12.02.2026
What were the main business results for 2025?
In 2025, Hercesa Romania advanced its strategy of portfolio diversification and successfully launched Vivenda Prime, strengthening our positioning while keeping delivery discipline across the pipeline. We accelerated execution at Stellaris Residencias, a 4,500-apartment masterplan, and in December we launched Stage 4 of Phase 1, building on the strong commercial performance achieved earlier in the year. Across our Bucharest portfolio, we surpassed 600 apartments under construction, including ongoing works at Stellaris and Vivenda Residencias.
At the same time, we navigated cost pressure, especially labor in specific trades, by tightening planning and procurement and staying focused on sales and delivery targets, protecting both momentum and strategic direction.
What are the company’s business targets and plans for 2026?
Our main target for 2026 is to launch a new large-scale project, supported by a new acquisition, approached prudently and sustainably, with clear risk control and financial balance. We are focused on delivering planned units in our ongoing projects, including deliveries scheduled in the first part of the year, and on preparing the next phases of our large developments. We will continue the phased delivery strategy at Stellaris, with Stage 2 of Phase 1 planned for delivery and further phases under construction, bring Vivenda Residencias through its final stage and advance a set of upgrades at Hotel Cișmigiu, including improvements to common areas and accommodation spaces, in a positive context also supported by the activation of the ground floor through the new DeSoi restaurant.
What economic pressures (e.g., inflation, interest rates, work force issues) or regulatory and fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for them?
We expect 2026 to remain shaped by construction-cost inflation (labor and utilities), financing constraints and overall consumer caution, while residential continues to act as a safe haven for many buyers in uncertain times. On the regulatory side, the most important theme is legislative and fiscal predictability. Volatility in public messaging and shifting rules can directly affect investment, financing and purchasing decisions. We also anticipate continued operational clarifications around the new buyer-protection framework, mainly in terms of procedures and interfaces with the banking/financial side.
To prepare, we are implementing a practical mix of measures, including digitalization and new technologies to improve productivity and reduce waste; closer partnerships with suppliers and contractors to increase predictability and quality consistency; selective standardization of technical solutions to reduce cost variance and speed up execution and a gradual adoption of green technologies, which are becoming easier and more affordable to integrate as the market matures. We also keep a phased development approach to manage risk in a dynamic environment.
What do you see as the main risks for the Romanian real estate market in 2026? Where do you see the most attractive opportunities for growth in 2026?
Key risks include continued cost escalation in labor, utilities and financing; uncertainty in the fiscal and legislative environment, which can delay decisions across the market and a market where rents no longer accelerate as in previous years, compressing yields and making investor-buyers more selective, potentially impacting absorption in certain segments. Regional geopolitical tensions remain an additional background risk that can amplify prudence and volatility.
Opportunities are strongest where the market is maturing toward quality-led differentiation. Buyers increasingly compare projects by execution quality and delivered value, not only by price. Another opportunity comes from public infrastructure investment, including European-funded projects. Public transport upgrades, boulevards and metro development can directly improve accessibility and raise the attractiveness of urban areas, supporting well-positioned residential projects. Finally, the increasing feasibility of green technologies can enhance product competitiveness as they become more standard across the industry.
Which players or strategies are going to be winners in 2026?
Winners in 2026 will be the players delivering consistently and differentiating through quality, concept and reliability, not just price. Strategies that will stand out include productivity gains through digitalization, tighter supply-chain partnerships, smart standardization. Just as importantly, companies that embrace transparent, client-protective practices will benefit from higher trust in a market where buyers are increasingly attentive to certainty and safeguards.
