In the Spotlight

In the Spotlight

2026 Trends with Roxana Roman, Wolf Theiss Romania
2026 Trends with Roxana Roman, Wolf Theiss Romania 1200 600 BUCHAREST REAL ESTATE CLUB

12.02.2026

Roxana Roman, Partner, Wolf Theiss Romania

What were the main business results for 2025?

The year 2025 was defined by strong business performance and a memorable milestone: the 20th anniversary of Wolf Theiss in Romania. This moment reflects two decades of sustained growth, client confidence, and consistent execution on complex mandates. Over the years, we have cultivated a solid reputation for high quality legal services, enduring client relationships, and a culture rooted in integrity and innovation. Our involvement in numerous high profile and sophisticated transactions highlights the trust placed in us by clients and peers alike, reaffirming our position as one of Romania’s leading business law firms.

Throughout 2025, we continued this upward trajectory by advising on major, high value deals and deepening long term client partnerships. Our unwavering commitment to quality, innovation, and exceptional service further strengthened our market standing. Looking ahead, our focus remains on consolidating this strong position and driving strategic growth in Romania and across the broader CEE/SEE region. We are committed to expanding our capabilities, strengthening cross-border collaboration, and investing in areas that will enable us to deliver even greater value to clients in the years ahead.

What are the company’s business targets and plans for 2026?

In 2026, our strategic priorities focus on enhancing efficiency, productivity, and overall competitiveness across all areas of our practice. We will continue to deliver legal services with a strong emphasis on client experience, ensuring deep alignment with business priorities and commercial realities. To support our clients in an evolving market, we will remain agile, constantly assessing the business landscape and proactively adapting to emerging challenges and opportunities. A key objective for 2026 is to further strengthen Bucharest’s role as a strategic hub for regional transactions and cross‑border collaboration, leveraging our expertise and network across the CEE/SEE region. At the same time, we remain committed to maintaining the high standards, professionalism, and client‑centric approach that define our Firm. Our overarching goal is to anticipate client needs, expand our capabilities, and continue building long‑term value for the businesses we support.

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?

Romania’s economy, much like those of many countries in the region, continues to face vulnerability from external macroeconomic pressures. The sharp rise in inflation experienced in the last years, driven primarily by higher energy and food prices, has placed noticeable financial strain on both consumers and businesses.

At the same time, ESG considerations are becoming increasingly central to business strategy. Companies must remain attentive to evolving regulatory requirements and rising consumer expectations related to environmental responsibility, sustainability practices, and sound governance. Another critical challenge for many organizations is attracting and retaining skilled talent. To remain competitive, businesses need to monitor workforce trends, invest in professional development, and cultivate a positive workplace culture that supports long-term employee engagement.

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?

As 2026 unfolds, the Romanian real estate market finds itself navigating a landscape shaped by uncertainty and transformation. The year begins under the shadow of macroeconomic and fiscal pressures: an environment where recent tax increases, including the VAT hike on new homes, continue to ripple through the sector. These shifts have tempered market sentiment, making homes less affordable for buyers and placing additional financial strain on developers. The result: a noticeable slowdown in transactions and a more cautious approach to new investments.

Compounding these challenges are elevated financing costs. Interest rates remain high, and access to lending is tighter than in previous years. Both developers and buyers are forced to rethink their strategies, carefully weighing where and when to commit capital.

At the same time, regulatory unpredictability adds another layer of complexity. Developers increasingly face delays in permitting and administrative approval processes – factors that can shift timelines, reshape budgets, and even reconsider the viability of certain projects. In this environment, long-term planning becomes a delicate exercise in flexibility and risk management.

The residential sector, once a consistent engine of growth, enters 2026 on a slower footing. Rising construction costs, additional taxation, and a more discerning buyer base contribute to a measured pace. Demand shifts toward newer, more efficient homes.

And hovering over all these dynamics is the influence of geopolitical uncertainty. Regional tensions and external shocks continue to shape investor confidence, affecting everything from cross border capital flows to development strategies.

In 2026, several areas of the Romanian real estate market stand out as particularly promising for investors and developers. One of the strongest opportunities lies in high quality, energy efficient residential projects. Demand for modern, sustainable homes remains robust, with buyers increasingly drawn to properties that offer predictable living costs, advanced technologies, and long term environmental performance. As a result, this segment is expected to show continued resilience and stable pricing. Another area with notable potential is the office sector, particularly within premium Class A buildings. With demand gradually stabilizing and new supply limited, investors anticipate further rental growth throughout the year. Well located, high specification office spaces are likely to remain attractive long term assets. The industrial and logistics market also continues to shine as one of the most stable and dynamic sectors.

Significant opportunities are also emerging beyond Bucharest, driven by major infrastructure improvements. The anticipated completion of up to 350 km of new highways and expressways in 2026 is set to open new development corridors, strengthen secondary cities, and diversify the geographic spread of real estate investment.

2026 is shaping up to be a year of selectivity, where well structured, strategically positioned projects are expected to outperform the market. Investors who focus on fundamentals – quality, sustainability, and disciplined capital allocation – will be best positioned to seize the most attractive opportunities as the market continues to evolve

Which players or strategies are going to be winners in 2026?

The Romanian real estate market in 2026 is expected to reward players who demonstrate strategic focus, invest in high quality assets, and embrace future oriented development strategies. Those who prioritize prime locations, sustainable practices, and strong execution capabilities are likely to stand out in an increasingly competitive landscape. Demand for new, energy efficient housing remains one of the most resilient segments. Buyers are becoming more discerning, gravitating toward projects that offer predictable living costs, sustainable design, and modern technological integrations. As a result, developers committed to ESG aligned standards are expected to be among the clear winners in 2026

At the same time, the complexity of legal, regulatory, and technical requirements continues to grow. Firms – whether law firms, consultants, or developers – that can seamlessly integrate expertise across M&A, finance, regulatory matters, and real estate will be best positioned to succeed in this more intricate environment.

Bucharest bets on flexibility. Flex office deliveries triple year-on-year
Bucharest bets on flexibility. Flex office deliveries triple year-on-year 540 600 BUCHAREST REAL ESTATE CLUB

Bucharest’s flexible office footprint has reached 74,000 sq m across 48 locations, pushing the segment beyond 2% of the city’s modern office stock.

Supply continues to expand, with total flex stock growing 8.1% year‑on‑year in 2025, supported by a strong rebound in deliveries amounting to 5,600 sq m, marking an over  300% increase compared with the previous year.

The distribution of flex space remains highly centralised: the Centre (25%), Floreasca–Barbu Văcărescu (17%), Centre‑West (16%) and the CBD (14%) together account for 72% of Bucharest’s flex market.

Flex office asking rents in Bucharest peak in the CBD and Central areas (around €400 per person/month).

Center-West and Floreasca sit in the mid-range (€350), while Dimitrie Pompeiu and North-West Expozitiei remain the most affordable options (€250).

“The office remains a core asset for collaboration and culture, but its relevance today depends on how well it supports people and operations. Coworking spaces respond to this shift by combining location, design, amenities and technology in a way many companies struggle to build it from scratch. The coworking model does not replace the traditional lease, but gives companies the ability to test different ways of working. Once the right model is validated, committing to a long-term lease becomes both easier and safer.” Laura Ene, Senior Consultant Office Advisory iO Partners.

Building quality remains a defining advantage for occupiers, with approximately 69% of flex stock situated in Class A buildings, while green‑certified buildings account for more than 50,000 sq m of total supply.

Accessibility continues to shape occupier preference. 84% of all flex stock is positioned within one kilometre of a metro station, and nearly two‑thirds fall within a 500‑metre radius, strengthening the appeal of these locations for talent access and commuter convenience.

The local operator landscape is led by IWG, whose brands Regus and Spaces together represent 34% of market share by area, followed by Mindspace (11%), The One (10%), aSpace (9%), Hotspot (6%) and Supertree (4%). The market has welcomed several new entries, including Betahaus, V7, and OmniOffice, adding fresh concepts and diversity to the flex office landscape.

On a wider scale, the global coworking market is expected to almost double by 2029, reaching an estimated USD 51 billion in value. This growth is accompanied by a structural shift, as corporate coworking spaces expand to a 43% market share, driven by increased enterprise adoption, with 29% of global corporations leasing private suites.

In parallel, 56% of corporate-oriented coworking centers now integrate smart automation, while 47% offer advanced meeting infrastructure. As a result, the market is gradually moving away from open-desk layouts traditionally designed for freelancers or early-stage startups, toward more private, enterprise-grade workspace solutions.

For occupiers, the market now offers a mature network of flexible, modern and centrally located workspaces. For landlords, flex has become a strategic component of asset stabilisation, contributing to faster absorption and improved building performance in competitive submarkets, some landlords even operating it themselves.

2026 Trends with Mauricio Mesa Gomez, Cordia Romania & Spain
2026 Trends with Mauricio Mesa Gomez, Cordia Romania & Spain 1200 600 BUCHAREST REAL ESTATE CLUB

12.02.2026

Mauricio Mesa Gomez, Chairman of the Boards Cordia Romania & Spain

What were the main business results for 2025?

In 2025, at group level, Cordia delivered growth, while in Romania our year was best described as realignment, adapting to an increased fiscal and regulatory uncertainty. A key milestone was securing a strategically located, central site in Bucharest, near Bucharest Mall and close to Alba Iulia Square, and moving into execution. Construction has already started at Centropolitan, our 274-apartment premium residential flagship project, which anchors our next development cycle in Romania.

What are the company’s business targets and plans for 2026?

Our main objective for 2026 is to regain momentum and strengthen Cordia’s presence in Romania by delivering our plans and initiating a new development cycle in Bucharest. Practically, this means advancing construction milestones for Centropolitan, positioning it as a benchmark for premium, community-oriented living in a central location, while continuing to support healthy urban regeneration and sustainable communities.

In parallel, we will keep disciplined planning and rigorous risk management as predictability remains critical for avoiding supply gaps and sharp price increases for end-users.

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 continue testing the market under combined pressure from fiscal constraints, restrictive financing conditions and persistent cost inflation, alongside regional geopolitical uncertainty. On the regulatory side, new rules shaping the residential buying process will directly affect sales structuring and buyer protection mechanisms. We are preparing through scenario-based planning, strict financial discipline, tighter cost control and procurement planning, design and execution optimization for cost-efficiency and durability, and compliance readiness via internal legal/procedural reviews, stronger documentation flows to buyers and reinforced governance and internal controls.

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?

The main risks are prolonged fiscal and regulatory unpredictability, tight financing and cost pressure, which can delay investment decisions and create housing supply gaps, ultimately pushing prices higher and limiting access to quality homes. The strongest opportunities are in well-positioned, well-designed projects with solid fundamentals, especially those delivering real urban value through central locations, integrated functions, and a community-first approach aligned with how residents increasingly want to live and work in the city.

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.

 

2026 Trends with Romeo Ghica, Hercesa Romania
2026 Trends with Romeo Ghica, Hercesa Romania 1200 600 BUCHAREST REAL ESTATE CLUB

12.02.2026

Romeo Ghica, Operations Manager, Hercesa Romania

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.

2026 Trends with Ionuț Negoiță, HILS Development
2026 Trends with Ionuț Negoiță, HILS Development 1200 600 BUCHAREST REAL ESTATE CLUB

11.02.2026

Ionuț Negoiță, Founder & CEO, HILS Development

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.

2026 Trends with Antoniu Panait, Vastint Romania
2026 Trends with Antoniu Panait, Vastint Romania 1200 600 BUCHAREST REAL ESTATE CLUB

10.02.2026

 Antoniu Panait, Managing Director, Vastint Romania

What are your company’s business targets and plans for 2026?

In 2026, our priority is to keep delivering long-term value through high-occupancy, high-performance, future-proof assets and to reach our next major milestone in Bucharest: the delivery of Timpuri Noi Square Phase 2, planned for Q4 2026. This is currently the largest office building under development in the city, adding over 60,000 sqm GLA and bringing the entire complex to 112,000 sqm GLA.

Our focus for 2026 is built around a few clear directions:

  • Deliver Timpuri Noi Square Phase 2 on schedule and at top sustainability performance. The new building is designed as a landmark development that eliminates fossil fuels and relies on renewable sources, including 1,700 sqm of photovoltaic panels, heat pumps and geothermal wells. We are targeting LEED Platinum at the highest level (100+ points). Phase 2 also brings major facilities such as 690 underground parking spaces and an expanded retail mix, including New Tales, the largest food hall integrated into an office project in Romania, spanning nearly 6,000 sqm.
  • Keep our existing portfolio highly competitive through tenant experience.
  • Expand flexible leasing solutions such as Ready Flex Space.
  • Add new services that strengthen the ecosystem around our projects. This spring, we are launching The Venue, a fully equipped conference center with 400 sqm indoor space and an exclusive 300 sqm terrace, available both to our tenants and to companies outside our portfolio.
  • Continue investing in communities, integrating our development into the city and supporting initiatives with measurable, long-term impact.

What were the main business results for 2025?

2025 confirmed a clear market direction: demand continues to concentrate in efficient, well-located, sustainable buildings, while quality and operational discipline are increasingly rewarded.

For us, the year delivered several strong results. Timpuri Noi Square Phase 1 reached 100% occupancy across its first three buildings, totaling 52,100 sqm, providing a solid foundation for Phase 2. We also officially launched Phase 2, with construction advancing significantly, structural works nearing completion and progress well underway on MEP, façade and finishing stages.

At Business Garden Bucharest, leasing activity remained strong, further validating the project’s green campus positioning. We also launched Ready Flex Space (2,321 sqm), which was almost fully leased shortly after delivery, underlining that flexible, high-quality office space is now mainstream demand.

Beyond commercial performance, 2025 was marked by concrete ESG action and community engagement, from supporting the Dâmbovița River revitalization to our blood donation initiatives, and by the completion of The Venue Timpuri Noi, further enriching the ecosystem around our projects.

What economic pressures or regulatory/fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for these?

In 2026, we expect the market to continue operating under the combined pressure of inflation, elevated financing costs and a tighter fiscal environment. Inflation remains relevant not only as a macro indicator, but because it directly affects occupier budgets, operating expenses and investment decisions.

Our response is pragmatic and long-term. We focus on developing and operating assets that can perform under higher cost pressure and stricter ESG requirements, through energy efficiency, electrification and predictable building performance. At the same time, we maintain very strong project controls and delivery discipline, because in a high-interest-rate environment, projects that deliver predictably and without compromise are the ones that stand out.

We also support occupiers in managing uncertainty by offering flexible leasing options and turnkey solutions, allowing them to move faster, reduce execution risk and still secure high-quality space.

What do you see as the main risks for the Romanian real estate market in 2026?

One of the main risks for 2026 is the impact of a tighter fiscal environment, which can affect investment appetite, financing conditions and overall development feasibility if not applied in a predictable and balanced way.

Another significant risk is the lack of clarity and consistency in urban planning and permitting frameworks. Uncertainty around urbanistic regulations can delay projects, increase costs and discourage long-term investment, particularly in complex, large-scale developments that require clear rules and stable timelines. More broadly, the market risks being affected by policy uncertainty rather than fundamentals. Romania continues to benefit from solid demand drivers, but sustaining healthy development activity will depend on fiscal and regulatory frameworks that support long-term, responsible investment rather than short-term adjustments

Where do you see the most attractive opportunities for growth in 2026?

The most attractive opportunities in 2026 are in projects that successfully combine strong location, operational efficiency, credible ESG performance and high-quality day-to-day occupier experience.

We also see renewed opportunity in the return of forward-looking commitments, including pre-leases, as occupiers respond to constrained development pipelines and seek to secure space earlier, before options narrow. Low delivery volumes and evolving vacancies are creating the conditions for a more proactive leasing cycle.

Beyond that, we see growth in “ecosystem” assets, meaning office destinations that integrate amenities, services, and community features that support attendance, retention, and tenant engagement, not just a workplace footprint. And, on a wider horizon, infrastructure improvements can gradually reshape corporate location strategies, creating new pockets of demand where connectivity improves, so we keep a close eye on where those shifts are happening and how they translate into real occupancy and leasing momentum.

2026 Trends with Doron Klein, AFI Romania
2026 Trends with Doron Klein, AFI Romania 1200 600 BUCHAREST REAL ESTATE CLUB

10.02.2026

 Doron Klein, Group Deputy CEO & CEO AFI Romania

What are your company’s business targets and plans for 2026?

In 2026, we will continue to pursue an integrated development approach across our Office, Retail, and Residential divisions. A key priority will be the strategic expansion of our built-to-rent (BtR) segment, with the successful delivery of AFI Home North in 2025 and laying the groundwork for replicating this model even further.

Our objective remains to be a long-term partner and to deliver high-quality, community-centric urban ecosystems that integrate lifestyle, work, and sustainability under one vision.

What were the main business results for 2025?

The year 2025 marked a significant milestone for AFI Romania, as we successfully delivered the first phase of AFI Home North, our first Build to Rent project in Romania, finalized in April 2025 in the heart of Bucharest’s business district. Designed to meet the evolving expectations of urban living, the project offers fully furnished apartments alongside a well-integrated amenity, setting a new standard for modern, flexible housing.

Reinforcing our long-term commitment to the growth and development of our company’s projects in the country, we have secured a €537 million refinancing package for three major projects in our portfolio: AFI Cotroceni, AFI Brașov, and AFI Ploiești- marking the largest real estate refinancing transaction in Romania.

In 2025 we commenced or advanced construction on three important projects:

AFI Central Tower- the former Bancorex building,  our goal being to transform this iconic property into a modern, A Class mixed use project that meets the highest standards of quality.

AFI Park Brasov 2-  the 2nd phase of our office project  which alongside AFI Brasov shopping center will offer a competitive mix and the best option for office spaces in Brasov.

AFI Home North A – the second building in AFI Home North project which will be delivered in Q2 2026 and will add 164 fully furnished, multiple type apartmens for rent in Bucharest’s most dynmic area.

What economic pressures or regulatory and fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for them?

Looking ahead to 2026, we expect a more balanced yet still demanding economic and regulatory environment, shaped by ongoing volatility, cost pressures, and fiscal adjustments. We are approaching this period with a strong balance sheet, market intelligence and flexibility and a focus on high-quality assets, which positions us well to manage short-term volatility while continuing to create long-term value.

What do you see as the main risks for the Romanian real estate market in 2026?

In 2026, the main risks for the Romanian real estate market relate to financing conditions, fiscal uncertainty, and continued pressure on development costs, which may affect investment activity and affordability. While these factors call for caution, we believe well-located, high-quality assets with strong fundamentals will continue to perform resiliently.

Where do you see the most attractive opportunities for growth in 2026?

We see built-to-rent as the most dynamic opportunity in 2026. With changing lifestyle patterns, increased urban migration, and a growing preference for flexibility, the Romanian market is beginning to mirror Western trends in BtR adoption. The success of AFI Home North affirms this direction, and we are actively evaluating similar developments.

Mixed-use concepts that combine residential, retail, and office functions will also continue to thrive, especially in cities that support smart urban growth.

2026 Trends with Andrei Diaconescu, One United Properties
2026 Trends with Andrei Diaconescu, One United Properties 554 600 BUCHAREST REAL ESTATE CLUB

10.02.2026

 Andrei Diaconescu, co-founder and co-CEO, One United Properties

What are your company’s business targets and plans for 2026?

Our focus in 2026 is on execution, expansion and long-term relevance. We will continue to invest in urban regeneration and in complete communities, meaning developments where housing is supported by real infrastructure, services and daily-life functions, including education close to home. Actually, education has already become an important part of our agenda. This is why a significant investment was allocated to building two schools in Sector 2 of Bucharest, one within One Academy Club and one in One Lake District, as part of our long-term commitment to intelligent urban planning.  

In parallel, we are advancing the next wave of large-scale commercial deliveries that strengthen the quality and resilience of our portfolio, such as One Technology District and One Gallery, a complex restoration project that we believe will add real value to the city. Last year we have also made important steps in expanding intro regional markets with the new projects planned in Sibiu and Constanta. At the same time, we will keep the same discipline on capital allocation and on balance-sheet strength while continuing to build a larger base of recurring income through our office and retail strategy.

What were the main business results for 2025?

The most recent publicly announced results, for the first nine months of 2025, confirm a solid operational year: turnover of EUR 236.3m (+15% YoY), gross profit of EUR 84.8m (+21% YoY) and net profit of EUR 70.3m (+18% YoY).

We also kept construction advancing across major sites, delivered units in completed phases, and maintained active leasing and lease extensions in the commercial portfolio. As of 30 September 2025, we had 3,817 units under construction, plus 22,000 sqm of office and 21,000 sqm of commercial spaces, with a total GDV of over EUR 1.4bn. From a financial standpoint, our leverage remained prudent, with a 31% gross LTV at 9M 2025, proving solid financials and low leverage of the Group compared with the European peers.

What economic pressures or regulatory and fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for them?

In 2026, the biggest pressure point for the market is not a single variable, it is uncertainty: how fiscal measures are defined and implemented, how predictable the rules are, and how quickly public infrastructure keeps pace with private development. When predictability weakens, decision cycles get longer, both for buyers and for corporate tenants, and capital becomes more cautious.

Our response is to keep the fundamentals tight: phased execution, visibility through pre-sales, cost discipline, and a conservative approach to leverage. We also continue to diversify the business model through recurring income, while developing projects that remain relevant over decades, not just through a market cycle.

What do you see as the main risks for the Romanian real estate market in 2026?

The key risks are planning predictability, as well as the gap between how fast cities grow and how fast mobility, utilities and public services expand. In real estate, the market will increasingly separate “well-thought” developments from the rest, and I expect 2026 to be a year of differentiation: developments with integrated functions, real connectivity and credible execution will perform better, while weaker projects will struggle. There are also the usual execution risks, construction costs, contractor capacity, and permitting timelines, which is why discipline and realistic scheduling matter more than ever.

Where do you see the most attractive opportunities for growth in 2026?

We see opportunity where demand is real and structural: in projects that offer complete living, not just apartments, and in Grade A commercial assets that respond to how companies actually work today. And we remain focused on investments with long-term value for the city: schools, access, and the kind of infrastructure that makes urban growth sustainable in real life. We will continue to be a responsible developer that is going beyond square meters and is investing in sustainable communities, heritage, education, and infrastructure.

2026 Trends with Yitzhak Hagag, Hagag Development Europe
2026 Trends with Yitzhak Hagag, Hagag Development Europe 617 600 BUCHAREST REAL ESTATE CLUB

10.02.2026

 Yitzhak Hagag, Co-founder and Chairman, Hagag Development Europe

What are your company’s business targets and plans for 2026?

This year, our attention focuses both on accelerating growth across our core real estate segments, and on advancing strategic diversification initiatives in the energy field.

When it comes to commercial real estate, we are targeting a strong double-digit increase in rental income portfolio-wide. We are very optimistic about this forecast which is supported by last year’s results, improved occupancy, active asset management, maturation of stabilized properties and our recent deliveries in Q4 2025.

On the residential segment, our objective is to reach a pre-sale volume of at least 75–78% by December 31st, 2026, reflecting continued confidence in demand for our projects and a disciplined approach to sales pacing and pricing.

Looking ahead, we are progressing as planned with our hotel developments, which remain a key pillar of our medium-term growth strategy. At the same time, we are actively working to unlock at least one of the planned investments in Bucharest, while continuing to evaluate new acquisition opportunities that would support our further expansion at a national level.

We see 2026 to be an important year for our company’s evolution beyond real estate development, considering our strategic cross-industry diversification move and the newly established energy division – Hagag Energy – where we are currently focused on scaling operations and building a solid presence on the local energy market, in line with our broader strategy of long-term value creation.

What were the main business results for 2025?

Last year, our company registered strong performance across its key business lines. Rental income from office and retail spaces increased by approximately 32% compared to 2024, reflecting improved occupancy and commercial performance.

On the residential side, our two projects currently under construction, H Pipera Lake and H East Residence, recorded solid sales momentum. Throughout 2025, we signed a total of 398 pre-sale agreements and 79 reservation contracts for the 728 apartments now in execution. As a result, sales reached about 65.5% of the total available stock, confirming sustained demand and strong market absorption.

These results confirm that our investment and development strategy is sound, well-positioned, and sustainable over the long term.

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?

Considering the latest events, we anticipate several economic and regulatory factors that may impact the real estate market in 2026 and beyond.

Inflationary pressures and elevated interest rates are expected to continue influencing construction costs, financing conditions, and overall affordability. While inflation is likely to moderate, the cost of materials and labour may remain volatile. In parallel, workforce shortages in construction and specialized services could put additional pressure on delivery timelines and costs.

From a regulatory and fiscal perspective, we are closely monitoring the potential for changes in taxation, urban planning regulations, and permitting procedures, as well as possible adjustments to incentives affecting residential buyers or hospitality operators. Any increase in fiscal burden or administrative complexity could impact investment timelines and pricing strategies.

To prepare for these challenges, our company is focusing on maintaining a balanced and resilient portfolio across residential, commercial, and hotel assets, optimizing project phasing, and securing flexible financing structures. We are also prioritizing cost control, long-term partnerships with contractors and suppliers, and conservative underwriting assumptions. At the same time, we continue to align our developments with strong sustainability, efficiency, and mixed-use principles, which we believe will remain key drivers of demand and long-term value in the local real estate market.

What do you see as the main risks for the Romanian real estate market in 2026?

There are several key risks that could affect the industry. Macroeconomic uncertainty remains in focus, particularly if related to the pace of economic growth, inflation control, and the trajectory of interest rates. Prolonged high financing costs could continue to weigh on residential affordability and slow investment decisions, especially for leveraged developers and end buyers.

A second significant risk is cost volatility and capacity constraints in the construction sector. Fluctuations in material prices, combined with persistent labour shortages, may lead to budget overruns and delays, putting pressure on project margins and delivery schedules.

From a structural perspective, regulatory unpredictability represents an ongoing concern. Sudden changes in fiscal policy, taxation, zoning rules, or permitting processes could negatively impact project feasibility and investor confidence.

Additionally, demand-side risks should not be overlooked. A slowdown in consumer confidence or purchasing power could affect residential sales velocity, while shifts in how companies use office space and how tourists travel may influence absorption in the commercial and hospitality sectors.

Overall, while fundamentals in Romania – particularly in Bucharest and other main cities in the country – remain solid, navigating 2026 will require disciplined risk management, financial flexibility, and a strong focus on product quality and market relevance.

Where do you see the most attractive opportunities for growth in 2026?

We are currently paying increased attention to residential and hotel developments, both in Bucharest and regional cities with strong economic and demographic fundamentals.

In the residential segment, demand is expected to remain resilient for mid- to upper-mid market projects that offer good locations, efficient layouts, and strong energy performance. In Bucharest, areas that offer a good infrastructure and access to employment hubs continue to raise opportunities, particularly for phased developments that allow flexibility in delivery.

Similar, the hotel segment offers compelling opportunities driven by the continued recovery of business and leisure travel. In the capital-city, we see growth potential in well-branded or lifestyle hotels that address the needs of business travelers, extended stays, and city-break tourism. When talking regional cities, opportunities are emerging in undersupplied markets with growing corporate activity, medical tourism, or strong cultural and leisure appeal, particularly where quality international-standard accommodation remains limited.

Across both these segments, we believe that projects integrating sustainability features, refined aesthetics, prime facilities, and mixed-use elements will outperform, as end users and operators increasingly prioritize operating costs, comfort, and long-term value. Overall, disciplined site selection, product differentiation, and alignment with real demand drivers will be key to capturing growth in 2026.

2026 Trends with Andrei Văcaru, iO Partners
2026 Trends with Andrei Văcaru, iO Partners 620 600 BUCHAREST REAL ESTATE CLUB

09.02.2026

Andrei Văcaru, Managing Director & Head of Capital Market CEE, iO Partners

What were the main business results for 2025?

In 2025, our investment team ranked first in Romania in terms of market share, advising on around half of the transaction volume this year. Our Office Advisory team was involved in one of the largest lease transactions of the year – P&G, working closely with both landlords and occupiers on strategy and execution. In parallel, we finalized several Project & Development Services mandates for major occupiers such as Oracle, Amazon, Pro TV supporting the delivery of complex office projects and bringing new workspaces to market.

What are your company’s business targets and plans for 2026?

Our plans for 2026 focus on consolidating our core business and continuing the direction we have been building over time, while ensuring stability where it is needed and momentum where it matters.

We approach our strong market position with a sense of responsibility towards our clients, partners and teams, and our priority is to provide the best possible level of service for those who choose to work with us.

Looking ahead, this means operating with consistency and focus, strengthening collaboration across advisory lines, and continuing to support both investors and occupiers with well-grounded advice for long-term decision-making.

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?

In 2026, the market will continue to adjust to a combination of fiscal measures, interest rate dynamics, and broader macroeconomic rebalancing and these changes are not without short-term pressure. However, we see the recent fiscal measures as constructive over the medium to long term. While they may be challenging in the immediate phase, they are an important step toward restoring credibility, improving key macro indicators such as inflation, public and trade deficits, and ultimately supporting a lower and more stable interest rate environment.

From our perspective, this transition creates opportunities. Our focus is on helping clients navigate this period with quality advisory and position them to benefit as market conditions improve.

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?

The main risks for the Romanian real estate market in 2026 remain political uncertainty at local level and the broader geopolitical context, both of which can affect investor confidence, financing conditions, and the timing of decisions. These factors tend to increase caution rather than fundamentally change long-term fundamentals.

On the opportunity side, we see several structural drivers. The gradual rebalancing of work-from-home practices toward increased office presence is supporting demand for well-located, high-quality office space. Continued investment in infrastructure is also opening up new areas for development and improving the attractiveness of secondary and emerging areas, particularly for industrial and logistics development.

In addition, we expect to see increased investor appetite for retail assets, supported by resilient consumer demand and clearer operating performance, positioning retail once again as an attractive product.

Which players or strategies are going to be winners in 2026?

In 2026, we expect the players best positioned to perform well to be those that remain nimble and focused, with a clear understanding of their core strengths. In a less globalized environment, strategies built around core markets, clear execution capabilities, and local decision-making are likely to perform better than highly diversified or overly complex models. Those who stay close to their fundamentals and continue to build on their strengths will be best positioned to adapt as conditions evolve.

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