Romania Land Market

Demand

The land market activity in 2025 was influenced by political uncertainty and fiscal adjustments, with sentiment improving post elections, leading to quite strong results in the final months of the year. Overall, we estimate that the volume for land transactions involving plots relevant for commercial real estate projects likely reached ​ nearly €450 million in 2025, comparable to the previous year. We need to acknowledge that we have started including some industrial transactions in our market activity volumes, particularly as we are seeing increased competition for land plots from various developer sectors; furthermore, some land plots secured in 2025 by industrial developers were initially purchased for other types of projects (particularly residential). We also want to emphasize that 2025’s finale was particularly active and given that the land transactions’ market is fairly opaque, we could adjust the actual volume a bit higher in the subsequent quarters as we learn of deals that were actually closed.

In a nutshell, activity was focused on several aspects, like caution, buyers seeking to limit risk exposure and limit cash expenditures when purchasing, while sellers sought to cleanse their portfolios of non-core assets and improve their liquidity picture.

Amid the urbanistic blockage seen in Bucharest (still no general urbanistic plan in sight as of 2025) as well as the fast-track improvements in infrastructure nationwide (including in neighbouring areas around Bucharest amid the A0 ring-road highway), the Capital’s share of overall land plot deals in 2025 dropped towards 60% versus 70-80% in previous years. To an extent, this is the natural course, as the economy diversifies and other regional growth drivers have emerged, but for now, the short-term reasons led to the drop.

Deals continue to be focused on residential projects or mixed-use projects with a large residential component, accounting for around two thirds of overall dealmaking activity in Bucharest. It is interesting to note that large developers are starting to focus on new areas/submarkets (sometimes in other cities altogether) as they seek to diversify – for instance, in areas around Bucharest’s new ring-road highway. We also note that certain areas of Bucharest, covered by zonal urbanistic plans (one of those recently “reactivated” in courts, for instance) are seeing renewed interest from investors.

Meanwhile, retail developers followed at a significant distance, accounting for around 20% of land purchases in Bucharest and its surrounding areas. While most residential developers are locals, for retail – it’s the complete opposite. Competition for good land plots is significant, leading to price pressures, particularly as speculative buyers can also get involved in such cases.

The industrial sector (including for in-city logistics or, in rare cases, for data centres) is also starting to become a more visible player for land plots that would have previously only attracted residential developers. This is in part due to the improved infrastructure picture, but such buyers tend to be more price-sensitive.

Other sectors are barely visible, with office buyers, for instance, only looking at the market for potential future deliveries while waiting to see the leasing space recover and maybe rents inching higher to justify the increased development costs. Land plots purchased for hotel reasons are also virtually non-existent, but this could also be the result of the fact that many older buildings in prime locations have been snapped up in recent years to be refurbished as hotels.

Outside the Capital, the majority of land transactions were mainly split between residential and retail uses in roughly equal proportions. Residential land sales are mainly focused in large urban areas where many large/strategic platforms were secured, cementing some long-term projects. We also note the fact that developers once focused solely on Bucharest are looking elsewhere, while the reverse is also valid, as some of the traditionally regional players are now actively prospecting Bucharest market.

Meanwhile, retail deals happened throughout all the country – regardless of the size of the town, as developers are seeking to fill in any gaps that may be in terms of modern retail coverage. New players (including wealthier locals) have entered the market in recent years, competing alongside those present, leading to quite competitive bids for the best locations. It is important to point out that it is not just developers that have shown elevated interest, retail chains (food, discounters, DIY, white goods etc.) have also been quite active as well. We also want to point out that several local-owned retailers have started branching out in recent years (prior to this, the market was quite dominated by foreign players), becoming some of the most significant buyers of land plots and highlighting their growing ambition to move into other development spaces, not just retail.

Supply

Supply continued to grow, with more land plots and platforms entering the market—including sites with existing project approvals, but also strategic platforms. Motivated sellers seek to capitalize on still stable price levels, though buyers remain sensitive to overvalued land. Infrastructure developments, especially the A0 Beltway around Bucharest, continue unlocking new zones of interest.

Transactions and Prices

Key transactions in 2025 include the acquisition of the CUG industrial platform in Cluj Napoca (30 ha),Cordia’s purchase of a permitted 8,200 sqm plot in central Bucharest from Bog’Art as well as the sale closing of the former Rocar platform to One United. Prices remain relatively stable overall, though plots with strong permitting advantages in large cities have seen increases of 20-30% compared non-permited plots and a 5-10% increase year-on-year. In peri urban areas witnessing significant infrastructure and/or real estate development in the recent period, competition among developers drives notable appreciation (even doubling in the last 5 years in some instances).