The property industry is facing major challenges due to the record inflation, the war in Ukraine and the energy crisis, explained Roxana Bencze, COO, Knight Frank Romania, who chaired the panel.

CTP has over 600 clients at a group level, while in Romania there are 240 clients as of today, said Ana Dumitrache, Country Head Romania, CTP. She added that there is an uptrend of the rents due to the higher costs of energy and transportation, while developers are looking to maintain their profitability.

Razvan Nica, Managing Director, BuildGreen, pointed out that 100% of the new office projects are looking to secure sustainability certifications. For industrial spaces, up to 75-80% are in the certification process. Nica predicts that buying interest for certified green residential projects will go up in the medium term.

Alex Skouras, Managing Partner, Alesonor, explained that the company’s development strategy relies on the facilities for the community, sustainability and a safe environment for all residents. On growing construction prices, Skouras said that the demand will remain healthy for residential products that meet the right demand.

Silviu Stratulat, Managing Partner, Stratulat Albulescu, spoke out about the European Commission’s plans to make EU member states less dependent on fossil fuels. For new buildings starting in 2027, it will become mandatory to have solar panels or other systems that make energy consumption more efficient.

Emma Toma, Head of Office Leasing Division, AFI Europe Romania, pointed out the company will develop 400 residential units for rent, which is a new niche, in the northern part of the city near its existing office projects. Toma added that the cost of the construction will go up by 50% for projects developed now, while rents for offices will grow in the next 2-3 years.