The Romanian land market remained highly active in the first half of 2023, reaching an estimated turnover of around EUR250 million, as per a report by Colliers regarding the evolution of the real estate market in the first half of 2023.
The first quarter of 2023 was among the slowest in the post-pandemic period in terms of demand for office space, reflecting uncertainty triggered by economic perspectives, according to Colliers.
Housing prices rose, between 2015-2021, by 38% on average in the EU, with Romania having the lowest price increase in CEE, of 34%, reveals a recent Colliers report.
The number of housing units sold in Bucharest last year rose by 11% in 2022 from 2021, but the falling affordability and the restrictive interest rates whetted Romanians’ appetite for rents, reveals a Colliers survey.
Romania's land market remained active in 2022, maintaining trends seen in the past couple of years which marked the best levels since 2007, but dropped by around 45% in volume of deals closed, reaching almost EUR450 million, as per the 2022 Annual Report released by Colliers.
Modern industrial and logistic space stock at end-2022 reached almost 6.2 million square meters, up by over 500,000 square meters from 2021, and there’s further significant room for growth as compared to other CEE countries, Colliers consultants believe.
2022 was a pretty good year for the Bucharest office market in terms of demand, given the generally difficult economic climate, with demand being comparable to the good times before the pandemic, while in the second half of the year, it was rather comparable to 2021, as per the annual report released by real estate consulting firm Colliers.
The Romanian investment market recorded transactions worth over EUR1.25 billion in 2022, well above the EUR890 million level recorded in 2021, seeing the highest value since 2007, as per the 2022 Annual Report released by Colliers.
The year 2023 will probably be a period of rebalancing on the real estate investment segment, after the record highs in 2022, and the logistics and industrial segment remains one of the most dynamic real estate sectors, according to consultants of real estate consulting firm Colliers.
Investments in commercial real estate assets in Romania reached a record high in 2022, of over EUR1.2 billion, the highest level since 2007, a significant increase compared to the usual average volume of about EUR900 million that Romania has had from 2014 to date, according to a report by real estate consulting firm Colliers.
The volume of deals with land intended for commercial real estate projects in Romania (excepting the traditional industrial and logistics projects) reached approximately EUR450 million in 2022, lower than EUR800 million in 2021, according to estimates by real estate consulting firm Colliers.
Beyond the increasing of uncertainty, the conflict in Ukraine did not have visible effects on the local office market, but its aftermath – particularly the higher inflation and the rising cost of risk – is relevant, said Silviu Pop, Director CEE & Romania Research at Colliers.
The strong increase in authorized areas in the third quarter of 2022 canceled the decrease in the first part of the year, therefore, after the first nine months there are only 1% fewer authorized units compared to the same period of 2021, according to Colliers.
After four quarters of solid performance, activity in the office space market slowed down in the third quarter of this year, a Colliers analysis shows.
Transactions of apartments and houses began to decline starting with spring 2022 due to high energy costs, rising construction materials and fuel prices, in addition to rising costs associated with mortgages, according to Colliers consultants.
Residential developers in Romania remain focused mostly on areas outside of capital city Bucharest where the land supply is abundant, prices are smaller and building permits are obtained without challenges, as per a Colliers market report on the evolution of the real estate market in the first half of 2022.
E-commerce boom is slowing down, and this is a clear signal of a more wary consumer in major cities, where most online purchases are registered, according to Colliers.
Romania’s housing market is heading toward a new record in terms of deliveries in 2022 as well, in a context dominated by rising prices of building materials and implicitly of apartments, as the gap between deals and deliveries continues to be extremely high, both in Bucharest and nationwide, reveals an analysis by real estate consulting firm Colliers.
The Bucharest office space market returned to pre-pandemic levels, the industrial and logistics spaces reach new record highs and the investment market could reach its highest level in more than ten years, according to Colliers’ Mid-Year Report for 2022.
The recovery of the Bucharest office space market continued in the first half of 2022 too, despite uncertainty and fears of an economic slowdown, according to real estate consulting firm Colliers.