Wednesday, 18 February 2026
Romanian investors represented the largest source of capital on the country’s real estate market in 2025, accounting for around 30 percent of completed transaction volume, according to Colliers’ annual market report. Over the past decade, locally generated capital totalled close to €1.8 billion in property investments, exceeding the cumulative volumes attributed to several traditional foreign investor groups over the same period.
Total real estate investment volume in Romania reached approximately €525 million in 2025, down from about €750 million in 2024. Colliers notes that the decline reflected the postponement of several large transactions and, to a lesser extent, domestic political uncertainty, rather than a withdrawal of investor interest.
At a regional level, 2025 marked a shift from cautious positioning toward a higher rate of deal completion. After two years characterised by a mismatch between buyer and seller pricing expectations, transactions across Central and Eastern Europe began closing at a steadier pace as valuations adjusted.
“One of the most important trends in Romania’s investment market is the increasingly strong role of domestic capital, which has become a factor of stability. Whereas in the past foreign capital was dominant, in recent years, with very few exceptions, locally generated capital has consistently ranked among the top two positions, a clear sign of the local economy’s maturation. Over the past decade, Romanian investors have placed around €1.8 billion, reaching a share of approximately 20% of the total, thus surpassing South African investments by roughly half a billion euros and those from the United Kingdom, the Czech Republic, or Austria by more than one billion euros. This structural shift creates a solid foundation for further positive developments and is a clear signal that the local market is gaining confidence in its own strength”, said Ionuț Mandanac, Associate Director, Capital Markets at Colliers.
Retail and offices generated most activity
Retail assets accounted for the largest share of investment volume in 2025, representing roughly 38 percent of transactions. The biggest individual deal involved the sale of a retail park portfolio of about 32,000 square metres to the UK-based fund M Core for an estimated €57 million. Together with additional acquisitions in secondary cities, the transaction positioned M Core among the most active investors of the year, representing close to 29 percent of the total market volume.
Office properties generated around 31 percent of total investment activity and introduced new investors to the Romanian market. The most significant office transaction was the acquisition of the first phase of the Equilibrium project in Bucharest by Hungary’s Gránit Asset Management for approximately €52 million. Another central Bucharest office building, Victoria Center, was acquired by Solida Capital, marking its entry into the local market.
In hospitality, the sale of the Hilton Garden Inn Bucharest Airport, estimated at around €40 million, became one of the largest hotel transactions recorded domestically. Colliers indicates that the relevance of the deal stems from the fact that it involved a newly developed asset rather than a repositioned property, highlighting the gradual maturation of the hotel investment segment.
Yields stable, financing conditions gradually improving
Prime yields in Romania remained broadly unchanged in 2025, with Colliers maintaining benchmark levels of 7.25 percent for dominant shopping centres, 7.50 percent for prime office buildings and 7.75 percent for leading industrial assets. Unlike certain neighbouring markets that saw modest yield compression or outward shifts, Bucharest values showed limited movement, suggesting a balance between buyer expectations and seller pricing.
Bank financing remained available for income-producing assets, and the year also recorded the largest refinancing completed on the local market, exceeding €500 million across several AFI retail and office projects. Lending margins for well-performing assets generally ranged between 200 and 250 basis points, slightly below previous years.
“Tax legislation is changing at an accelerated pace, and the rules are becoming increasingly complex, which is why investors are analysing transaction structures and their medium- and long-term tax impact much more carefully. Elements such as the deductibility of financing costs, the rules governing the recovery of tax losses, or the impact of the minimum turnover tax directly influence how investments are structured and how returns are calculated. Under these conditions, predictability and rigorous tax planning become decisive factors in maintaining the attractiveness of the local market”, said Alex Milcev, Partner, Tax & Law Services Leader, EY Romania and Moldova.
Central and Eastern Europe shows renewed transaction momentum
Across the wider region, the six largest Central and Eastern European markets — Bulgaria, the Czech Republic, Poland, Romania, Slovakia and Hungary, attracted approximately €11.6 billion in property investment in 2025, an increase of about 31 percent year-on-year. Volumes moved closer to pre-pandemic levels, largely supported by Poland and the Czech Republic, each recording transactions exceeding €4 billion. Investors from within the region generated nearly two-thirds of total activity, while Western European and U.S. capital accounted for smaller shares.
For 2026, Colliers expects moderate growth in regional investment volumes supported by stable pricing and gradually improving liquidity. In Romania, the year opened with a new institutional office transaction already completed and several large deals reported to be under negotiation. Market performance, however, remains linked to domestic political stability and broader international economic conditions.
“For 2026, we anticipate significantly better results in the real estate investment market than in the past two years. Liquidity is beginning to return to the region, and Romania benefits from solid fundamentals across all established sectors. Demand for logistics spaces remains strong, while the retail and office segments are showing positive dynamics, with multiple transactions at advanced stages of negotiation. If the domestic political environment remains stable, the government continues its reform agenda, and no major external shocks occur, the investment market could enter a phase of sustainable recovery. Investor appetite is present, and transactions are completed when there is convergence between sellers’ expectations and buyers’ investment parameters. The market operates optimally when prices reflect a balance between the assets’ fundamentals and the cost of capital”, concluded Robert Miklo, Partner, Head of Capital Markets at Colliers.
Source: Colliers Romania and EY
Photos: Robert Miklo, Partner, Head of Capital Markets at Colliers, Ionuț Mandanac, Associate Director Capital Markets at Collier and Alex Milcev, Partner, Tax & Law Services Leader, EY Romania and Moldova
