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.
The Bucharest National Airports Company, which operates the two main airports of the capital, wants to purchase 450 benches for passengers in the boarding gate area of the Henri Coandă International Airport, better known as the Otopeni Airport. According to the announcement, CNAB will purchase 250 three-seat benches and 200 four-seat benches. The contract is […]
Dorin Bob, a Romanian businessman, invested in a project called Pădurea cu Aluni (The Hazelnut Grove), aiming to become the hazelnut supplier for global brand Ferrero. The Transylvanian businessman, who owns the Arovit canned goods brand, currently operates a 460-hectare hazelnut plot in Homoroade, Satu Mare County. He recently acquired a new 211-hectare plot in the […]
The total number of recipients of social benefits for retired persons was, in October 2024, 925,865 – 2,322 lower compared to the previous month, according to the data provided by the National Public Pension House (CNPP) and quoted by Economica.net. Of these, 832,693...
The team of Kosovo abandoned during the stoppage time in the 92nd minute of the football match against Romania in Bucharest counting for the Nations League, accusing the Romanian fans of "racism" after the later sang Serbia-related chants. The Romanian team remained on the pitch for 74 minutes until the referee decided to put an […]
One week before the first round of the presidential elections in Romania and two weeks before the parliamentary ballot, the leader of Romania's junior ruling Liberal Party (PNL) and a presidential candidate, Nicolae Ciucă, took one more chance to argue vocally that only his party can send the senior ruling Social Democratic party (PSD) and […]
International rating agency Moody's has affirmed the ratings assigned for the first time in 2023 to Romanian financial group Banca Transilvania (BVB: TLV) and improved the outlook on the long-term deposit (Baa2) and issuer ratings (Baa3) to positive from stable. Low dependence of market funding and high profitability balances against risks posed by foreign currency […]
