Real estate investor-developer Hagag Development Europe and consultancy company CBRE Romania have recently signed an exclusive agreement regarding the leasing strategy for H Știrbei Palace, Bucharest’s newest luxury destination.

Romania’s luxury goods market is estimated to generate revenues of EUR 535.82 million this year, the demand being fuelled by an increasingly wealthier population. In this mandate, CBRE Romania is focused on attracting premium and luxury retailers, responding to significant demand from this segment. The increased interest shown in recent discussions confirms the robust potential of the Romanian market.

The luxury retail market in Romania is on a continuous rise, with Bucharest becoming an increasingly attractive destination for premium brands. This trend is fuelled by the development of prestigious real estate projects, including 13 new five-star hotels planned by 2028, which will host brands such as Corinthia, Mondrian, Hyatt, and Kempinski. According to a market report published by CBRE Romania, there was an increase in prime rents for high-street locations in the first quarter of 2024, reflecting the dynamism of this segment.