Friday, 21 August 2026
Romania’s proposed Territorial Planning, Urbanism and Construction Code could significantly change the economics of property development, with new restrictions on planning coefficients and uncertainty surrounding an infrastructure contribution likely to influence land values, financing decisions and the timing of new projects, according to Crosspoint Real Estate.
One of the most important changes for residential development concerns limits on increasing urban planning coefficients through Zonal Urban Plans, known as PUZs. Crosspoint expects this to place greater emphasis on the development capacity already secured for individual sites rather than the possibility of obtaining more favourable planning parameters at a later stage.
The change could create a wider pricing difference between land with established planning conditions and sites whose valuations currently incorporate assumptions about future development potential. Oana Popescu, Head of Residential at Crosspoint Real Estate, expects the cap on the land-use coefficient, or CUT, to reduce the speculative component of some land valuations and increase the importance of confirmed buildability.
Another issue for developers is the proposed territorial infrastructure contribution, which is intended to support infrastructure and social amenities associated with development. The method used to calculate the contribution has yet to be established through secondary legislation, leaving developers without certainty over the potential additional cost.
Crosspoint expects this uncertainty to affect land transactions while developers assess how the contribution should be incorporated into acquisition prices and development budgets. Some transactions could be delayed or structured around clarification of the new rules. If this slows the delivery of residential projects in Romania’s major cities, where new housing supply is already under pressure, the imbalance between supply and demand could become more pronounced.
The changes could also influence Bucharest’s office development market. Crosspoint expects developers and lenders to place greater emphasis on projects capable of securing occupiers before construction begins, particularly as financing becomes more dependent on visibility over future rental income.
Pre-leasing could consequently become more important, alongside phased construction and stronger equity commitments from developers. The result could accelerate an existing shift away from projects developed without significant tenant commitments towards schemes where occupier demand is demonstrated before substantial capital is deployed.
Planning certainty could become particularly valuable in Bucharest because the pipeline of new office development is already limited. Developers controlling sites with established planning parameters and the ability to progress relatively quickly through permitting could therefore gain an advantage over projects requiring additional planning procedures.
The eventual effect on office rents will depend partly on how significantly the new framework affects development activity. Crosspoint argues that measures which slow the introduction of new projects could constrain future supply and influence land values, delivery volumes and rental levels for higher-quality offices.
Modern and energy-efficient properties in established business districts could benefit most if occupier demand remains concentrated on higher-quality buildings while development remains restricted. However, the eventual market impact will depend on the final implementation of CATUC, particularly the secondary legislation determining how the territorial infrastructure contribution will be calculated.
