ARTICLES LABELLED WITH TAG Romania

The occupancy rate in Bucharest’s hotel market was up 5% in 2023 compared to the previous year, but it remains around 10% under 2019. However, average revenue per room was up 12%, which is higher than in pre-pandemic times, according to a Cushman & Wakefield Echinox report.

Hungarian construction company Kesz Group has expanded in the Romanian residential segment and will start its first housing project in northern Bucharest. Following this move, the group will act as a construction and developer player on the local market.

Romanian developer One United Properties recorded a net profit of €89.6 million in 2023, up 8% year-on-year, while its turnover rose by 30% to €306.6 million over higher residential sales and rent income.

Residential transactions in Bucharest fell by 17% in 2023 versus the previous year, while in neighbouring Ilfov County the volume of deals rose by 6% over smaller prices of homes, according to a iO Partners report.

Romania’s retail stock is set to expand by around 90,000 sqm in 2024, of which more than half will be based in Pitești-based Argeș Mall. However, the development pipeline is strong for the 2025-2028 period, with a few large and dominant shopping centres expected to add several hundred thousands of leasable space to the local market, according to Colliers data.

Commercial real estate transactions in Romania amounting to more than €600 million are currently under negotiation. Around half of assets in ongoing talks are based in Bucharest, according to a Cushman & Wakefield Echinox report.

Coworking space operator betahaus has opened its first hub in Bucharest, marking its entrance in Romania. The company has leased space in the Premium Plaza office project owned by GTC in central Bucharest.

Sale prices for properties in Romania’s mountain resorts start at €3,500 - €4,000 per sqm and can go as high as €7,500 sqm, according to a Crosspoint Real Estate report. By contrast, prices can reach €8,000 per sqm in Austrian resorts and around €28,000 per sqm in French mountain resorts.

The retail sector accounted for 58% of the total investment transaction volume that reached €500 million during 2023 in Romania, according to data from iO Partners in collaboration with JLL.

Sylvie Geuten-Carpentier, Managing Partner at Mitiska REIM, talked to Property Forum about the current state of affairs in the Polish investment market, recent activities of Mitiska in CEE countries and the rising attractiveness of the retail park sector.