In the Spotlight

In the Spotlight

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.

2026 Trends with Valer Hancaș, Kaufland România
2026 Trends with Valer Hancaș, Kaufland România 400 600 BUCHAREST REAL ESTATE CLUB

09.02.2026

Valer Hancaș, Communication & Corporate Affairs Director, Kaufland România

What were the main business results for 2025?

According to our socio-economic impact study for the 2024 financial year, conducted with KPMG, Kaufland Romania achieved a turnover of €3.97 billion for the period March 2024 to February 2025. This performance reflects our continued focus on freshness, assortment diversity, and maintaining affordable prices for our customers. Since our financial year ends in February, we report results based on this calendar.

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

For Kaufland, 2026 will be a year of continuity and consolidation, aligned with market dynamics and expectations. We will continue to grow, innovate, and invest in key areas, such as expansion, digitalization, and sustainability. Our investments will focus on new store openings, technologies that simplify the shopping experience, from K-Scan to express checkouts and the Kaufland Card app, and smart energy solutions that reduce our environmental footprint, while maintaining our commitment to affordable prices for our customers.

Collaboration with local suppliers remains central to our business model. Over 85% of the food products we sell are sourced from Romanian producers. In 2024 alone, we worked with more than 2,500 local suppliers, directing nearly €3 billion into the national economy. These partnerships contribute to freshness, quality, and the stability of our supply chain.

Through these investments and partnerships, we aim not only to drive company growth but also to contribute to Romania’s economic development. For us, the future is about consistency, responsibility, and sustainable performance.

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, we expect regulatory and fiscal changes to remain an important source of uncertainty, as frequent adjustments can affect predictability, as well as long-term planning and investment decisions. However, we view these challenges as guidelines towards becoming more efficient, more attentive to customer needs, and more responsible in our business decisions. They clearly indicate the direction in which retail is evolving and confirm that constant adaptation is essential.

Retail is not only about commercial transactions, but about shaping the future, a future built on innovation, sustainability, and a strong commitment to consumer needs. At Kaufland, we aim not only to respond to change, but to anticipate it, redefining retail through a digital, responsible, and people-centered approach.

One of the main risks for the Romanian real estate market in 2026 is the continued increase in construction costs, driven by materials, labor, and financing conditions. These pressures can impact project timelines, investment decisions, and overall development dynamics across the market.

At the same time, we see attractive opportunities in strengthening partnerships and expanding mixed-use commercial concepts. A strategic pillar of our development is the consolidation of partnerships within our galleries, which represents a key differentiator in the market. We aim to build long-term partnerships with brands that are relevant to our customers’ needs, contributing to the expansion of the one-stop-shop concept.

A recent example is our partnership with IKEA, which opened its first planning and ordering studio in Cluj within a Kaufland commercial gallery. This type of collaboration allows us to extend the range of services available to customers through external partners and to deliver a more comprehensive and relevant experience, beyond traditional grocery shopping.

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

In 2026, the winners will be the players that combine long-term strategic vision with agility and the ability to adapt quickly to a highly dynamic retail environment. Price competitiveness will remain important, but differentiation will increasingly come from formats, fresh product offerings, and the overall customer experience. In a market where new concepts such as hypercash formats are gaining momentum, the ability to operate consistently across multiple formats and respond rapidly to changing consumer expectations will be a key competitive advantage.

At Kaufland, our leadership is built on responsibility. Sustainability is not just part of our strategy, it is the strategy. We position ourselves as a trusted partner for Romania’s economy, supporting local producers, creating jobs, investing in green infrastructure, and engaging in social causes that matter.

Our strategies are designed with a long-term perspective measured in decades, not financial years. While our strategic direction remains consistent, we continuously adjust the pace and execution depending on the context. Strong, visionary leadership and constant adaptation enable us to remain a solid and bold business and a reliable partner for customers, suppliers, and communities.

2026 Trends with Dan Sebastian Câmpeanu, Impact Developer & Contractor
2026 Trends with Dan Sebastian Câmpeanu, Impact Developer & Contractor 1200 600 BUCHAREST REAL ESTATE CLUB

07.02.2026

Dan Sebastian Câmpeanu, CEO Impact Developer & Contractor

What were the main business results for 2025?

Despite numerous challenges, 2025 was a strong year for us business-wise. At group level, in the first 9 months of the year we doubled our revenues, reaching a consolidated turnover of EUR 55.8 million and a consolidated net profit of EUR 11.4 million. Sales in this period registered an advance of 152% compared to the first 9 months of last year: 227 units, worth EUR 31.5 million.

Beyond these financial results, we delivered major projects to customers, overcame all obstacles and challenges, significantly reduced loans and financial debts, significantly increased liquidity, put new projects in the pipeline and obtained new building permits.

The results obtained in 2025 confirm the solidity of our business model and the efficiency of the measures implemented to increase operational and financial performance.

In 2026, IMPACT also marks two important capital market milestones: 30 years of uninterrupted listing on the Bucharest Stock Exchange and 20 years since the Company’s promotion to the Main Market (First Tier). These anniversaries further underline the Group’s long-term commitment to transparency, sound corporate governance and sustainable growth as a publicly listed company.

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

In line with our 2026 – 2034 long-term strategy, launched last year, our focus is on improving asset utilization, accelerating development on land already in our portfolio, and reinvesting capital into high-yield projects.

In 2026 we’ll launch two major, much-anticipated mixed-use projects in Bucharest and Iasi.

At the same time, we will continue the development of our flagship projects: GREENFIELD Baneasa in northern Bucharest, which will reach over 6,485 homes upon completion, and Boreal Plus in Constanța, a residential complex totaling more than 771 homes.

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, we expect the market to continue operating in a context defined by macroeconomic volatility, regulatory tightening, and structural cost pressures, rather than by a single dominant risk.

Inflation and financing costs are likely to remain relevant, even if interest rates stabilize. The key challenge will be affordability and predictability, not access to financing. Our response builds on financial discipline, reduced leverage, strong liquidity, and flexible commercial mechanisms designed to limit the financial effort required from clients.

A persistent structural pressure remains the shortage of qualified workforce in construction, impacting costs and execution timelines. We address this through vertical integration, bringing design and general contracting in-house to improve cost control, delivery predictability, and operational flexibility.

On the regulatory side, recent legislative changes, including the “Nordis law”, will increase compliance requirements but should prove structurally positive, reinforcing transparency and favoring well-capitalized, disciplined developers. Our conservative financial approach and strict risk management allow us to adapt without disrupting our development pipeline.

Fiscal uncertainty remains a medium-term risk, which we manage through scenario-based planning, liquidity buffers, and early financing. Overall, we believe 2026 will continue to reward resilience, financial discipline, and operational control, supported by a long-term strategy focused on delivering relevant, affordable, and high-quality projects.

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 for the Romanian real estate market remain linked to macroeconomic and fiscal volatility, which continues to affect long-term planning in a sector with multi-year investment cycles. Affordability pressures, driven by construction, financing, and regulatory costs, may slow decision-making, while structural constraints, such as labor shortages, continue to impact execution and margins.

At the same time, 2026 offers attractive opportunities for both end-users and investors, particularly in well-located, well-priced residential projects developed by financially solid players. Projects that are completed or close to delivery are expected to perform better, benefiting from higher buyer confidence, easier access to bank financing, and clearer yield visibility for investors. Increased regulation and market discipline are also likely to favor transparent, well-governed developers, while mixed-use and sustainable developments remain attractive for long-term capital preservation and stable returns.

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

In 2026, the winners in the real estate market will be developers with strong operational capacity, financial discipline, and the ability to adapt quickly to changing economic and regulatory conditions.

Players with integrated capabilities – covering design, authorization, execution, financing, and sales — will have a clear advantage, as they can better control costs, timelines, and quality, while remaining flexible in pricing and commercial structures. Liquidity, low leverage, and disciplined risk management will be key differentiators in a market where predictability remains limited.

Strategically, projects that are well-positioned, relevant for both end-users and investors, and supported by transparent communication and strong governance are likely to outperform. In a more regulated and selective market, credibility, execution track record, and long-term thinking will matter more than aggressive expansion or speculative approaches.

2026 Trends with Eduard Barbu, BL Associates
2026 Trends with Eduard Barbu, BL Associates 600 600 BUCHAREST REAL ESTATE CLUB

07.02.2026

Eduard Barbu, Director BL Associates

What were the main business results for 2025?

2025 was primarily a year of consolidation rather than acceleration. We closed the year with a turnover of approximately EUR 15.4 million, compared to EUR 15.1 million in 2024. The growth was moderate, but in the current market context we consider it a stable and healthy outcome. More important than the absolute figures was our ability to remain active across multiple market segments, without becoming dependent on a single type of client or project.

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

Our objective for 2026 is controlled growth with a strong focus on resilience. We are investing further in strengthening our execution teams as well as our in-house production capabilities, while continuing to diversify our activity. The goal is not maximum expansion, but adaptability — building a structure that can perform under different market conditions and remain operationally flexible. We are deliberately positioning the company to be anti-fragile rather than optimized for one specific scenario.

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 economic pressure to remain constant throughout 2026. High financing costs, cautious capital allocation, workforce constraints, and ongoing fiscal uncertainty will continue to affect the market. We do not anticipate rapid relief from interest rates or regulatory simplification. Our response is pragmatic: tighter cost control, conservative planning, shorter decision chains, and a stronger focus on execution efficiency rather than scale for its own sake.

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 risk is prolonged hesitation — delayed decisions, postponed investments, and projects remaining stuck in planning phases rather than moving into execution. In Bucharest specifically, following the recent local elections, and based on the signals and early positioning of the newly elected mayor, we anticipate a continuation of the previous administration’s approach. This likely means a city that remains largely blocked from a development and permitting perspective, with limited predictability for private investment.
At the same time, this environment creates opportunities for well-capitalized, operationally strong players who can actually deliver. Demand still exists, but it is increasingly selective and performance-driven.

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

The winners in 2026 will not necessarily be the most aggressive or the most optimistic players, but the most disciplined ones. Companies that understand their costs, protect their margins, invest in people and production capacity, and stay close to on-the-ground realities will have a clear advantage. Execution capability and flexibility will matter more than scale alone.

West Group announces a transparency package for residential projects and introduces an internal standard for payment traceability, in line with Law 207/2025
West Group announces a transparency package for residential projects and introduces an internal standard for payment traceability, in line with Law 207/2025 900 600 BUCHAREST REAL ESTATE CLUB

West Group announces the launch of a transparency package, in fact a set of criteria and key documents, easy to verify by buyers and financiers, and the implementation of an internal standard for payment traceability for residential projects currently for sale, in line with the provisions of Law no. 207/2025, published in the Official Gazette no. 1133/December 8, 2025.

“Law 207/2025 clarifies expectations in the market and creates a common language for authorities, buyers and banks. We go one step further and standardize, publicly, what a buyer or a financier should be able to verify quickly at any time: documents, stages, payments and delivery milestones. The objective is simple: more trust and more efficient financing of solid projects”, said Dan Crăciunescu, founder of West Group.

The initiative comes at a time when the supply of new homes in Bucharest–Ilfov remains under pressure: nearly 17,000 homes were completed in 2024 in the region (−19.3% vs. 2023), and in 2025 the level of deliveries was with only 1,000 units above that of the previous year, according to the information available at this moment. In the context of a solid and solvent demand that characterizes the residential segment in Bucharest-Ilfov, the new legal regulations represent differentiating factors in the market.

What the West Group Transparency Package includes

The package introduces a unified internal standard for communication, documentation and financial flows, so that clients and financiers have better visibility over the project and the stages until delivery:

  • Structured and predictable payments, correlated with clearly defined stages and documents, for a safer and easier-to-track purchase experience.
  • Operational traceability of project-related receipts, so that financial flows are aligned with development and delivery (within the limits of the legal and contractual framework).
  • Standardized documentation for buyers (technical milestones, estimated timeline, set of key updates), for comparability and informed decision-making.
  • Periodic updates on the project status, with execution milestones and next steps, to reduce uncertainty and increase trust.

West Group believes that the consistent implementation of the legal framework and transparency practices generates direct benefits for all involved parties:

  • For authorities: a system that is easier to track and standardize, with clearer and more efficient compliance in the market.
  • For clients: increased clarity regarding stages, documents and purchase conditions, with a more robust protection framework.
  • For banks/financiers: projects with better governance and financial discipline, which can support responsible financing and reduce friction in analysis.

West Group reaffirms that its projects are aligned with applicable requirements and assumes an active role in the professionalization of the residential market in Romania, through working standards that support transparency, predictability and fair collaboration with all relevant parties.

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