Romania becomes regional leader in the real estate investment market
Romania has established itself as a regional leader, recording the best performance among the five largest economies in Central and Eastern Europe – Bulgaria, the Czech Republic, Hungary, Poland and Slovakia.
Industrial assets dominated transactions, totaling almost EUR 300 million, making 2024 a record year for this investment segment.
Major transactions of 2024
One of the most important transactions was the sale of the Globalworth industrial portfolio, partly co-owned with Global Vision, through two separate transactions, totaling EUR 278 million.
For 2025, Colliers specialists describe the market outlook as mixed, highlighting political uncertainty after the cancellation of the presidential elections and a high risk profile, caused by economic imbalances, as the main challenges for real estate investments.
“Compared to the previous year, 2024 was a much more active year and ended with a solid result. The strong transaction dynamics observed during the year continued in 2025, with several major agreements still in progress. These increases in transaction activity confirm that the relatively low volume of investments in Romania, compared to Poland, is more the result of a lack of available products, rather than a lack of interest. Banks remained involved, facilitating access to financing. This year we expect the positive dynamics to continue, with good premises to exceed the performance of 2024”, explains Robert Miklo, Partner | Head of Capital Markets Colliers.
The largest transactions of 2024
- CTP acquired 270,000 sq m of warehouses and land for expansion in several cities, for approximately EUR 168 million.
- WDP bought a 136,000 sq m portfolio (co-owned by Globalworth and Global Vision) for EUR 110 million.
- WDP acquired Expo Market Doraly, a retail park in northern Bucharest, for approximately EUR 90 million.
- African Industries Group, with Indian capital, bought The Landmark, a premium office complex in the central business district. This is the first major transaction in Romania by an Indian investor.
- BT Property, the real estate fund of Banca Transilvania, bought two retail parks, consolidating the presence of Romanian capital on the market.
- The Medical University of Târgu Mureș acquired Mureș Mall, intending to transform it into an educational center. This is part of a growing trend of acquisitions by local authorities.
Investment Yield Evolution and Financing Trends
- Premium Retail: 7.25%
- Premium Office: 7.50%
- Industrial/Logistics: 7.75% (+0.25% YoY)
This adjustment does not indicate a market correction, but a realignment based on recent transactions that have confirmed current yield levels. Regional retail is performing strongly – newly developed retail parks have closed transactions at yields of around 8%, and some even below this level. Industrial and retail are performing well, and next-generation offices are gradually regaining investor interest, after a period affected by the remote working trend.
The outlook for 2025 is promising, with deals worth almost EUR 100 million signed but not yet closed, including the sale of part of Immofinanz’s Iride Park and a portfolio of retail parks belonging to MAS REI.
In addition, other deals in various stages of negotiation, totaling around EUR 500 million, suggest a strong start to the year. If the positive trends continue, Colliers’ analysis indicates that commercial real estate investments could exceed EUR 800 million in 2025. However, this scenario depends on key market developments.
Key challenges for Romania
Political uncertainty, the cancellation of the presidential elections and economic uncertainty could slow down investment. Also, the large fiscal deficit and current account imbalances affect the attractiveness of the market, while fiscal reforms could mitigate these risks and stimulate investment. Geopolitics, the fragile euro area economy and global trade policies remain key elements to monitor.
Long-term outlook
Between 2015-2019, Romania had an annual average of commercial real estate transactions of over EUR 900 million. Romania's nominal GDP doubled compared to 2015. Accelerating infrastructure development will support economic growth and increase Romania's attractiveness for investors. With solid economic fundamentals, Romania has the potential to attract new investors and maintain a positive growth trajectory in the long term.
