04.02.2026
Ioana Roman, Filip & Company
What were the main business results for 2025?
2025 was a challenging yet ultimately strong year for our real estate practice. After a subdued first half, marked by electoral uncertainty and postponed investment decisions, market activity gained celar momentul in the second half of the year. During this period, we advised on a series of high-value transactions spanning logistics, retail and mixed-use developments, as well as on complex real estate aspects of M&A transactions and renewable energy projects.
Beyond transaction volume, the defining feature of the year was increasing complexity. Projects were characterised by compressed timelines, layered regulatory requirements and heightened structuring demands. Clients increasingly sought legal input at an early stage, reinforcing our role as strategic advisers and long-term partners, rather than purely transactional counsel.
What are the company’s business targets and plans for 2026?
In 2026, our focus is on consolidation and selective growth. We aim to further strengthen our real estate practice in large-scale developments, portfolio transactions and cross-border mandates, while deepening sector expertise in logistics, retial, energy-related real estate and mixed-use projects.
A key priority remains the close integration of our real estate team with our finance, M&A, energy and regulatory practices, allowing us to continue delivering fully integrated advice on increasingly complex and multi-disciplinary transactions.
What economic pressures or regulatory and fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for them?
Financing costs and ongoing fiscal adjustments are expected to continue influencing both deal structuring and investor appetite throughout 2026. From a regulatory perspective, foreign direct investment (FDI) clearance, as well as permitting processes and timelines, are already influencing how transactions and developments are structured and implemented.
We are responding by engaging closely with clients from the earliest stages of their projects, stress-testing transaction structures and timelines, and identifying potential regulatory hurdles well in advance. In a market where execution risk can be as critical as pricing, this proactive approach is becoming essential.
What do you see as the main risks for the Romanian real estate market in 2026? Where are the most attractive opportunities?
The primary risks remain linked to unpredictability – legislative, administrative and macroeconomic — as well as to delays in permitting and approvals, which can materially affect project viability. Financing constraints may also continue to limit certain categories of developments.
At the same time, clear opportunities are emerging, particularly in logistics and retail assets and well-located mixed-use projects aligned with evolving urban patterns and workforce needs. Investors with a long-term perspective and a solid understanding of local market dynamics are likely to find Romania attractive, despite short-term volatility.
Which players or strategies are going to be winners in 2026?
The winners in 2026 will be disciplined, well-capitalised players who prioritise legal, regulatory and technical due diligence early on. Flexibility in deal structuring, realistic timelines and strong local partnerships will be key differentiators.
From a strategic standpoint, investors and developers who integrate sustainability, infrastructure readiness and regulatory compliance into their core planning — rather than treating them as add-ons – will be best positioned to succeed.
