24.02.2025
Mauricio Mesa Gomez, Country Manager of Cordia România & Spain
What were the main business results for 2024?
In 2024, a major milestone for Cordia România was the full sale of the Parcului20 project.
Internationally, Cordia also achieved significant growth. The company successfully delivered 116 luxury apartments in Jade Tower, Fuengirola, Spain, further reinforcing its presence in the Spanish market, and is now preparing a new project there. In Hungary, the Marina City project in Budapest continued to make progress, positioning itself as a landmark sustainable development along the Danube River. While permitting delays remained a challenge in Romania, the strong demand for high-quality housing allowed Cordia to maintain a steady sales performance, reaffirming the strength of its brand and market positioning.
What are the company’s business targets and plans for 2025?
Looking ahead to 2025, Cordia aims to expand its residential portfolio in both Romania and international markets. In Bucharest, the company plans to launch new residential projects, contingent on the stabilization of urban planning regulations. These developments will focus on durability, energy efficiency, and seamless integration with the city’s infrastructure, ensuring that they meet the evolving needs of modern homebuyers.
Cordia’s international expansion will also continue at a strong pace. In Hungary, the company plans to introduce over 1,000 new apartments on the Budapest market, with a significant portion being part of the Marina City development. Other major projects include the expansion of Sasad Resort and the next phase of the Thermal Zugló project in Budapest.
What are the main challenges & opportunities for the real estate market in 2025?
The Romanian real estate market is expected to maintain its momentum in 2025, driven by sustained demand in the medium and medium-high residential segments. However, one of the most pressing issues remains the complexity and delays in obtaining building permits, which hinder the timely launch of new projects. Additionally, economic pressures, including a potential increase in VAT and the removal of tax incentives for construction workers, could lead to higher costs for developers and reduced affordability for buyers. Financing constraints and rising material costs further add to the uncertainty.
Despite these challenges, the market also presents significant opportunities. Demand for high-quality, sustainable housing continues to rise, with buyers increasingly prioritizing energy efficiency and smart home technologies. This trend offers developers a chance to differentiate their projects and attract buyers looking for long-term value.
The stabilization of urban planning regulations and improved collaboration with local authorities in Bucharest could also help streamline project approvals and create a more favorable investment climate.
What economic pressures (e.g., inflation, material costs) or regulatory changes do you anticipate impacting the market in 2025, and how is your company preparing for them?
The Romanian real estate sector in 2025 is expected to face a mix of economic and regulatory pressures that could impact both developers and buyers. One of the key concerns is the potential increase in VAT, which could make housing less affordable for certain buyer segments. Additionally, the removal of tax incentives for construction workers is likely to raise labor costs, which, combined with the ongoing rise in material prices, could push overall development costs higher. The uncertainty surrounding urban planning approvals also remains a significant challenge, affecting the pace at which new projects can be launched.
