose significantly in late 2023 and 2024, but slower than wages. The volume of apartment transactions (nearly 170,000 in 2024) remains strong. Rents also climbed (+25% between 2010 and Q4 2023 ), making the rental market an increasingly viable alternative to homeownership (high ownership rate at 94.30% ).

1.3. Land Market: Evolution and Key Factors

The land market remained stable in 2024 (~€450M in transactions ), indicating confidence among local investors. In Bucharest, residential land prices remained stable in 2024.

1.4. National Outlook for 2025 and Beyond

Moderate optimism for 2025. Residential demand should remain solid, but limited new supply (following the drop in permits in 2022-2023 ) will maintain pressure on prices. The institutional rental market is growing. Romania remains an affordable market in CEE.

Part II: Bucharest – Engine of the Romanian Real Estate Market

2.1. The Residential Market

In Bucharest, average asking prices rose sharply: €1,862/sqm in Dec 2024 (+15% YoY), reaching €2,044/sqm in April 2025 (+19.1% vs April 2024). New builds are particularly dynamic (€2,059/sqm in Dec 2024, +21.9% ). Transactions slightly decreased in Bucharest (-5.4% in Q1 2025) but increased in Ilfov (+2.4%), suggesting a shift towards the periphery. Rents are high (average Q3 2024: €350 studio, €550 2-room, €750 3-room ; overall 2025 average estimated at €700 ). Central and well-connected districts (Old Town, Herăstrău, Floreasca, etc.) are highly sought after and offer strong potential. New supply is limited by land scarcity and costs , with deliveries dropping over 20% in 2024.

2.2. Land Prices and Urban Development Outlook

Residential land prices in Bucharest remained stable in 2024. The scarcity of central land and its high cost constrain new developments and influence their location.

2.3. Specific Outlook for Bucharest in 2025

Upward pressure on residential prices is expected to persist in 2025 due to limited supply facing robust demand. The rental market will continue its expansion.

Part III: Timișoara – Western Economic and Innovation Hub

3.1. The Residential Market: Prices, Rents, and Sales Dynamics

In Timișoara, the average apartment price reached €1,700/sqm in Dec 2024 (+12.8% YoY), with new builds at €1,994/sqm and existing ones at €1,659/sqm. Average rents (Q3 2024) ranged from €250 (studio) to €500 (3-room). Residential sales in Timiș county remained dynamic (10,584 units in 2024, +3.61% vs 2023).

3.2. Strategic Investment Zones and Emerging Neighborhoods

Timișoara offers significant real estate growth potential. Attractive neighborhoods include the Center, Fabric, Iosefin, Elisabetin, and Dumbrăvița. Peri-urban areas like Moșnița Nouă and the Albina area also show strong residential development potential, with ongoing or approved Zonal Urban Plans (PUZ), active construction, and still accessible land prices.

3.3. Notable Residential Development Projects

The mixed-use redevelopment of the former slaughterhouse by Țiriac Imobiliare (17 buildings on ~5 ha) is a flagship project. Numerous house and duplex projects are underway, particularly in Moșnița Nouă.

3.4. Local Influencing Factors

The status as a tech hub and the university impact (Politehnica, UVT ) drive strong rental demand. Infrastructure (border proximity, transport modernization , future highway exit) and cultural attractiveness (European Capital of Culture 2023 ) are major assets.

3.5. Specific Outlook for Timișoara in 2025

Prospects remain positive for 2025, with expected growth, new residential projects, a focus on green building, and anticipated low mortgage rates.

Part IV: The Black Sea Region – Tourism and Real Estate Dynamics

4.1. Coastal Residential Market: Vacation Apartment and House Prices

Prices vary significantly along the coast. Constanța: Average apartment price €1,766/sqm (Dec 2024, +13.6% YoY). Mamaia / Mamaia Nord: Most expensive area, new builds up to €1,750/sqm + VAT , with prices potentially exceeding €2,600/sqm for certain properties. Eforie Nord: More accessible, studios from ~€1,500/sqm, 2-room from ~€1,100/sqm (Steaua de Mare Nord 2 project, Jan 2024).

4.2. Impact of Tourism, Seasonality, and Infrastructure on Real Estate

Strong summer seasonality is the key factor, boosting prices and rental yields. Mamaia and Constanța are major hubs. Infrastructure (bars, hotels in Mamaia ), events (Dakini festival in Tuzla ), and specific features (thermal tourism in Eforie ) influence attractiveness. Improvements (beach extensions , direct flights ) and off-season programs are important.

4.3. Investment Potential, Rental Yields, and Associated Risks

Potential deemed high in Mamaia (yields >12% possible ), emerging in Tuzla, good in Eforie. Risks: income seasonality, dependence on tourism trends, competition, administrative complexity.

4.4. Ongoing and Planned Residential Development Projects

Sustained development, especially vacation apartments in Mamaia Nord (Platinum Residence, AXXIS Nova Resort & Spa ). Eforie Nord is also active (Xenero Residence, Steaua de Mare Nord 2 ). "Stefan Building" projects in Mamaia Nord/Sat exemplify recent tourism-focused developments (modern studios/apartments near the sea).

4.5. Specific Outlook for the Romanian Coast in 2025

Strong short-term rental demand expected. Prices in Constanța likely to rise moderately. Sustainable projects will have an advantage. Extending the tourist season remains a key challenge.

Part V: Synthesis, Investment Outlook, and Recommendations

5.1. Comparative Analysis of Opportunities and Risks

Bucharest: Liquid market, strong rental demand, value appreciation potential but high prices and limited supply. Timișoara: IT/industrial growth, more affordable prices, sustained rental demand, peri-urban potential (Moșnița, Albina), but less liquid. Black Sea Region: High seasonal rental yield, niche tourism, but strong seasonality and tourism dependence. The market is driven by domestic demand and growing foreign interest.

5.2. Key Success Factors and Points of Vigilance for Investors

Success: Precise location, quality (ESG), understanding local demand, professional management, adapting to trends (sustainability). Vigilance: Interest rates/inflation, regulatory/tax changes , buyer solvency, administrative complexity , seismic risks. Sustainability (nZEB ) is a key factor for future value.

5.3. Strategic Recommendations for 2025
Bucharest: Target residential rentals in gentrifying or well-connected areas.
Timișoara: Focus on rentals near universities/business parks and explore expansion zones like Moșnița Nouă and Albina. Monitor urban regeneration projects.
Black Sea: Carefully analyze seasonal rental yields, diversify geographically (Eforie), favor projects with differentiating features.
General: Conduct thorough due diligence, seek expert local advice, anticipate trends (urbanization, demographics , sustainability ).

FULL LENGTH REPORT HERE :

Report on the Romanian Real Estate Market: Analysis and Perspectives 2024-2025

1. Executive Summary

The Romanian real estate market in 2024-2025 presents a complex landscape, characterized by notable resilience in the face of a challenging national economic and fiscal context, but also by contrasting dynamics across segments and regions. While the Romanian economy slowed in 2024, the outlook for 2025 suggests a moderate recovery, supported by private consumption and investments, particularly those financed by the European Union via the National Recovery and Resilience Plan (NRRP), although its implementation faces challenges. The real estate investment climate has shown surprising vigor, with transaction volumes increasing in 2024 and a dynamic start to 2025, driven in part by local capital and sustained interest in industrial and retail assets, as well as solid fundamentals in the residential market.

However, major challenges persist. The strained fiscal situation, with a high budget deficit and austerity measures, weighs on confidence and could affect long-term attractiveness. On the real estate front, a major constraint lies in the limited supply, both for modern offices in Bucharest and residential properties in major cities, due to authorization difficulties, construction costs, and a degree of developer caution. This shortage fuels market polarization: prime assets (ESG offices, new central residential, land with permits) see their value increase, while secondary assets struggle. It also exacerbates housing affordability problems in urban centers, stimulating rental demand and the development of projects in peri-urban areas, such as around Timișoara.

Bucharest, a mature market, concentrates these tensions between strong demand and limited supply, particularly in the prime office segment. Timișoara is emerging as a major economic and technological hub, with intense real estate expansion towards its periphery (Moșnița Nouă, Giroc), raising questions about the adequacy of public infrastructure. The Black Sea coast has high investment potential related to tourism, but its profitability strongly depends on managing seasonality and specific risks (saturation, quality).

For 2025, optimism remains cautious. The expected stabilization of interest rates and continued economic growth should support the market. However, success will depend on the ability to overcome fiscal and administrative challenges, ensure alignment between real estate development and infrastructure, and meet increasingly segmented demand that is demanding in terms of quality, sustainability, and accessibility. Investment strategies will need to be finely localized and take into account the growing polarization of the market.

2. Economic Context and Investment Climate in Romania (2024-2025)

Analyzing the Romanian real estate market for the 2024-2025 period cannot be separated from the national and international macroeconomic context, as well as the general investment climate prevailing in the country. This section examines key economic indicators, fiscal challenges, the impact of European funds, and Romania's attractiveness to foreign investors.

2.1 Economic Performance and Resilience

After a notable post-pandemic recovery, the Romanian economy showed signs of slowing down in 2024. Real GDP growth is estimated between 0.9% and 1.4% for 2024, a figure well below initial forecasts but nevertheless indicating some resilience in an unfavorable international context. This slowdown is partly explained by weak external demand, particularly from key partners like Germany and Italy. However, private consumption remained an important driver, supported by an increase in disposable income.

The outlook for 2025 is more optimistic, with an expected acceleration in economic growth. The European Commission forecasts GDP growth of +2.5%, while the IMF is even more confident with +3.3%. This recovery is expected to be fueled by continued household consumption, favored by the decrease in inflation and the anticipated revaluation of wages and pensions, as well as a recovery in investments, particularly those related to infrastructure projects financed by the EU. Despite the slowdown in 2024, Romania is expected to remain among the fastest-growing economies in the EU.

Inflation, although declining from the peaks of 2022-2023, remains a concern. After ending 2024 around 5.1-5.6%, it is expected to continue decelerating to approximately 3.5-3.6% on average in 2025. However, the National Bank of Romania (NBR) anticipates fluctuations in the first half of 2025 and a persistence above the target band until the end of the year. This persistent inflation, one of the highest in the EU, influences purchasing power and monetary policy.

The NBR adopted a cautious approach, maintaining its key interest rate at 6.5% in early 2025 after a 0.5 percentage point reduction in the summer of 2024. Analysts anticipate gradual decreases in 2025, conditional on the evolution of inflation and decisions of major central banks. These interest rates, although on a downward trend, remain high and impact financing costs for businesses and households, particularly for mortgage loans where the IRCC index remains around 6%.

The labor market has shown notable resilience, with a stable unemployment rate around 5.5-5.6% in 2024, lower than the EU average. There is even a slight recovery in hiring intentions and a labor shortage reported by companies in early 2025. Wage growth was robust in 2024, outpacing inflation, which supported consumption and relative housing affordability.

2.2 Fiscal Challenges and Impact of the NRRP

Romania's main macroeconomic challenge lies in its budgetary situation. The public deficit exceeded 8% of GDP at the end of 2024, well above the targets agreed with the EU, partly due to pre-election spending. Q1 2025 confirmed this trend with a deficit of 2.3% of GDP. The government has committed to reducing this deficit to 7% of GDP in 2025, an ambitious goal requiring significant austerity measures. These include freezing public sector wages and pensions, reducing certain social benefits, and a potential increase in taxes.

This fiscal consolidation is crucial not only for macroeconomic stability and credibility with financial markets (risk of sovereign rating downgrade mentioned) but also for access to European funds, particularly those from the NRRP. Romania experienced difficulties in absorbing these funds in 2024, with payment suspensions due to non-compliance with certain milestones. The NRRP represents a considerable financial windfall (up to 31 billion euros in grants and loans by 2026) aimed at modernizing the country through investments in infrastructure, green transition, and digitalization. Successful implementation is therefore a major stake for future growth and the country's attractiveness.

Public debt, although increasing (estimated at 56% of GDP in 2025), remains below the EU average and the 60% threshold. However, the European Commission has classified Romania in the category of high debt risk in the medium term.

2.3 Foreign Direct Investment (FDI) and Market Attractiveness

Despite the challenges, Romania continues to attract investments. Net FDI inflows reached 5.7 billion euros in 2024, down 11% compared to 2023, representing 1.6% of GDP. This decrease is mainly explained by a decline in reinvested earnings (€4.0 billion, -20% Y/Y), while new capital inflows (equity and intercompany loans) actually increased (€1.66 billion vs €1.33 billion in 2023). The total stock of FDI nevertheless increased to nearly 125 billion euros at the end of 2024.

The main countries of origin of FDI stock at the end of 2023 were the Netherlands (€24.3 billion), Austria (€14.7 billion), Germany (€14.8 billion), France (€8.6 billion), and Italy (€6.6 billion).

Romania's attractiveness is based on several pillars: its strategic location, its membership in the EU and NATO, a relatively skilled and competitive workforce, and natural resources. Adherence to the Schengen Area (Air/Sea in March 2024, Land expected in January 2025) is perceived as a major catalyst, facilitating trade, logistics, and strengthening European integration. It is expected to stimulate a new wave of investments in the medium term.

Compared to other Central and Eastern European (CEE) countries, Romania had higher-than-average EU economic growth in H1 2024, although inflation was higher. The real estate market there is considered more affordable than in countries like Poland, the Czech Republic, or Hungary. Real estate investment volumes in Romania also outperformed the European average and some CEE markets in the first half of 2024, with an increase of 150% compared to H1 2023.

However, obstacles persist: recurring political and fiscal instability, bureaucracy, sometimes limited administrative capacity to effectively absorb European funds, and concerns about corruption and judicial independence, although progress has been noted by the European Commission.

Apparent Decoupling and Fundamental Attractiveness

A striking element of the analysis is the resilience of the real estate investment market in the face of budgetary difficulties and warnings about the sovereign rating. Investment volumes not only held up but increased in 2024 and maintained positive momentum in Q1 2025. This trend suggests that investors, including a growing share of local capital, are focusing on the long-term fundamentals of the Romanian market. Sustained rental demand, growth potential compared to other European markets, and the expected benefits of further European integration (Schengen) seem to outweigh, for now, perceived macro-fiscal risks. Access to European funds, although conditional on budgetary discipline, remains a powerful potential lever for infrastructure improvement and indirect support for the real estate sector. The perception of real estate as a safe haven against inflation may also have played a role.

3. Overview of the Romanian Real Estate Market (2024-2025)

The Romanian real estate market underwent a transition period in 2024, marked by resilient demand but constrained by stricter financing conditions and limited supply in certain key segments. The outlook for 2025 indicates a continuation of these trends, with specific dynamics for each sector.

3.1 National Residential Market

The residential sector has been particularly dynamic, while showing signs of tension.

Price Trends: Housing prices continued their upward trend in 2024. According to sources, the average annual increase was between +10% and +15% nationally. The official real estate price index (Eurostat/INS) shows more moderate growth, around +4% to +7% year-on-year during 2024, after peaking at +8.5% mid-2022. This price growth, although sustained, remained below the average wage growth in 2024, preserving some overall affordability. For 2025, experts anticipate a continued increase, but potentially more moderate (estimates between +3% and +7%), still driven by the supply/demand imbalance. Significant regional disparities persist, with Cluj-Napoca remaining the most expensive city, followed by Bucharest and Brașov.

Sales and Demand: After a decline in 2023, the volume of residential transactions rebounded in 2024, recording a +6.6% increase nationally (nearly 169,000 units). Demand was particularly strong in the first half of 2024 before slowing down at the end of the year and beginning of 2025. Q1 2025 saw a 4.9% decrease in national sales compared to Q1 2024, reflecting economic and political uncertainties as well as the maintenance of high interest rates. Demand remains structurally strong, fueled by urbanization, income growth, and the desire to improve housing conditions.

Supply and Construction: The main challenge for the residential market is the limitation of new supply. Housing deliveries fell by 15% nationally in 2024. This trend follows a drastic decrease in building permits issued in 2022 (-14.9%) and 2023 (-20.7%). Although a slight rebound in permits was observed in 2024 (+5.7%), levels remain very low compared to previous peaks, signaling a stagnation in construction activity rather than a clear recovery. High construction costs and authorization difficulties contribute to this situation. Forecasts for 2025 indicate a continued weakness in deliveries, which will accentuate the imbalance with demand and maintain pressure on prices.

Affordability and Financing: Access to property remains a major challenge, particularly in the central areas of large cities where prices are high relative to average incomes. Although interest rates have slightly decreased from peaks, they remain high (variable IRCC rate around 6% at the end of 2024/beginning of 2025), making mortgage loans expensive and curbing transactions financed by borrowing. Government initiatives to support first-time buyers could play a role, but their impact remains to be assessed.

Rental Market: A direct consequence of the difficulties in accessing property, the rental market is very dynamic. Demand is strong, particularly in university and economic centers, leading to an increase in rents. Gross rental yields are considered attractive, particularly in Bucharest (often >6.5%), Constanța, and Iași (around 6%), while Cluj-Napoca shows lower yields due to very high purchase prices. This situation favors the emergence of interest in the institutional rental sector (Private Rented Sector - PRS), which could develop significantly in the coming years.

3.2 National Commercial Market (Office, Retail, Industrial)

The commercial sector shows varied trends. The office market is marked by a strong polarization between modern buildings, well-located and meeting ESG (Environmental, Social, and Governance) standards, and older or lower-quality stock. Demand is concentrated on the former, leading to a decrease in vacancy and upward pressure on prime rents in key hubs, while new supply is very limited.

The retail sector shows great resilience, supported by robust domestic consumption. Retail parks are developing significantly, including in secondary and tertiary cities, meeting a demand for proximity and convenience. Simultaneously, after a pause, major developers are relaunching large-scale shopping mall projects. E-commerce also continues its progression. Retail was the most attractive segment for investment in Q1 2025.

The industrial and logistics market, after record post-pandemic years, experienced a moderation in demand in 2024, but volumes remain solid. Long-term fundamentals are considered very positive: strategic geographical positioning, competitive labor costs relative to productivity, nearshoring potential, and infrastructure development (particularly highways and the expected impact of Schengen). The total national stock is approaching 8 million sqm but remains low compared to countries like Poland, indicating significant growth potential. Prime rents remained stable around 4.5-5.0 €/sqm/month at the end of 2024.

3.3 National Land Market

The land market showed some stability in 2024, with a transaction volume close to that of 2023, estimated at around 450 million euros. Activity was concentrated 80% in Bucharest and its surroundings, and was dominated by residential projects (70% of the volume).

A determining factor for land value is the possession of building permits (PUZ/PUD/AC). Land benefiting from permits maintained its value, while unauthorized land experienced discounts of up to 30-40%. Classic criteria of location, utilities, buildable potential, and local market trends remain essential for valuation.

Local investors were particularly active in this segment in 2024. For 2025, prospects indicate continued activity, with marked interest in strategic areas allowing for rapid development. Full entry into the Schengen area is expected to have a significant positive impact on the demand and prices of land for industrial and logistics use, by facilitating the flow of goods and strengthening Romania's attractiveness as a regional hub.

The Two-Speed Market

The analysis of different segments reveals an underlying trend: the increasing polarization of the Romanian real estate market. The tension between sustained demand for certain types of assets and limited supply, often constrained by administrative or economic factors, creates a two-speed market. On one hand, assets considered "prime" – whether modern and sustainable office buildings in central locations, new apartments in the most sought-after neighborhoods of large cities, performing retail parks, or land with building permits – maintain, or even increase, their value. On the other hand, older assets, less well-located, energy-intensive, or not meeting new user requirements (obsolete offices, homes requiring major renovations, land without immediate development potential) face pressure on prices and rents, and experience higher vacancy rates. This dichotomy requires investors to be increasingly rigorous in their selection of assets and locations, favoring quality, sustainability, and long-term appreciation potential.

4. Bucharest Market Analysis

As Romania's economic and administrative capital, Bucharest concentrates a major part of national real estate activity. The market is mature but subject to specific tensions, particularly in terms of supply and urban planning.

4.1 Residential Sector

The Bucharest residential market is the largest in the country, but also one of the most strained.

Prices: Bucharest ranks among the most expensive cities in Romania for housing, just behind Cluj-Napoca. At the end of 2024, the average asking price was around 1,862 - 1,904 €/sqm, showing a significant annual increase of +10% to +15%. As at the national level, new developments command a notable premium, with average prices around 2,059 €/sqm at the end of 2024, compared to around 1,838 - 2,022 €/sqm for older properties. Prices vary considerably from one neighborhood to another. The Northern areas (Herăstrău, Aviației, Dorobanți, Kiseleff) are traditionally the most popular and expensive, attracting affluent clientele and expatriates. Central neighborhoods like Unirii or well-connected areas like Tineretului are also sought after. Conversely, neighborhoods like Drumul Taberei or Titan offer more affordable prices.

Rents and Yields: Bucharest shows the highest gross rental yields among major Romanian cities, often exceeding 6.6% for 2 and 3-room apartments in 2024. Average asking rents in Q3 2024 were around €350 for a studio, €550 for a 2-room apartment, and €750 for a 3-room apartment. Strong rental demand is fueled by the capital's economic attractiveness, the presence of students and young professionals, and difficulties in accessing property.

Sought-After Neighborhoods and Peri-urban Dynamics: In addition to the prime areas in the North and Center, interest is shifting to neighborhoods benefiting from infrastructure investments (Tineretului) or close to business hubs (Pipera, Băneasa). Pressure on prices and limited supply within the city limits are leading to significant expansion into the metropolitan area, particularly Ilfov county. In Q1 2025, while sales decreased by 5.4% in Bucharest, they increased by 2.4% in Ilfov, confirming this trend towards peri-urbanization.

Affordability: Buying a home in Bucharest, especially in central and well-connected areas, is becoming increasingly difficult for a growing portion of the population. This phenomenon strengthens the attractiveness of the rental market and pushes some demand towards peripheral localities.

Notable Projects: Transactional activity was sustained in 2024, as evidenced by the tripling of sales volume for North Bucharest Investments (NBI), with a strong investor component (60%) and announced average yields of 21%. Premium transactions (e.g., penthouse at €1.65M) confirm interest in the high-end market. Other developments are mentioned in consultant reports.

4.2 Office Sector

The Bucharest office market is the largest in Romania but faces a major challenge of new supply.

Stock and Supply: The total stock of modern offices (Classes A and B) amounted to approximately 3.44 million sqm at the end of 2024. The year 2024 was marked by the lowest volume of deliveries in at least two decades, with only one major project completed: AFI Loft (approximately 16,000 sqm). Forecasts for 2025 are even lower, with only 6,500 - 7,000 sqm expected (One Gallery project, already pre-leased). This shortage of new and modern spaces is a key characteristic of the current and near-future market. The main office hubs remain Center-West (19% of stock), Floreasca/Barbu Văcărescu (17%), and Center (13%).

Demand: Total leasing activity showed some volatility. After a record year in 2023, 2024 saw a decrease in total demand (between 329,000 and 383,000 sqm depending on the source), an 18% to 25% decrease compared to 2023. However, net demand (new leases, expansions, pre-leases) remained stable or even increased in Q1 2025 (+38% according to CBRE compared to Q1 2024). Lease renewals dominated activity in 2023 and 2024 (around 50% of the total), as companies finalized their post-Covid strategies and often favored stability or faced a lack of relocation options. The IT&C sector remains the main driver of demand (37-46% of the total), followed by professional/business services. A strong preference for new, energy-efficient, and well-located buildings is observed.

Vacancy Rate: As a direct consequence of low new supply and resilient net demand, the overall vacancy rate continued to decrease, standing between 11.9% and 13% at the end of 2024 / Q1 2025. This average, however, masks strong polarization: vacancy is very low in prime buildings and central areas (dropping to 2.9% in the Center according to CBRE), but remains high in secondary or less attractive stock (Colliers estimates a 33% rate for the 20 buildings with the largest vacant areas). This downward trend in prime vacancy is expected to continue in 2025.

Rents: Pressure on quality supply has led to a moderate increase in prime headline rents. At the end of 2024 / beginning of 2025, they reached 20.5 € to 22 €/sqm/month in the Central Business District (CBD) and central areas. This is an increase of 1-2 €/sqm/month over the last 2-3 years. Rents are expected to stabilize in 2025, with potential for further increases in 2026 if the economy allows. Rents vary greatly depending on sub-markets, ranging from 18-22 € in the CBD to 8-10 € in Pipera Nord. Service charges are also increasing. Direct rental offers exist, for example starting from 10€/sqm/month, but likely concern lower-quality spaces or less central locations.

4.3 Retail Sector

The retail market in Bucharest benefits from strong consumption and the capital's attractiveness.

Stock and Supply: Bucharest accounts for approximately 28% of the total modern retail stock in Romania, or about 1.26 million sqm out of a national total of 4.5-4.6 million sqm. New supply was limited in 2024, but significant projects are expected. NEPI Rockcastle plans a major extension of Promenada Mall (€282M investment), with completion scheduled for the end of 2026. Hagag Development Europe is transforming the Știrbei Palace on Calea Victoriei into a luxury department store (4,000 sqm), featuring brands like Dior, Saint Laurent, Hermès, with opening planned for the second half of 2025. Other projects, potentially extensions of existing centers or new large-scale developments, could emerge in the medium term.

Demand and Vacancy: Demand for commercial space remains robust, supported by wage growth and purchasing power. Occupancy rates in dominant shopping centers are high. Specific data on vacancy rates in Bucharest for the end of 2024/Q1 2025 are not explicitly provided in the available snippets, but the overall market trend is positive.

Rents: Prime rents for the best locations in dominant shopping centers in Bucharest are the highest in the country. Although exact figures for Q4 2024/Q1 2025 are not given, with prime rents in major secondary cities ranging between 50 and 70 €/sqm/month, prime rents in Bucharest can be estimated to exceed 70-80 €/sqm/month, and are stable or slightly increasing. Rents in retail parks are significantly lower.

4.4 Land Sector

The capital's land market is very active, but complex.

Prices: Land prices for residential, prime office, and prime retail remained stable in 2024. However, strong pressure exists on land with building permits, whose value is maintained or increasing, while unauthorized land is subject to discounts. Demand is particularly strong for residential land in northern and peri-urban areas, as well as for industrial/logistics land on the periphery, stimulated by entry into the Schengen area. Specific prices for commercial and industrial areas are not detailed for 2024-2025.

Urban Planning: Difficulties and delays in obtaining urban planning permits (PUZ/PUD) are a major obstacle to the development of new projects in Bucharest. This situation contributes to the shortage of new supply (office, residential) and the increase in prices of existing assets or already authorized land. Peri-urban expansion, while dynamic, is sometimes described as chaotic and lacking integrated infrastructure planning (transport, public services), posing challenges for quality of life and mobility.

Bucharest: Mature Market Under Tension

The analysis of the Bucharest market confirms its status as the main Romanian real estate hub but reveals a mature market facing increasing tensions. Strong demand, fueled by the capital's economic attractiveness, clashes with increasingly constrained supply, whether for modern offices, central residential, or authorized land. This mismatch between supply and demand generates upward pressure on prices and rents for "prime" assets, while stimulating development – sometimes disorderly – towards the periphery (housing, retail parks, logistics). Challenges related to urban planning and authorization delays represent a major bottleneck that slows down the renewal of the building stock and could, in the long term, affect the city's attractiveness for new business establishments if the shortage of modern office space persists. The need to renovate and upgrade existing stock to ESG standards is also becoming a crucial issue for maintaining the competitiveness of the Bucharest market.

5. Analysis of the Timișoara Market and the Western Region (incl. Moșnița Nouă, Albina)

Timișoara, the main urban center in western Romania, and its peri-urban area are experiencing remarkable real estate development dynamics, driven by a robust and diversified local economy.

5.1 Economic Context and Attractiveness

Timișoara has established itself as a major economic hub in Romania, often referred to as the "Silicon Valley of Eastern Europe" due to the high concentration of IT companies and technology startups. This sector attracts a skilled workforce, generating sustained demand for housing and offices. The city also benefits from a strong manufacturing industry and a strategic position as a logistics hub, close to the Hungarian and Serbian borders.

The presence of large universities, notably Politehnica University (UPT) and West University (UVT), which host tens of thousands of students, is another important driver for the local real estate market, particularly for the rental segment. The title of European Capital of Culture in 2023 has reinforced the city's tourist and cultural attractiveness, with expected positive impacts on hospitality and short-term rentals.

Finally, important infrastructure projects are underway or planned, aimed at improving connectivity and mobility, such as road modernization, public transport development, and the expected completion of the Southern bypass.

5.2 Residential Sector

The residential market in Timișoara and its periphery is one of the most active in the country.

Prices: Timișoara offers more affordable real estate prices than Bucharest or Cluj-Napoca. At the end of 2024, the average asking price for apartments was around 1,700 €/sqm, an increase of +12.8% year-on-year. New properties were trading around 1,994 €/sqm (+10.8% Y/Y) and older properties at 1,659 €/sqm (+11.0% Y/Y). In early 2025, the upward trend continued moderately, with an average price estimated at 1,539 €/sqm in April 2025 (according to Sonarhome, potentially different methodology). Central neighborhoods like Bastion (2,337 €/sqm) and Tipografilor (1,957 €/sqm) show the highest prices, while areas like Șagului (1,400 €/sqm) or Plopi (1,174 €/sqm) are more affordable.

Sales: Timiș county recorded one of the highest volumes of residential transactions in the country in Q1 2025, despite a national downward trend, indicating the strength of the local market. In 2024, over 10,500 residential units were sold in the county, an increase of +3.6% compared to 2023.

Rents: The rental market is very active, stimulated by the large student population and IT professionals. Timișoara is considered the most affordable major city in terms of rents relative to income in early 2024. The average rent for a 2-room apartment was around €400/month. Central areas like Cetate (€450/month) and Tipografilor (€430-440/month) command the highest rents, while Freidorf and Buziașului are more economical.

Student Housing: Demand for student housing is structurally high due to the presence of UPT (over 12,000 students) and UVT. Although UVT has several campuses, public supply is insufficient to cover all needs. Snippets do not mention major new private student housing projects for 2023-2025, suggesting continued pressure on the private rental market, where students compete with young professionals.

Peri-urban Development (Moșnița Nouă, Albina, Giroc, Dumbrăvița): It is in the communes bordering Timișoara that residential development activity is most intense. Moșnița Nouă, in particular, has become a major hub for the construction of individual houses and duplexes. Projects like Serena 2 & 3 (developer 5th Floor), Urban Village, Moșnița Exclusive Homes, and others carried out by local developers (Sodolescu, Alber Holding, Vreau Casa Noua, etc.) are rapidly transforming the landscape of these communes. The attractiveness of these areas lies in lower land and property prices than in Timișoara and the possibility of acquiring more spacious homes with gardens. Albina, a village belonging to Moșnița Nouă, is also seeing the emergence of residential projects.

5.3 Commercial Sectors (Office, Retail, Industrial)

The economic dynamism of Timișoara is also reflected in the commercial segments.

Office: The office market is active, primarily supported by the IT sector and shared service centers. Significant transactions are taking place, such as the leasing of 906 sqm by IWG (Regus) in the VOX Technology Park. However, recent data (Q4 2024 / Q1 2025) on prime rents and specific vacancy rates for Timișoara are missing from the provided sources. Few major new office projects seem planned for 2025-2026, which could, as in Bucharest, tighten the market for quality spaces.

Retail: The retail sector is booming, with a strong focus on the development of retail parks on the periphery and in neighboring localities to meet the needs of new residential areas. Several projects are underway or planned for 2024-2025: Esquire Commercial Timișoara (4,200 sqm, Q4 2025), Calea Torontalului Retail Park (4,495 sqm, Q2 2025), Prima Shops Lugoj (12,000 sqm, Q3 2025), Retail Park Sanandrei (9,000 sqm, Q4 2025), Max Village Săcălaz (9,000 sqm, Q4 2025), Centrul Comercial Cetatii Timișoara (2,500 sqm, Q4 2024). The Polish developer Scallier is also active with its Funshop Park in Moșnița Nouă (8,500 sqm, opened end of 2023) and plans further developments. REPACO Capital also has a project in authorization in Timișoara (4,500 sqm). Prime rents in large shopping centers like Iulius Town reach 55 €/sqm/month, while those in retail parks vary between 9 and 14 €/sqm/month. The arrival of Primark at Iulius Town in 2024 has boosted the city's commercial attractiveness.

Industrial/Logistics: Timișoara was the city with the largest area of industrial space under construction in Romania at the beginning of 2024 (65,300 sqm), confirming its role as a major logistics hub. Projects for Continental (45,360 sqm) and TT Electronic (20,000 sqm) were expected for H1 2024. Proximity to highways and borders is a key asset. National prime rents are around 5.00 €/sqm/month.

5.4 Land Sector (Timișoara, Moșnița Nouă, Albina)

Intense development, especially on the periphery, is stimulating the land market.

Prices: Land values vary greatly depending on location (within/outside city limits), urban status (approved PUZ/PUD), presence of utilities, and buildable potential. In Moșnița Nouă and Albina, intra-urban land for construction can be found starting from 20-35 €/sqm if less well-located or lacking utilities/PUZ. However, well-located plots with utilities and approved PUZ for houses, duplexes, or even small apartment buildings are commonly traded between 100 and 150 €/sqm, or even more. For example, a plot with PUZ for 29 parcels in Albina is listed at 20.69 €/sqm, while a plot with mixed PUZ for blocks and houses in Moșnița Nouă is at 154 €/sqm. Agricultural land of 3.45 ha in Albina is offered at 1.48 €/sqm.

PUZ and Development: The commune of Moșnița Nouă is very active in urban planning, with numerous Zonal Urban Plans (PUZ) approved or being approved to allow the development of new residential and mixed-use areas. The existence of an approved PUZ is a key factor in land valuation. Developers like 5th Floor, Alber Holding, Vreau Casa Noua, Sodolescu Imobiliare, and others are active in the region. Official documents related to PUZs are available from the relevant town halls (Moșnița Nouă) and the Timiș County Council, although snippets do not provide specific documents for Albina.

Notable Projects: The most emblematic project underway is the regeneration of the former Abator site (nearly 5 ha) by Țiriac Imobiliare. After the approval of the PUZ in early 2025, this transformative project plans the construction of 17 mixed-use buildings (residential, office, retail, hotel, services) around 5 restored historic buildings, with 1,600 parking spaces and significant green areas. The project will proceed in three phases, with the first focusing on heritage rehabilitation and the creation of a public square.

Timișoara and its Periphery: A Growing Ecosystem

Timișoara and its metropolitan area constitute a particularly dynamic real estate ecosystem in Romania. The city center capitalizes on its status as a major economic, technological (IT), and university hub, reinforced by its role as European Capital of Culture in 2023. This attractiveness generates strong demand for housing (sale and rental) and commercial spaces. However, pressure on prices within the city limits and the search for space push a significant portion of residential development towards neighboring communes like Moșnița Nouă, Giroc, or Dumbrăvița. This rapid expansion, while indicating economic vitality, raises the crucial challenge of adapting public infrastructure (roads, transport, schools, public services). The ability of local authorities to plan and finance this infrastructure in a timely manner will be decisive for the quality of life and sustainability of this peri-urban growth. The regeneration project of the former Abator by Țiriac Imobiliare, meanwhile, illustrates the potential for transformation and valorization of former industrial sites in the heart of the urban dynamic.

6. Analysis of the Black Sea Coast Market (Constanța, Mamaia, Eforie)

The Romanian Black Sea coast, with Constanța as the main urban center and major seaside resorts like Mamaia and Eforie, presents a real estate market with unique characteristics, strongly influenced by tourism and seasonality.

6.1 Dynamics of the Residential and Holiday Home Market

The residential and second home segment is particularly active on the coast.

Prices: Prices on the coast have seen sustained growth. In Constanța, the average asking price at the end of 2024 was around 1,766 €/sqm, an increase of +13.6% year-on-year. New properties were trading around 1,951 €/sqm (+12.4% Y/Y) and older properties at 1,740 €/sqm (+13.8% Y/Y). In the most sought-after areas like Mamaia Nord, prices for new apartments can reach, or even exceed, 1,800 - 2,800 €/sqm. Data from real estate portals indicates a wide range of prices for apartments and houses for sale in Constanța, Eforie, and surroundings, reflecting the diversity of the offer (location, condition, size). The general trend is upward, driven by tourist demand and investments.

Trends: Demand is strong for new apartments, both for secondary residences and rental investment. Mamaia Nord, in particular, has experienced very intense residential development in recent years, with a multitude of new complexes. Eforie (Nord and Sud) benefits from the attraction of seaside and thermal tourism, ensuring potentially more spread-out demand throughout the year. Constanța, as the main city, combines permanent local demand with tourist/seasonal demand.

Notable Projects: Many developers are active on the coast. Alezzi is a major player in Mamaia Nord with several resorts (Beach, Infinity, Odyssey). Building Ștefan is also developing several projects in Mamaia Nord (Promenada 2, Mamaia Sat). Other projects like Steaua de Mare Nord 2 in Eforie Nord, Platinum Residence, Sea Breeze, AXXIS Nova Resort & Spa, Xenero Residence Eforie Nord, Sunway Suits are also mentioned on real estate portals.

6.2 Commercial and Hotel Market

The tourist accommodation and restaurant sector is a pillar of the local economy.

Hotel Investment: The hotel transaction market has been dynamic in recent years. Over the period 2021-2023, 10 hotels were sold on the coast (resorts), representing 39% of the total value of hotel transactions in Romania. A significant transaction was the sale of the Pam Beach Hotel in Olimp for nearly 10 million euros, intended to be integrated into the Steaua de Mare network. Investor interest in hotel assets appears to be growing, potentially at the expense of offices.

Hotel/Restaurant Prices: Specific data on the sale prices of hotels and restaurants on the coast are limited in the provided snippets. Examples of asking prices for guesthouses/hotels in Mamaia Nord or Eforie Nord vary considerably: a 20-room guesthouse in Mamaia is listed at €830,000 + VAT, a 3* guesthouse of 15 rooms in Mamaia Nord at €699,000, another of 11 rooms at €730,000, and a 12-room guesthouse in Eforie Nord at €339,000. A large central hotel in Mamaia requiring renovations is offered at €13.5M. Booking platforms (Booking, Expedia, Agoda) show an abundant offer of accommodation (hotels, apartments) with variable rates depending on the season and standard.

Hotel Development: The coast has a large and diversified hotel stock. Renovations and modernizations are taking place, such as that of the W Regal Boutique Spa hotel in Mamaia in 2022-2023. New establishments are emerging, such as Hotel Alexandra in Mamaia (built in 2024). Construction projects for new guesthouses or aparthotels are also reported in Eforie or Mamaia Nord.

6.3 Impact of Tourism, Seasonality, and Infrastructure

These three factors are intrinsically linked and shape the coastal real estate market.

Tourism as a Key Driver: Tourism is the main economic and real estate engine of the coast. The coast attracts millions of visitors, mainly during the summer season (May-September), generating strong demand for accommodation and services. Mamaia is the flagship resort, very lively. Eforie Nord and Sud are distinguished by their offer of thermal and seaside tourism, which ensures them a more spread-out attendance throughout the year and therefore potentially more regular rental profitability. The nearby Danube Delta offers growing opportunities in ecotourism. Festivals and events, such as the Dakini Festival in Tuzla or Neversea in Constanța, create very significant punctual peaks in demand.

Seasonality: This is the major challenge of the Romanian coast. The concentration of tourist activity over a few summer months leads to strong fluctuations in occupancy rates and rental income. Outside the season, activity slows down considerably in most resorts. The "Litoralul Pentru Toti" (Seaside for Everyone) program, offering reduced rates in May-June and September-October, aims to mitigate this seasonality and attract tourists during intermediate periods. The ability to generate income outside the season is a key factor for the annual profitability of a rental investment.

Infrastructure: The quality of infrastructure (road access, Constanța airport, public services, tourist facilities) plays a crucial role in the attractiveness of different areas. Major infrastructure projects can have a significant impact. For example, beach widening works, financed by European funds to combat coastal erosion, have been carried out in recent years, particularly in Mamaia and Eforie. While these works protect the coast, the sometimes excessive widening of beaches in Mamaia (up to 300m) has drawn criticism from tourists, who find the distance to the sea too great and the quality of the new sand inferior, potentially impacting the attractiveness of certain areas. Continuous improvement of infrastructure remains essential to support tourist and real estate development.

6.4 Investment Analysis (Potential, Yields, Risks)

Investing on the Romanian coast offers opportunities but requires careful analysis.

Potential: Investment potential varies by location. Mamaia offers high potential due to its liveliness and infrastructure, but is very seasonal and potentially saturated. Gura Portiței, more exclusive and preserved, targets a different clientele with medium to high potential. Tuzla is considered emerging, with appreciation potential linked to its natural setting and events like the Dakini festival. Eforie Nord and Sud, thanks to thermal tourism, offer more regular attendance and thus stable long-term investment potential. Constanța combines the advantages of a port and economic city with tourist appeal.

Rental Yields: The potential for rental yield is attractive, particularly for seasonal rentals during the summer months. One source mentions the possibility of achieving over 12% gross annual yield in Mamaia Nord with optimized management (e.g., Alezzi projects). Yields in Constanța are estimated around 6%. However, these figures depend heavily on the annual occupancy rate, rental strategy (short/long term), and management costs. Seasonality means that income is concentrated over a short period.

Risks: The main risk is related to strong seasonality, which can lead to significant vacancy and zero income for a large part of the year. The risk of overheating or saturation, particularly in areas of intense development like Mamaia Nord, could weigh on future prices and occupancy rates. The quality of construction can be variable, requiring due diligence. Environmental risks, such as coastal erosion (despite protection works) and the impacts of climate change (sea level rise), should be considered in the long term. Finally, administrative and bureaucratic complexity can represent a challenge for investors, especially foreign ones.

The Coast: High Potential but Complex Management

In summary, the Romanian Black Sea coast presents itself as a real estate investment area with certain potential, primarily driven by the tourism sector. Prices, although increasing, remain competitive compared to other European seaside destinations, and prospects for rental yield, particularly during the season, are attractive. However, realizing this potential is conditional on wise management of the inherent challenges of this market. Strong seasonality requires an adapted rental strategy and a realistic forecast of annual income. The risk of overheating or saturation, particularly in areas of intense development like Mamaia Nord, necessitates a careful analysis of the supply/demand balance. Furthermore, the impact of major infrastructure projects, such as beach widening, can be ambivalent and must be evaluated. Investors should therefore adopt a differentiated approach depending on the target resort (Mamaia, Eforie, Tuzla, Constanța) and the type of clientele targeted, while integrating the specific risks related to seasonality, construction quality, and the coastal environment.

7. Market Outlook and Strategic Considerations (2025+)

As 2025 begins, the Romanian real estate market is at a crossroads, presenting both growth opportunities and significant challenges. The outlook for the year ahead and beyond will depend on the complex interaction between macroeconomic factors, specific sector dynamics, and political decisions.

7.1 Summary of Expert Forecasts

Leading real estate consultants active in Romania share cautious optimism for 2025.

Colliers anticipates solid residential demand supported by wage growth and an expected improvement in credit conditions, but still limited supply that will maintain upward pressure on prices. They highlight growing interest in the institutional rental market (PRS). For offices, they foresee moderate new demand, continued decrease in prime vacancy due to low supply, and increased market polarization. The industrial sector is expected to see slight moderation but retain strong fundamentals. Retail is expected to be very dynamic with over 200,000 sqm of deliveries planned for 2025. The investment market should continue its recovery, although the economic and political context remains complex.

CBRE notes a strong start to 2025 for investment (€169M in Q1), with a forecast exceeding one billion euros for the full year (+35% vs 2024). They anticipate a possible compression of prime yields (office, retail) by the end of the year, supported by the expected decrease in BCE interest rates and a solid transaction pipeline. Regarding offices in Bucharest, CBRE confirms the increase in net demand in Q1 2025 and the continued decrease in vacancy (11.9%), particularly in central areas (2.9%), due to limited supply which should support rents. Retail is identified as the leading sector for investment in Q1 2025.

Knight Frank highlights the polarization of the office market, with demand concentrated on prime and ESG assets. They note a slight increase in prime rents in Bucharest (reaching 22 €/sqm/month in the CBD at the end of 2024) and forecast stabilization in 2025 before a potential further increase in 2026. Vacancy is expected to continue to decrease in 2025 due to very limited supply.

JLL (via iO Partners and global data) emphasizes the resilience of demand for office and retail globally/in Europe, but greater caution in the logistics sector. They confirm the trend of gradual recovery in overall investment volumes, supported by significant available capital ("dry powder").

SVN Romania notes a decrease in residential sales in Q1 2025 but highlights buyers' adaptation to new prices and the maintenance of good relative affordability. They forecast continued low new supply for 2025 in Bucharest and surroundings.

Overall, experts agree on a continuation of moderate growth, increased market polarization, and the importance of local factors (supply, infrastructure, purchasing power) and external factors (interest rates, geopolitical context).

7.2 Key Trends to Monitor

Several underlying trends will continue to shape the Romanian real estate market in 2025 and beyond:

Accelerated Digitalization: Digital transformation impacts all segments. Virtual tours, collaborative platforms, artificial intelligence for property valuation and real estate management are becoming the norm, improving efficiency and customer experience.

Growing Importance of Sustainability (ESG): Environmental concerns and regulations (strengthened DPE, nZEB standards) are driving demand towards sustainable and energy-efficient buildings. Certified assets (BREEAM, WELL) benefit from a premium and are preferred by corporate tenants and institutional investors. The energy renovation of existing stock represents a significant opportunity.

Housing Affordability: The persistent gap between real estate prices in large cities and average incomes will remain a major social and economic issue, continuing to support the rental market and peri-urban expansion.

Peri-urban Development and Secondary Cities: The search for a better living environment, facilitated by remote work, and more affordable prices continues to fuel residential and commercial development (retail parks) in the peri-urban areas of large metropolitan areas and in dynamic secondary cities.

Evolution of User Needs: Whether for offices (flexible, collaborative, well-being-oriented spaces), retail (experiential, omnichannel), or residential (larger spaces, balconies/terraces, proximity to services), user expectations are evolving and influencing the design and valuation of properties.

7.3 Strategic Considerations for Investors

In this context, several strategic axes are emerging for investors in the Romanian market in 2025:

Location and Rigorous Selection: Market polarization necessitates a fine-tuned analysis of locations and asset types. Favor dynamic areas (Bucharest prime, Timișoara, Cluj, Iași, Constanța) and promising segments (logistics, retail parks, quality rental/peri-urban residential, prime/ESG offices). Thorough due diligence is essential, particularly regarding legal, urban planning, and construction quality aspects.

Risk Management: Integrate macroeconomic (inflation, rates, deficit), political, and administrative risks (authorization delays) into investment models. For the coast, managing seasonality and the risk of saturation is paramount. Geographical and sectoral diversification can mitigate some risks.

Focus on Quality and Sustainability: Investing in modern, well-maintained assets that meet ESG standards appears to be a resilient and value-creating long-term strategy. The renovation and upgrading of existing stock also represent an opportunity.

Anticipation of Cycles and "Early Mover Advantage": With signs of stabilizing rates and prices, 2025 could offer acquisition opportunities before a potential more marked recovery in volumes and values. Anticipating future user needs (flexibility, sustainability, services) is key.

Local Partnerships: For foreign investors, relying on reliable local partners (consultants, lawyers, property managers) is crucial for navigating the complexities of the Romanian market and administration.

8. Conclusion

The Romanian real estate market enters 2025 with complex dynamics, mixing economic resilience, structural challenges, and targeted opportunities. Despite a strained fiscal environment and political uncertainties, market fundamentals, including strong underlying demand in several segments (residential, logistics, proximity retail) and the country's continued attractiveness for certain investments, have allowed for notable activity in 2024 and early 2025.

The main characteristic of the current market is the growing tension between this demand and limited supply, particularly for new and quality assets in large agglomerations. This shortage, fueled by authorization difficulties and construction costs, leads to marked polarization: "prime" assets appreciate, while secondary stock struggles. It also redefines residential choices, increasing affordability problems in urban centers and stimulating the rental market as well as expansion into peri-urban areas.

Bucharest remains the primary market but concentrates these tensions, while regional hubs like Timișoara show remarkable dynamism, particularly in peri-urban development. The coast, meanwhile, offers high potential but requires expert management of seasonality and specific risks.

For investors and developers, 2025 will be a year demanding agility and discernment. Success will lie in the ability to identify the most promising segments and locations, prioritize quality and sustainability, anticipate user needs, and navigate administrative and infrastructural complexities. While macroeconomic and fiscal challenges should not be underestimated, Romania's long-term growth prospects, supported by its European integration (notably Schengen) and structural funds, continue to offer a potentially favorable framework for strategic and well-targeted real estate investments.

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Scallier opens sixth retail park in Romania, plans for more, consulté le mai 7, 2025, https://www.romania-insider.com/scallier-sixth-retail-park-romania-nov-2023
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Mall-ul Promenada din Bucureşti va fi extins printr-o investiţie de 282 de milioane de euro, finalizarea fiind planificată la sfârşitul anului 2026/ NEPI Rockcastle anunţă un buget de peste 650 de milioane de euro pentru proiectele de dezvoltări | News.ro, consulté le mai 7, 2025, https://www.news.ro/economic/mall-ul-promenada-bucuresti-extins-printr-investitie-282-milioane-euro-finalizarea-fiind-planificata-sfarsitul-anului-2026-nepi-rockcastle-anunta-buget-peste-650-milioane-euro-proiectele-dezvoltari-1922400821002024031621531357
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Dublin Office Market - Savills, consulté le mai 7, 2025, https://pdf.euro.savills.co.uk/ireland-research/dublin-office-market-2025-final.pdf
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126 New Properties for Sale in Mosnita Noua | Properstar, consulté le mai 8, 2025, https://www.properstar.mu/romania/mosnita-noua/buy/most-recent?p=3
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ROMANIAN REAL ESTATE MARKET REPORT 2024, consulté le mai 7, 2025, https://www.crosspoint.com.ro/romanian-real-estate-market-report-2024/
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Complex rezidențial Mamaia Sat • Building Ștefan, consulté le mai 8, 2025, https://buildingstefan.ro/complex/building-stefan-mamaia-sat/
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Analiza diagnostic privind dezvoltarea turismului în județul Constanța, consulté le mai 8, 2025, https://www.cjc.ro/dyn_doc/turism/Strategia_jud.Constanta_Faza1.pdf
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Doi investitori din Eforie vor să construiască o pensiune cu trei etaje în oraș. În ce zonă va fi aceasta amplasată - Ziarul Amprenta, consulté le mai 8, 2025, https://ziarulamprenta.ro/imobiliare-constanta/doi-investitori-din-eforie-vor-sa-construiasca-o-pensiune-cu-trei-etaje-in-oras-in-ce-zona-va-fi-aceasta-amplasata/392725/
Hotel investments in Romania up 56% in 2024 | NEWS - Property Forum, consulté le mai 8, 2025, https://www.property-forum.eu/news/hotel-investments-in-romania-up-56-in-2024/19594
Romanian Hotel Market - Crosspoint Real Estate, consulté le mai 8, 2025, https://www.crosspoint.com.ro/wp-content/uploads/2024/08/romanian_hotel_market_2024_crosspoint.pdf
Litoralul Romanesc 2025 - Oferte Cazare Litoral Romania - EXIMTUR, consulté le mai 7, 2025, https://www.eximtur.ro/litoral-marea-neagra
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Cele mai bune 10 hoteluri din Mamaia (Prețuri de la 219 lei) - Booking.com, consulté le mai 7, 2025, https://www.booking.com/city/ro/mamaia.ro.html
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Litoralul Pentru Toti - Oferte de cazare pe litoral cu tarife reduse 2025, consulté le mai 7, 2025, https://www.litoralulromanesc.ro/litoralul_pentru_toti.htm
Hotel Mirage MedSpa Eforie Nord - Oferta de cazare 2025, Oferta Rusalii, Zile Gratuite de Vacanta - Litoralul Romanesc, consulté le mai 7, 2025, https://www.litoralulromanesc.ro/eforie_nord_hotel_mirage.htm
Mamaia Romania Oferte Litoral 2025 Mamaia. Oferte Inscrieri Timpurii Mamaia 2025. Hoteluri Mamaia. - Plaja.ro, consulté le mai 7, 2025, https://www.plaja.ro/mamaia/
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Litoralul pentru toți 2024, septembrie. Când se reduc prețurile pentru cazarea la mare, consulté le mai 7, 2025, https://stirileprotv.ro/stiri/travel/litoralul-pentru-toti-2024-septembrie-cand-se-reduc-preturile-pentru-cazarea-la-mare.html
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Beach between Romanian resorts Mamaia and Eforie Nord to expand with EUR 170 million funding | Romania Insider, consulté le mai 7, 2025, https://www.romania-insider.com/beach-between-romanian-resorts-mamaia-and-eforie-nord-to-expand-with-eur-170-million-funding
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Romanian Real Estate Market 2025: Analysis and Outlook