Romania Western appetite is strong in Romania

Western European investors' market share accounted for approx. 39 pct of the total transaction volume of EUR 4.5 bln during the analyzed period. They were followed by Romanian investors, who acquired assets worth nearly EUR 1.2 bln, representing a 26 pct market share. Investors from Central and Eastern Europe purchased real estate assets valued at EUR 560 mln (13 pct market share). Meanwhile, investors from the Middle East made investments totaling EUR 388 mln, while South African investors saw a decline in activity, holding a 7 pct market share.

Despite the volatile market environment, marked by several major events, the Romanian real estate sector has continued to attract new investors, both local and international. Among the newcomers are 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).

Amongst the companies already active in the local market, the largest acquisitions were made by Pavăl Holding, CTP, and AFI Europe, as they strengthened their positions by acquiring office building portfolios (Pavăl Holding and AFI Europe) and industrial and logistics parks (CTP). These acquisitions also marked the exit of the Austrian group CA Immo from the Romanian market, the exit of South African group NEPI Rockcastle from the office segment, and Globalworth’s exit from the industrial sector.

Over the last five years, the Romanian real estate market has attracted capital from over 20 countries across four continents. However, European investors, including Romanian ones, have accounted for approx. 80 pct of the total transaction volume. While Western European investors' appetite for acquisitions remained strong at the start of this year, we are also seeing growing interest from Central and Eastern European players.
Cristi Moga, head of Capital Markets, Cushman & Wakefield Echinox

Between 2020 and 2024, 159 transactions were recorded, with an average value of over EUR 28 mln. The most transacted properties were office buildings, which accounted for over EUR 2.2 bln (nearly 50 pct of total volume), followed by retail projects (24 pct) and industrial properties (19 pct).

Approx. 60 pct of the investment volume was directed toward properties located in Bucharest, while more than a quarter of the market consisted of portfolio acquisitions of assets located in multiple cities across Romania.