Western European investors have emerged as the dominant force in Romania’s real estate market over the past five years (2019–2024), injecting €1.75 billion into the sector, according to data from Cushman & Wakefield Echinox. Investors from Austria, the Netherlands, Belgium, and the United Kingdom accounted for 39% of the total transaction volume of €4.5 billion recorded during this period.
They were followed by Romanian investors, who acquired properties worth nearly €1.2 billion (26% market share). Investors from Central and Eastern Europe secured real estate assets valued at €560 million (13% market share), while Middle Eastern investors contributed €388 million to the market. Meanwhile, South African investment activity declined, holding only 7% of total transactions.
Despite economic uncertainties and shifting global trends, Romania’s real estate sector continues to attract both local and international players. Several new investors have entered the market, including M Core (UK), Supernova (Austria), Adventum Group (Hungary), Fortress (South Africa), Oresa Industra (Sweden), BT Property (Romania), Vectr Holdings (India), Vincit Union (Latvia), W&E Assets (USA), and AYA Properties (Belgium).
Major Acquisitions and Market Exits
Among companies already established in Romania, Pavăl Holding, CTP, and AFI Europe led some of the largest transactions in recent years:
- Pavăl Holding and AFI Europe expanded their portfolios through office building acquisitions.
- CTP strengthened its presence by investing in industrial and logistics parks.
These acquisitions reshaped the local market, leading to notable exits:
- Austrian group CA Immo exited the Romanian market.
- South African giant NEPI Rockcastle withdrew from the office sector.
- Globalworth exited the industrial segment.
“Over the last five years, Romania’s real estate sector has attracted capital from over 20 countries spanning four continents. However, European investors, including Romanian ones, have accounted for nearly 80% of the total transaction volume. While Western European players remain highly active, we are also witnessing increased interest from Central and Eastern European investors,” said Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox.
Market Trends: Investment Breakdown
Between 2020 and 2024, a total of 159 transactions were recorded, with an average deal size of over €28 million.
Portfolio acquisitions across multiple cities accounted for over 25% of the market.
Most Transacted Property Types:
Office Buildings – €2.2 billion (nearly 50% of total volume)
Retail Projects – 24%
Industrial Properties – 19%
Geographic Distribution:
Bucharest attracted 60% of total investment volume.
Cushman & Wakefield Echinox, a leading real estate consultancy in Romania, has played a key role in facilitating transactions worth approximately €500 million over the past five years, reinforcing Romania’s status as an emerging investment destination in Central and Eastern Europe.
