Romanian Real Estate News – 09/01/24

Romanian real estate news

The housing market contracted in 2023 on both the supply and demand sides. The number of residential project completions decreased nationally by 2% in H1 2023 on an annual basis, while the volume of construction works in the first 9 months of 2023 dropped 7.2% with significant regional disparities, according to the latest Financial Stability Report from the National Bank of Romania (BNR).

Net investments in new construction works exceeded RON74.188 billion in January-September 2023, accounting for 62.6% of total investments in Romania’s economy, compared to 62% in the similar period of 2022, according to INS data.

-The Romanian hotel market will ad seven new hotels under international brands this year, with around 650 rooms overall, Ziarul Financiar reported.

-The former Dunarea Hotel in Bucharest, near the North Railway Station, has taken its first steps toward rehabilitation after District 1 City Hall began the documentation work for the necessary investment. Built between 1934 and 1940 and damaged during the 1977 earthquake, the hotel will be transformed into a cultural center, according to the authorities.