Revenues in Romania's luxury goods market are projected to reach EUR 535.82 million in 2024, with online sales contributing a significant 13.8 percent to this amount, shows a specialist survey by CBRE Romania released on Tuesday.According to the cited source, the demand for luxury goods is on the rise, driven by the upward trend in the population's standard of living.Also, CBRE announced that it will be the exclusive agent for the leasing strategy of H Stirbei Palace, an iconic historical monument located in the heart of Bucharest and one of the most anticipated retail projects in Romania's capital city. Thus, after the completion of renovation works, the Stirbei Palace is intended to become a landmark shopping gallery for Southeast European luxury brands."The Romanian luxury retail market in on the rise, and Bucharest is becoming an increasingly attractive destination for premium brands. This trend is fueled by the development of prestigious real estate projects, including 13 new five-star hotels planned until 2028, which will operate under brands such as Corinthia, Mondrian, Hyatt and Kempinski. According to a market report by CBRE Romania, an increase in prime rents for street locations was recorded in Q1 2024, which reflects the dynamism of this segment," mentions the cited source.CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company based in Dallas, is the world's largest commercial real estate investment and services firm, according to 2022 revenues.
Bucharest will see extensive traffic restrictions on August 31 as the capital hosts the fourth edition of L’Étape Romania by Tour de France. Several major boulevards and central streets will be closed between 07:00 and 14:00 to allow more than 2,500 cyclists to take part in the event, the organizers said. The closures will affect […]
Districts 2, 3, and 4 in Bucharest are without hot water as of the time of writing due to a major breakdown that occurred on Sunday, August 17, on a main pipeline of the city's public heating system. The pipeline is located in central Bucharest, at the intersection of Mihai Bravu Road with Splaiul Unirii, under […]
UNTOLD X, the 10th anniversary edition of Romania’s largest music festival, generated more than EUR 120 million for the local economy in Cluj-Napoca and surrounding counties, according to figures released after the event. Over 470,000 people attended the four-day festival, filling hotels and restaurants to capacity and creating a significant boost for local businesses, the […]
A 70-year-old English tourist died on Saturday, August 16, due to a cardiorespiratory arrest while on a trail in Romania's touristic Bucegi Mountains. Emergency crews requested the intervention of a helicopter from the Brașov Air Operations Point in the case, helping them arrive at the scene in about 15 minutes. Once there, medical crews performed […]
Police have seized EUR 3.5 million worth of cocaine found hidden in a camper van last week and arrested two Serbian citizens suspected of trafficking the drugs through Romania. The operation, carried out by the Organized Crime Directorate – Anti-Drug Service together with DIICOT prosecutors, targeted an international network using the Balkan route to smuggle […]
Romania’s National Environmental Guard will begin using body cameras and drones in field operations after the government approved new regulations making the equipment operational, the Ministry of Environment announced. The devices, purchased through the National Recovery and Resilience Plan (PNRR), are intended to strengthen enforcement and improve transparency in environmental inspections. Environment minister Diana Buzoianu […]
