Cordia

BREC AWARDS 2025: QUALITY LIVING AWARD
BREC AWARDS 2025: QUALITY LIVING AWARD 901 600 BUCHAREST REAL ESTATE CLUB

The annual BREC Christmas Party was a great opportunity to inaugurate BREC AWARDS, a new initiative designed to bring recognition to BREC members for their activity throughout the year in the real estate industry.

BREC AWARDS is our way to honour the visionaries who transform cities, redefine communities, and set new standards of excellence. BREC AWARDS has given us the opportunity to look closely at each member’s work in 2025 and highlight the investments, transactions, and companies that bring greater maturity and professionalism to the Romanian real estate industry.

QUALITY LIVING AWARD- AFI ROMANIA

PIONEERING THE BUILD-TO-RENT SECTOR – AFI HOME NORTH

AFI ROMANIA has long been known for its activity in ​​​​the management of shopping centers and office buildings. However, the company has turned its attention to a sector where not many investors look: residential build to rent.

AFI Home North was completed in early 2025, introducing a new way of life: fully furnished apartments, pet-friendly and with a series of facilities such as a gym or coworking center.

For the pioneering work they do in this field but also for raising the standards in the process of renting a home, we grant AFI ROMANIA the QUALITY LIVING AWARD.

QUALITY PERFORMANCE I LIVING AWARD – AKCENT CITY

OUTSTANDINGN SALES

Akcent City represents a large-scale development of 723 residential units, 900 parking spaces and 4,000 sq m of green spaces, in the area of the Jiului metro station.

We award Akcent City for sales performance: over 90% pre-contracted prior to completion.

QUALITY LIVING AWARD – CLOUD 9 EVOLUTION

BUILDING SUSTAINABLE COMMUNITIES THROUGH INVESTMENTS IN EDUCATIONAL INFRASTRUCTURE 

Built following an investment of 90 million Euros, on an area of ​​3.2 hectares, Cloud 9 Evolution will include over 1,000 apartments & parking spaces, as well as a wide range of integrated facilities.

We are happy to see that today residential projects are no longer just about apartments, but also dedicated infrastructure, facilities and green spaces. CLOUD 9 EVOLUTION allocates 3 million Euros for a new school with 10 classrooms, 4 laboratories, library, gym, medical office and administrative spaces.

QUALITY LIVING AWARD – HILS SUNRISE

A NEW BENCHMARK IN EASTERN BUCHAREST

HILS Development is developing HILS Sunrise, the first pre-certified Green Homes complex in eastern Bucharest.

HILS Sunrise implements the most of sustainable measures and solutions, improving the living conditions of the future community. Spread over an area of ​​15,000 sq m, HILS Sunrise will include 4 buildings, with 704 new apartments and 732 parking spaces. With a completion date of 2026, the project will benefit from the most integrated network of facilities, developed to date in HILS projects.

QUALITY LIVING AWARD – INTERO PROPERTY DEVELOPMENT

RESHAPING THE OBOR AREA

InteRo Property Development is a family office, founded in 2006 by Michael Topolinski, and later joined by his 3 children.

The investor is working on his most complex project, SkyLight Residece, which will modernize the Obor area. In total, the development will include 2,200 apartments, 115,000 sq m of offices, 8,540 sq m of commercial space and 28,000 sq m of green spaces. The first phase, with 551 apartments, is scheduled for completion in 2027.

We are granting the QUALITY LIVING AWARD for reshaping the Obor area.

QUALITY LIVING AWARD – HERCESA ROMANIA

TWO-DECADE PROPERTY LEADERSHIP

This year marked a double anniversary for the Spanish group Hercesa: 50 years since its foundation and 20 years of activity on the Romanian market. With 50 million square meters of land under management and 500 professionals within the group, Hercesa has delivered 30,000 homes in those 50 years.

In Romania, the investor completed 1,200 housing units and saved the Cismigiu Hotel from degradation, transforming it into a landmark in the center of Bucharest.

QUALITY LIVING AWARD – BHB PROPERTIES

THE COMMITMENT TO CREATE LIFESTYLE-CENTERED COMMUNITIES – BHB AVENUE

BHB Properties completed this year in the North area BHB Avenue: a premium project, offering high quality services: an urban garden, spa area or concierge services.

For the commitment and determination to create communities around shared values we are granting the QUALITY LIVING AWARD to BHB Properties.

QUALITY LIVING AWARD – IMPACT DEVELOPER & CONTRACTOR

INTEGRATED VISION FOR EXPANDING ACCESSIBLE HOUSING ACROSS THE COUNTRY

Impact Developer & Contractor is the developer with the longest experience on the real estate market in Bucharest: over 30 years and the first real estate company listed on the BVB in 1996. With such a history, the company has gone through all kinds of turbulent periods but has always successfully overcome numerous challenges.

And in 2025 they announce an ambitious plan: investments of almost 2 billion Euros for almost 10,000 new residential units in Bucharest, Constanta and Iasi.

For their vision to expand the concept of affordable housing nationwide we are granting the QUALITY LIVING AWARD.

QUALITY LIVING AWARD – CORDIA

CONTINUITY IN INVESTMENTS ON THE ROMANIAN MARKET

Cordia is one of the leading residential developers in Central and Eastern Europe, with a strong presence in Hungary, Spain, Romania and other key markets. The company’s portfolio includes over 11,000 apartments sold and 2,500 units under construction.

In Romania, Cordia has completed the Parcului20 project and is preparing to launch new residential developments in Bucharest, focused on energy efficiency and long-term value.

QUALITY LIVING AWARD – SEMA REAL ESTATE

VISIONARY URBAN INTEGRATION – SEMA HOME 

The vision for the development of the former industrial platform Semanatoarea is already almost 20 years old. This is where the initial investments in the office sector appeared.

We are glad to see that the owner also includes the residential component, with commercial facilities, through the recent launch of SEMA HOME.

For the vision of integrated development in the Semanatoarea area we are granting the QUALITY LIVING AWARD at BREC AWARDS 2025.

QUALITY LIVING AWARD – ATRIA URBAN RESORT

AFFORDABLE HOUSING IN NORTHERN BUCHAREST

Atria Urban Resort is a project developed in partnership by Cityring Development and Evergent Investments. Atria spreads over 6.5 hectares, near Lake Străulești, has a low-density concept, with a GF+4 regime, green spaces designed according to an integrated concept, swimming pools and playgrounds for children.

The project proves that affordable housing can be built in the northern area, seen more as an area for high-priced units.

QUALITY LIVING AWARD  – WEST GROUP

BEST INTEGRATED REAL ESTATE & CONSTRUCTION DEVELOPER

With an impressive portfolio of completed projects, WEST GROUP’s activity covers both industrial and residential constructions, as well as logistics and real estate solutions.

The group has over 800 employees and operates with 4 key divisions: West Construct, West Beton, West Logistik and West Imobiliare.

In Romania they have acquired the iResidence project and are preparing new investments.

QUALITY LIVING AWARD – DELTA STUDIO

KEY ROLE IN DEVELOPMENT OF THE RESIDENTIAL SECTOR THROUGH DESIGN EDUCATION

Delta Studio was founded in 1996 and has become a provider of integrated interior solutions for architects, designers, developers and end customers.

At BREC AWARDS 2025 we recognize their merits in terms of education in the field of interior design, they are the ones who campaigned for collaboration with professional designers when this seemed more like a caprice.

QUALITY LIVING AWARD – IMOBILIARE.RO

TRANSPARENCY FOR A MORE MATURE MARKET

Imobiliare.ro with a 25-year history, started as an listings site and has become today probably one of the main sources of qualified leads for many developers, but also the actor that brings transparency where it is most needed – housing prices.

At BREC 2025 we are awarding the company for their efforts to mature this sector through transparency.

2025 Trends with Mauricio Mesa Gomez, Cordia România
2025 Trends with Mauricio Mesa Gomez, Cordia România 1200 600 BUCHAREST REAL ESTATE CLUB

24.02.2025


Mauricio Mesa Gomez, Country Manager of Cordia România & Spain

What were the main business results for 2024?

In 2024, a major milestone for Cordia România was the full sale of the Parcului20 project. 

Internationally, Cordia also achieved significant growth. The company successfully delivered 116 luxury apartments in Jade Tower, Fuengirola, Spain, further reinforcing its presence in the Spanish market, and is now preparing a new project there. In Hungary, the Marina City project in Budapest continued to make progress, positioning itself as a landmark sustainable development along the Danube River. While permitting delays remained a challenge in Romania, the strong demand for high-quality housing allowed Cordia to maintain a steady sales performance, reaffirming the strength of its brand and market positioning.

What are the company’s business targets and plans for 2025?

Looking ahead to 2025, Cordia aims to expand its residential portfolio in both Romania and international markets. In Bucharest, the company plans to launch new residential projects, contingent on the stabilization of urban planning regulations. These developments will focus on durability, energy efficiency, and seamless integration with the city’s infrastructure, ensuring that they meet the evolving needs of modern homebuyers.

Cordia’s international expansion will also continue at a strong pace. In Hungary, the company plans to introduce over 1,000 new apartments on the Budapest market, with a significant portion being part of the Marina City development. Other major projects include the expansion of Sasad Resort and the next phase of the Thermal Zugló project in Budapest.

What are the main challenges & opportunities for the real estate market in 2025?

The Romanian real estate market is expected to maintain its momentum in 2025, driven by sustained demand in the medium and medium-high residential segments. However, one of the most pressing issues remains the complexity and delays in obtaining building permits, which hinder the timely launch of new projects. Additionally, economic pressures, including a potential increase in VAT and the removal of tax incentives for construction workers, could lead to higher costs for developers and reduced affordability for buyers. Financing constraints and rising material costs further add to the uncertainty.

Despite these challenges, the market also presents significant opportunities. Demand for high-quality, sustainable housing continues to rise, with buyers increasingly prioritizing energy efficiency and smart home technologies. This trend offers developers a chance to differentiate their projects and attract buyers looking for long-term value.

The stabilization of urban planning regulations and improved collaboration with local authorities in Bucharest could also help streamline project approvals and create a more favorable investment climate.

What economic pressures (e.g., inflation, material costs) or regulatory changes do you anticipate impacting the market in 2025, and how is your company preparing for them?

The Romanian real estate sector in 2025 is expected to face a mix of economic and regulatory pressures that could impact both developers and buyers. One of the key concerns is the potential increase in VAT, which could make housing less affordable for certain buyer segments. Additionally, the removal of tax incentives for construction workers is likely to raise labor costs, which, combined with the ongoing rise in material prices, could push overall development costs higher. The uncertainty surrounding urban planning approvals also remains a significant challenge, affecting the pace at which new projects can be launched.

2024 Trends with Mauricio Gomez, Cordia Romania & Spain
2024 Trends with Mauricio Gomez, Cordia Romania & Spain 900 600 BUCHAREST REAL ESTATE CLUB

26.01.2024

Mauricio Gomez, General Director, Cordia Romania & Spain

What are the main challenges & opportunities for the residential market in 2024?

“The main challenge for the Bucharest residential market in 2024 is the urbanistic blockade. Its effects are already showing, with building permits being issued in 2023 for 0,8 mil. usable square meters versus 1,7 mil. usable square meters in 2022. In this context, the new supply of apartments will be one of the lowest in the history of Bucharest’s residential market, and, as the demand is still strong, this will put pressure on the prices, which have already grown by 10%, YoY, in December 2023.

The last quarter of 2023 showed us that the demand is there, as residential sales picked up the pace. It is true that this growth was driven by the elimination, starting with January 1st, 2024, of the minimum 5% VAT quota, but this only shows that the right product, adapted to the demand’s fundamentals and purchasing power, is set for success.

The demand is currently somewhat affected, for the time being, by the fact that the National Bank of Romania keeps the key interest rate at 7%, and this means the accessibility of mortgages and loans for potential customers is still difficult, but things will improve in H2 2024 from this point of view.

At the same time, as real estate developers are not able to start new projects because of the suspension of the PUZs, there will be a ripple effect on multiple horizontal and vertical levels, from the drop in property taxes for the municipality and in labor-related taxes for the central authorities to decreasing demand for building materials and services of construction companies.”

What are the company’s business targets for 2024?

“In theory, our objective is to develop 500 new apartments each year on the residential market in Bucharest. We are not able to start a new development in the coming months because our projects are heavily affected by the urbanistic blockade and by the lack of dialogue with the authorities.

We support responsible real estate development and have six major urban regeneration projects in Europe in our portfolio, totaling 7,000 homes, 300,000 square meters of office space, 150,000 square meters of commercial space and 110,000 square meters of green space. Despite this significant experience, which involves partnerships with local authorities in cities such as Budapest, Warsaw, Poznan, and Birmingham, we have not managed to establish such collaborations in Bucharest, although we have always shown our willingness and have even taken steps in this direction.”

What were the main business results for 2023 – in terms of apartments sold?

“We obtained the occupancy permit for the second phase of Parcului20, our project in Expoziției area in northern Bucharest in February 2023 and we reached, in December 2023, a 95% level of sales of the total of the 485 apartments comprised in both phases of the project.”

Urban congestion reduces the accessibility of Bucharest
Urban congestion reduces the accessibility of Bucharest 1200 600 BUCHAREST REAL ESTATE CLUB

27.09.2023

The lack of predictability currently manifested by the project to modify the fiscal measures affects not only the business environment, but also consumers and will generate major imbalances in the market, believe the representatives of the largest real estate companies, members of the Bucharest Real Estate Club organization (BREC). They participated yesterday in the debate Residential Conference – The Future of Quality Living, the main topics being the turbulence affecting the fields of construction and real estate in Romania.

Even if, fundamentally, the developers agree that the Government’s plan to increase taxes is reasonable, considering the fact that their level is lower in Romania than in other countries, they believe that such changes must be announced in time so that the environment businesses to adjust their investment plans accordingly.

Andrei Diaconescu, co-founder of One United Properties, spoke in this regard about transitional provisions that should have been adopted as part of the plan to modify the tax package. “I find the Government’s plan reasonable, even if I do not agree with the tax increase. When European money comes through PNRR or other mechanisms, I understand why tax facilities are removed for some categories such as builders, but there are private investors who do not benefit from European funds and who have large projects that develop for several years. In their case, it would have been reasonable to benefit from transitional provisions, which would give them time to adapt their plans”, said Andrei Diaconescu.

Tinu Sebeșanu, CEO of Impact Developer and Contractor, disapproves of the way the fiscal changes were debated and the short implementation time. “In Germany a tax increase of 1% was announced 3 years before. The German state recently announced incentives for residential developers. Romania’s budget has been bleeding for years and we are permanent blood donors. The impact of the new measures is not major, but it creates pro-cyclical measures and we would have liked more predictability”, said Tinu Sebeșanu.

The lack of predictability is the reason why Cordia, part of the Hungarian group Futureal, changed its plans regarding Romania. “Our plans could not be developed in Romania as we originally proposed. As an international investor, we had to move to other markets for the time being, where conditions are favorable and predictable. In Spain we have a project under development and we bought two other plots, the last transaction, worth 46 million euros, being among the largest in the Costa del Sol in 2023. This money could have come to Romania, a market in which we will remain and in which we will continue to develop residential projects”, said Mauricio Mesa, General Director, Cordia Romania and Spain. The company announced in 2019 a budget of 120 million euros for the development of projects and 40 million euros for the acquisition of land, currently having a portfolio that allows it to develop more than 2,000 apartments.

Also speaking about predictability, Laurențiu Afrasine, CEO of Akcent Development, referred to an official meeting of real estate developers last year with Prime Minister Nicolae Ciucă, who assured them that the Government had no intention of changing taxes. “There will certainly be an impact on many levels, especially the emotional one for the buyer, who will be faced with the new prices.” Afrasine said.

Developers continue to face the urban gridlock that is chronically manifested already in Bucharest and is beginning to make its effects felt in other large cities as well.

What are the solutions for unblocking Bucharest? Andrei Diaconescu claims that the first step is the unblocking of the Zonal Urban Plans (ZUP) by sector, the next is the adoption of the General Urban Plan (GUP). “GUP should have been ready much faster, it’s already been going on for several years. If you don’t have a GUP, you can’t develop anything on a plot of land of over 3,000 square meters.” said Diaconescu, and in the end everyone suffers. “We all bear the burden of traffic, the city is developing towards the periphery, but schools, theaters, workplaces are in Bucharest, so transit traffic is increasing, a situation that I don’t know if it is taken into account by the local authorities”, Diaconescu also said.

The consequence of the urban uncertainty is the decrease in the accessibility of Bucharest, as the demand for apartments and new office spaces will recover, but the supply will decrease.

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