11.02.2026
What are your company’s business targets and plans for 2026?
In 2026, our focus remains on expanding responsibly while maintaining the steady pace of development and sales achieved in 2025. One of our key objectives is the launch of Phase II of HILS Republica, a large-scale mixed-use urban regeneration project in the eastern part of Bucharest, with strong sales performance in Phase I.
We also plan to launch Phase III of HILS Titanium, introducing approximately 370 new apartments to the market, and to complete and hand over 500 apartments within the same development. In addition, we aim to finalize and deliver the first two buildings in HILS Sunrise, a green-certified project that supports our commitment to sustainable urban living.
Overall, we will continue to invest in long-term value — by delivering on time, maintaining a competitive offering, and enhancing the living experience through well-integrated, future-oriented communities.
What were the main business results for 2025?
2025 was a year of solid growth and consolidation for HILS Development. We recorded a 10% increase in the number of residential units sold, alongside a 15% rise in total sales value, reflecting a price per square meter increase of approximately 11%. These figures validate both the quality of our developments and the trust built with our clients.
Operationally, we marked several key milestones. We obtained the building permit and began construction on Phase I of HILS Nord, our newest large-scale development in the northern part of Bucharest, which will include 1,200 apartments in its first phase (out of 2,705 in total)
We also successfully delivered and fully sold two of our projects, HILS Brauner and HILS Splai, and finalized the handover of Phase I in HILS Republica, a mixed-use development focused on urban regeneration.
These results reinforce our long-term vision of building complete, sustainable, and accessible communities in key areas of Bucharest.
What economic pressures or regulatory/fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for these?
The real estate sector in Romania is navigating a mixed landscape of challenges and opportunities in 2026. One of the most significant fiscal changes impacting our business is the increase of VAT from 9% to 21% for residential units below 120,000 EUR—a segment that represents approximately 85% of our portfolio, primarily 1- and 2-room apartments. This measure directly affects affordability and purchase decisions for a large share of buyers.
At the same time, we anticipate construction costs to continue rising, driven by both labor and material prices. However, there are also signs of moderating inflation, which may lead to more favorable mortgage conditions, offering some relief to end buyers.
Despite these shifts, we remain optimistic. The fundamentals of the residential market in Bucharest are still strong—demand for quality housing in well-connected areas is constant. At HILS, we’re adjusting by optimizing design and phasing strategies, focusing on operational efficiency, and maintaining our core mission: delivering value through integrated, sustainable developments that meet real urban needs.
What do you see as the main risks for the Romanian real estate market in 2026?
The main risks we anticipate for the Romanian real estate market in 2026 stem primarily from macroeconomic volatility and legislative unpredictability.
On one hand, a slowdown in economic growth or a rise in unemployment could translate into decreased purchasing power and a lower appetite for real estate investment. Even a slight shift in consumer confidence can impact absorption rates, especially in the mass-market and middle segments.
On the other hand, regulatory uncertainty remains a key concern. Sudden legislative changes—such as the recently debated “Nordis Law” can create instability or set new precedents for the broader residential market. These kinds of measures may influence how developers approach project structuring, sales models, and long-term investment strategies.
At HILS, we are focused on long-term resilience, ensuring our developments remain attractive, responsibly phased, and in line with the real needs of urban communities—regardless of market cycles.
Where do you see the most attractive opportunities for growth in 2026?
In 2026, we see solid growth opportunities in the residential market, especially in Bucharest and Ilfov, where demand continues to outpace supply.
The structural housing deficit, coupled with ongoing urban migration and lifestyle shifts, supports the need for large-scale, well-integrated developments. This creates a favorable environment for developers who can offer accessible, well-positioned, and efficiently designed homes.
We also believe that urban regeneration projects and mixed-use communities will gain even more traction, as cities evolve toward multifunctional and walkable neighborhoods.
At the same time, the Romanian market remains attractive to both local and regional investors, thanks to its yield potential and improving infrastructure. The key is to deliver responsibly: quality, transparency, and long-term value will define the winners.
