RESIDENTIAL
-Romania continues to rank third among European countries with the cheapest new housing, after Bosnia-Herzegovina and Greece, with an average price of EUR1,504/sqm in 2023, slightly up from EUR1,461/sqm in 2022, according to the Deloitte Property Index 2024 survey conducted in 24 countries based on data from their main cities and towns.
-The Financial Supervisory Authority has approved the prospectus of Bucharest-listed One United Properties via which the leading Romanian green developer of residential, mixed-use, and office real estate, wants to raise EUR70 million from investors, by issuing 1,750,000,000 new shares, to fund the next business growth stage. The company reported residential sales and pre-sales of 123.3 million euros in the first half of 2024, up 2% on an annual basis.
RETAIL
In H1 2024, the volume of real estate deals in Romania recorded an 131% increase to EUR418 million, marking the highest growth rate in Central and Eastern Europe (CEE), according to Cushman & Wakefield Echinox. Romania saw 38 transactions, up from 17 in H1 2023, making it the most active first half-year since 2017. Retail accounted for the largest share of the volume (47%) in H1 2024, followed by Industrial (43%), Hospitality (6%), and Office (4%).
HOSPITALITY
-Bucharest’s short-term rental market has experienced significant growth, as in 2023 alone generated revenues of EUR41.3 million, according to the latest Crosspoint Real Estate Hotel Market Report. With an average of 4,550 listings and revenues of approximately EUR24 million recorded in H1 2024 the Romanian capital’s short-term rental market is expected to outperform the previous year’s level by more than 25%.
-Compared to June 2023, in June 2024 the arrivals in the establishments of tourists’ reception with functions of tourists’ accommodation, including apartments and rooms for rent, increased by 4.9%, and the overnight stays increased by 1.8%, the National Institute of Statistics data showed.
DEVELOPMENT
Bucharest mayor Nicușor Dan announced on Thursday (August 8) that from now on he will sign the traffic notices for zonal and detail urban planning documents (PUZs and PUDs) and the building permits, with the Traffic Commission having only a consultative role.
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