Real estate developer Impact wins lawsuit regarding Greenfield Baneasa PUZ

tudor@cijeurope.com
14 August 2025
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Real estate developer IMPACT Developer & Contractor won the lawsuit filed by an ecological and civic association, along with three other individuals, in which the latter requested the cancellation of a PUZ obtained by the developer.

“The court’s decision confirms that IMPACT is building in full legality, respecting all legal requirements, urban planning standards and good practices in terms of urban planning coefficients. At this time, the contested documents are valid, produce full effects and there is no final decision regarding their suspension or cancellation,” the developer’s representatives say.

In October 2024, 732 apartments in the fourth phase of the development of the GREENFIELD Baneasa neighborhood were delivered.

JYSK opens new store in Esplanada shopping center

The Austrian group SUPERNOVA announces a new important step in the development of the Esplanada shopping center, with the official opening of the JYSK store, on an area of approximately 1000 square meters.

The Danish furniture and interior decoration retailer, JYSK, thus reaches a network of 155 stores in Romania.

The Supernova Group is active in Austria, Slovenia, Croatia, Romania and Slovakia, currently having a portfolio of over 110 commercial properties, with a gross market value of approximately EUR 2.2 billion.

Ghai Sant Ram buys a project with hundreds of apartments from Bîlteanu family

British investor Ghai Sant Ram has purchased the H4L Millennium residential project, next to the Porsche Bucharest North showroom, from the Bîlteanu family, following a transaction worth EUR 11.3 million.

The Bîlteanu family, through the developer H4L Development, bought a 4.5-hectare plot of land from the Arab investment fund EIIC, approximately 5 years ago, for a price of approximately 10 million euros. On this plot, H4L Development planned to build the H4L Millennium project with 718 apartments. The Bîlteanu family has already sold approximately half of this land to Kaufland.

The Bîlteanu family has now sold the remaining land after the transaction with Kaufland, covering an area of approximately 2 hectares, to the company SRG Properties of the British Ghai Sant Ram, who has also changed the name of the project from H4l Millennium to Ivory Horizon.

Source: Profit.ro

Valentin Neagu: “The jump from 9% to 21% cannot be fully absorbed by developers”

On August 1, 2025, the VAT rate for new housing increased from 9% to 21%, a fiscal change with a direct impact on prices and sales strategies in the residential market. According to Valentin Neagu, Managing Director of Crosspoint Real Estate, the impact will be felt most strongly in the mass-market segment, where the stock of homes below the EUR 120,000 threshold was already limited. In contrast, the mid- and premium segments, where the standard rate already applied, will be affected mainly by the general rise in construction costs.

“In major cities, apartments with reduced VAT were becoming increasingly scarce, and in Bucharest only a few established mass-market areas still had a relevant inventory. The jump from 9% to 21% is too great to be fully absorbed by developers without affecting margins. At present, price increases can no longer be labeled speculative; they are dictated by cost realities – more expensive energy, utilities, and construction materials,” explained Valentin Neagu.

The tax changes come against the backdrop of a demand already declining compared to last year. However, this trend is not the result of reduced solvent demand but of a period of uncertainty generated by the economic and political context. In the first seven months of 2025, transaction volumes in Bucharest were 6.8% lower than in the same period in 2024 – a temporary adjustment likely to fade over the next 6–12 months as the market recalibrates. Contributing factors include reduced purchasing power, wage freezes, more difficult access to credit, and limited available supply.

The immediate effect of the VAT hike was seen in July, when buyers rushed to close transactions before the change took effect. According to ANCPI data, apartment sales rose by 16.7% nationwide compared to July 2024, with a 12.7% increase in the Bucharest metropolitan area (+11.1% in the capital and +20.6% in Ilfov). Significant increases were also recorded in major regional centers: Cluj +20.2%, Iași +27.3%, Timiș +15.4%. “No other year has recorded such high July sales volumes as 2025, surpassing even the record years of 2021 and 2022,” emphasized Valentin Neagu.

Over the next 12 months, Crosspoint does not anticipate a sharp decline in the residential market, but rather a moderate adjustment. Limited supply and a slow pace of permits will keep demand relatively high. “In the first six months of 2025, new home prices rose by 10% compared to December 2024, and the trend is far from reversing,” concluded Valentin Neagu.

Over 700,000 square meters of new retail space by 2030 in Romania

The retail market in Romania continues to develop at an accelerated pace, recording deliveries of over 162,000 sqm of new retail space in the first half of 2025 and reaching a total stock of 4.73 million sqm, according to data from real estate consultancy Cushman & Wakefield Echinox.

The main completed projects were Mall Moldova in Iaşi (125,700 square meters) and the expansion of Iulius Mall Suceava (16,500 square meters), consolidating the position of the eastern region on the map of modern shopping centers.

The pace of deliveries does not stop there – 700,000 sqm of retail space is under construction or planning and is due to be completed by the end of 2030. The Center-West region, which includes cities such as Cluj-Napoca and Reşiţa, will attract almost 60% of these deliveries. Among the most ambitious projects are Cluj Mall (130,000 sqm), developed by Prime Kapital – MAS Real Estate, and Rivus Cluj (120,000 sqm), a project developed by Iulius Group – Atterbury Europe. Reşiţa will also benefit from a 35,000 sqm project developed by Nhood.

Rents in Romania increased by 5.8% year-on-year in June

Romania recorded a 5.8% rent increase in June compared to the same period in 2024, marking a pace more than twice as fast as the EU average, which stood at 2.3%.
In July, rental prices remained relatively stable compared to the previous month, but they registered an average increase of 5% compared to the same period in 2024.

The highest average prices are recorded in Bucharest, especially in Sector 1 (750 euros) and Sector 2 (675 euros). At the opposite end, the most affordable rents are found in Arad (360 euros) and Timisoara (420 euros).

One United Properties sales and pre-sales reached EUR 95 million in H1/2025

Real estate developer One United Properties recorded sales and pre-sales totaling EUR 95.4 million in the first half of this year, the equivalent of 28,602 square meters of residential and commercial space. The group has sold and pre-sold 301 apartments and commercial units, as well as 332 parking spaces and other types of units.

“With EUR 364.4 million already contracted and to be collected by 2027, we operate with a low level of debt, high liquidity and minimal risk of execution,” says Victor Căpitanu, co-CEO of One United Properties.

The commercial division has leased and pre-leased 7,483 sqm of office and commercial space and signed lease extensions for another 18,948 sqm.

URBANO Group builds a commercial park near Cluj Napoca

URBANO Group is building the largest commercial park in the region near Cluj-Napoca, with a value of over EUR 100 million. The project, which will generate over 500 new jobs, has received the construction permits for the first phase, and the opening is scheduled for the first quarter of 2026.

URBANO SHOPPING & LIVING is being developed on a 25-hectare plot of land located in the Florești commune. At the end of the first phase of the project, URBANO GROUP and its partners will deliver to the market 45,000 sqm of commercial and service spaces developed on 155,000 sqm, out of a total of 245,000 sqm available.

The official opening of the first phase of the URBANO SHOPPING & LIVING Commercial Park is scheduled for the first quarter of 2026.
Banca Transilvania is providing over EUR 16 million in financing to the URBANO Shopping & Living project.

French Revolution opened new shop in Timpuri Noi Square

French Revolution, the well-known Romanian confectionery brand focused exclusively on the artisanal production of éclairs, opened a new store in Timpuri Noi Square, the flagship real estate office complex of Vastint Romania.

French Revolution Timpuri Noi Square is the 6th store of the company in Bucharest.

“Finding a prime retail space in Bucharest is always a challenge for any restaurant or store operator, which is why we’re excited whenever we identify a location with strong potential, especially one that aligns with our strategy of opening near office hubs.

We hope the new space will become a key attraction for both employees working in the complex and visiting guests, offering not only delicious desserts and specialty coffee, but also a lively atmosphere ideal for socializing.

We’re extremely proud of the business we’ve built over the past 11 years and of the dedicated team that continues to grow year after year. Looking ahead, we have ambitious expansion plans for our brand, both in Romania and across Europe.”, declared George Panaitescu, Co-Founder and Co-Owner French Revolution.

Timpuri Noi Square is a well-designed architectural development that offers excellent connectivity to all parts of the city, with easy access to both public transport and road networks. Situated in a vibrant, densely populated residential neighborhood, Timpuri Noi Square has played a key role in the rapid growth of local services and has sparked greater demand for both office and residential spaces.

“We are happy to welcome in our community a famous Romanian brand such as French Revolution. We are thrilled that Timpuri Noi Square continues to draw esteemed partners, further solidifying its position as a significant urban regeneration project for the Timpuri Noi area in Bucharest. The new store will complement the present facilities, that include a fitness center, a beauty clinic, a bank, a convenience store, a restaurant and a food market. Also, the second phase of Timpuri Noi Square, currently in construction, will include retail spaces that have been thoughtfully designed to expand the existing mix of services and amenities already available in phase one of the project.”, said Sorin Macoveiu, Commercial Manager Vastint Romania.

Another premiere that phase two of Timpuri Noi Square brings is New Tales, a contemporary food hall concept and a first for the local market. Spanning nearly 6,000 m² across two levels, the space will feature a generous common area alongside a curated mix of commercial units.

The Romanian VAT increase to put pressure on buyers

Starting August 1, 2025, Romania’s residential market enters a new stage, marked by significant fiscal changes. One of the most impactful is the removal of the reduced 9% VAT rate for housing and the implementation of the standard 21% rate. According to Romeo Ghica, Operations Manager at Hercesa Romania, this change will have notable effects both on housing prices and on the behavior of buyers and renters in the near future.

“The market is facing challenging conditions, with a great deal of uncertainty and heightened concern. Clearly, the VAT increase will have a significant impact on the residential market. For an apartment listed at EUR 100,000, this change means an additional cost of around EUR 12,000 for the end buyer”, said Romeo Ghica.

However, the Hercesa representative emphasizes that the actual impact of this measure will also be influenced by other key factors, such as the availability of bank financing and the appetite of lending institutions to support purchases and developments. In this context, Hercesa reaffirms its commitment to maintaining an optimal price-to-quality ratio for the benefit of its clients.

”In the medium and long term, the removal of the reduced VAT rate could contribute to the market’s maturation, shifting buyers’ focus from acquisition price to product quality, sustainability and integrated amenities.”

Regarding price trends, Romeo Ghica notes that current values in major cities are not necessarily the result of speculative overvaluation but rather reflect the growing imbalance between steady demand in certain areas and declining supply.

The rising cost of utilities and the overall cost of living is another factor directly affecting the market. Romeo Ghica anticipates a slight increase in rents, especially in areas with strong demand, but warns that there is both a psychological and financial threshold beyond which tenants can no longer go.

”Landlords will try to pass on inflationary pressure, but there is a limit to affordability that must not be exceeded.”

For buyers, the dominant trend in the second half of 2025 will be caution. Purchase decisions are expected to be postponed or reassessed, with more attention directed toward energy-efficient homes in good locations, offering relevant features for a sustainable lifestyle.

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