The land market remained very active in Romania in the first half of 2023, with an estimated turnover of around 250 million euros, a volume that only includes land transactions for commercial real estate projects in sectors such as the residential, office, retail ones, without taking into account segments such as the industrial or energy ones, shows Colliers in its market report on the evolution of the real estate market in the first half of this year.The retail segment is enjoying the most attention as developers continue to see opportunities in many areas of the country. As the summer period has been fairly quiet so far, Colliers consultants expect modest transaction volumes in the coming quarters.In terms of demand, it has been almost evenly split between the retail and residential segments. However, while retail developers remained quite active, focusing mainly on retail/big box stores parks in areas/cities with limited stock of modern retail space, in the residential sector there has been a more pronounced slowdown in transactions, as higher interest rates and rising construction costs have led to a fairly significant decline in activity, especially compared to the 2020-2022 period.In Bucharest, the adjustment of the supply of new dwellings amid lower demand was evidenced in the first quarter of the year by a sharper decline in the number of dwellings delivered. Only 4,666 dwellings were delivered in the first three months of 2023, down 16% compared to the same period last year.The evolution of the residential market is closely linked to the general evolution of the economy, and the good outlook for the Romanian economy was highlighted in the European Commission's latest forecast this spring. Despite the slowdown in economic growth in the European Union compared to 2022, Romania is the country with the highest projected economic growth in the EEC and the third highest in the EU, with 3.2% in 2023 and 3.5% in 2024. These prospects contribute to the positive investment climate, together with the second lowest inflation in the CEE-6 and the level of public investment in infrastructure.
Romanian prime minister Ilie Bolojan stated during an interview on Wednesday, December 17, that there should be no statute of limitations in cases of serious corruption. The statement comes after a Recorder investigation, which showed that several heads of the major institutions in the Romanian justice system allegedly delayed trials for years until wrongdoings were […]
President Nicușor Dan has challenged, before the Constitutional Court (CCR), the constitutionality of the law that requires that at least 40% of the athletes who play on a team in official national competitions be Romanian. Dan noted that the law violates the principle of non-discrimination and the free movement of workers, enshrined both in the […]
Craiova International Airport will open its new passenger terminal on Thursday, December 18, completing a major infrastructure investment aimed at significantly expanding capacity and improving air connectivity in southwestern Romania. It is part of a broader expansion and modernization project financed through the Large Infrastructure Operational Programme (POIM) 2014–2020, with a total value exceeding EUR […]
Romania is set to be connected to the Western European energy network thanks to grid investments worth EUR 30 billion. The funds will be provided by the EU by 2035, and the project will link Romania to Hungary and Austria in a joint project. Romanian energy minister Bogdan Ivan signaled the signing of the new […]
Franck Bagouet has been appointed managing director of TotalEnergies Marketing Romania SA and managing director of Automotive Southeast Europe Hub TotalEnergies Marketing. He succeeds Didier Grimault, who has accepted a new position within the TotalEnergies company. “I am glad to join this dynamic affiliate and confident that, together with our talented team, we will reinforce […]
Databricks, the data analytics and artificial intelligence company co-founded by Romanian professors Ion Stoica and Matei Zaharia, announced on Tuesday, December 16, that it is raising USD 4 billion in funding at a valuation of USD 134 billion, according to CNBC. The new valuation represents a 34% increase compared to the August round, when Databricks […]
