Romania Real Estate Market Outlook H1 2023
Challenges and opportunities after the first half of 202
July 28, 2023 3 Minute Read
Modest GDP annual growth rate forecast of only 2.2% in 2023 as the high inflation and the tightened policy rate were considered.
Romania's investment volume amounts to EUR 183.8 mln. at H1 2023, 74% of it as well as the largest deal year-to-date being secured in Q1.
Bucharest modern office stock amounts to 3.38 mln. sq m at the end of H1 2023 facing new supply and short-term pipeline shortages.
Romania’s modern industrial stock reached 6.91 mln. sq and by the end of the year, circa 407,000 sq m are expected to be added, towards year’s end breaking the 7.0 mln. sq m milestone.
Romania retail stock reached at the end of H1 2023 at 4.15 mln. sq m, Bucharest is hosting the largest share, meaning 30% of the total area. It is forecasted to gather 4.39 mln. sq m by the end of 2024, the core of the modern stock is reshaping, and the share of retail parks is nearing close to half.
During the first half of 2023, circa 72 hectares of development land were transacted in Romania, more than half of the properties being located in Bucharest and Ilfov County. Claiming 45% of the total transacted area, buyers envisioned the newly acquired land plots, mainly residential projects.