In a market shaped by overlapping global and local uncertainties, Romania’s real estate sector has entered 2026 in a state that resists simple definition. In a recent interview with CIJ EUROPE, according to Ioana Roman, Partner and Head of the Real Estate Practice at Filip & Company, the current environment reflects both a recovery phase and a filtering process, where only well-structured and carefully assessed transactions are progressing.
“It’s both, but what’s different now is the level of discipline the market requires,” she said. “We are navigating a much more complex environment.”
That complexity is not limited to Romania. While local uncertainty has long been part of the market’s DNA, the current cycle is defined by a broader shift in how risk is perceived and managed. Investors are no longer assessing only domestic factors, but a wider framework shaped by geopolitical tensions, regulatory changes, technological shifts and macroeconomic volatility. “What used to be mostly local is now fully interconnected at a global level,” Roman explained. “Uncertainty is no longer the exception, it directly influences how transactions are structured and negotiated.”
This shift is reshaping how transactions are executed. Risk allocation, once something that could be refined later in the process, is now a central element from the outset. According to Roman, failing to address this early can derail transactions entirely, leading to delays, increased costs or even abandoned deals.
“Risk is no longer something you adjust along the way, if it’s not clearly allocated from the beginning, transactions either stall or become significantly more expensive to close.”
The impact is visible in execution timelines as well. Transactions that a decade ago could be completed within a few months now frequently take six months to a year, often influenced by external factors such as elections or broader geopolitical developments.
From an international perspective, Europe continues to be seen as a relatively safe destination for capital. However, Romania is rarely the first point of entry. Investors typically establish themselves in more mature markets such as the UK or Poland before expanding into Central and Eastern Europe. Romania remains on the radar, but entry decisions are closely tied to individual risk profiles and strategic positioning.
On pricing, the gap between buyer and seller expectations has narrowed compared to previous years, although it has not disappeared entirely. Roman points to land transactions as a key area where misalignment persists, particularly in Bucharest and its surrounding areas. Sellers tend to price based on development potential, while buyers’ factor in permitting risks and execution challenges. In response, more sophisticated legal structures are being used to bridge the gap, including conditional agreements and requirements for sellers to secure planning approvals before closing. In many cases, obtaining at least a zoning plans or even a building permit has become essential to completing a deal.
Financing has also taken on a more central role in shaping transactions. Rather than being treated as a final step, it is now a structuring variable that must be addressed from the beginning. Banks are more rigorous in their assessments, often requiring additional due diligence and placing greater emphasis on security packages. This has extended transaction timelines and increased complexity. At the same time, alternative lenders are gaining ground, offering more flexible but more expensive financing solutions, sometimes with structures that allow debt to convert into equity if projects perform well.
One of the most significant constraints on the market remains the urban planning and permitting environment in Bucharest. The absence of a clear and updated General Urban Plan, combined with delays and inconsistencies in permitting, continues to weigh on development activity.
“This is one of the key structural constraints shaping investment decisions in Bucharest today,” Roman said. While Bucharest remains the most liquid and attractive market in Romania, the current situation has effectively slowed development, forcing investors to adapt their strategies or look at alternative locations.
Regional cities such as Cluj-Napoca, Iași, Timișoara and Brașov are increasingly attracting attention, although not solely because of Bucharest’s challenges. These markets have developed in their own right, supported by strong local fundamentals and established investment ecosystems. In some cases, they are capturing projects that cannot currently move forward in the capital, but their growth is largely driven by their own momentum.
Looking ahead, Roman expects industrial and logistics to remain among the strongest performing sectors, supported by infrastructure development and shifting supply chains. Retail continues to attract interest, although selectively, with retail parks standing out as the most sought-after assets. Residential and mixed-use developments are also expected to remain active, despite a temporary slowdown in sales following recent fiscal measures that have affected purchasing power.
Beyond these sectoral dynamics, Roman highlights several risks that investors must carefully assess. Fiscal uncertainty remains a key concern, particularly in relation to new property tax rules that can significantly affect asset valuations if not properly accounted for. At the same time, inconsistencies between legislation and its practical application at the municipal level create what she describes as administrative legal risk. This is especially evident in permitting and construction processes, where lack of uniform practice can introduce delays and unexpected costs.
In this environment, the difference between successful and unsuccessful transactions often comes down to preparation. Thorough due diligence, early risk allocation and close coordination between legal, technical and commercial advisors are no longer optional but essential.
Despite the challenges, Roman remains confident in Romania’s long-term prospects. She argues that the market is well adapted to operating in uncertain conditions and that this resilience should not be underestimated. “
Challenges don’t block transactions in themselves — what matters is whether they are identified early and properly built into the deal structure,” she said.
She also points to growing interest from new sources of capital, particularly from Asia, with Chinese investors increasingly analysing opportunities in Romania, even if entry remains complex due to regulatory requirements.
Her message to investors is clear. Romania continues to offer strong opportunities, but success depends on a disciplined and realistic approach. “Romania should not be overlooked because of uncertainty — but it does require a more disciplined approach to risk,” she said. “The difference is no longer in identifying opportunities, but in how realistically risk is assessed and priced in each transaction.”
In a market where uncertainty has become structural rather than cyclical, the ability to assess, structure and execute transactions with precision is emerging as the defining factor for success.
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