The Romanian retail market is undergoing a significant transition where “expansion for expansion’s sake” is being replaced by a strategy focused on high-density mixed-use concepts. Mădălina Mitan, Partner at Schoenherr and moderator of the Retail and Mixed-Use panel held at CEDER 2026, observes that “consumers now don’t want just a place to shop, they want an experience”. This evolution has placed mixed-use developments at the forefront of urban strategy, as they cater to a growing demand for extreme convenience and efficiency.

Costin Blideanu, General Manager of AFI Brașov, explains that this shift is rooted in a modern psychological need for immediate accessibility: “I think we are in a moment of everybody wants comfort, everybody wants everything now, here, very close, very, very comfortable. And we’re answering to this comfort for the moment (…) everything needs to be in 2 minutes reach”. Mixed-use projects address this by integrating living, working, and social spaces, effectively reducing the daily friction of travel. Blideanu also talks of a shift in the anchors for coming to shopping centers: “Before, people were coming for fashion and more than 80% when they were coming to buy fashion, they were going to the food court. Now they are coming for the food court, restaurants, coffee shops. And if they are there, they will buy also fashion.” This shift is the reason why in AFI Brașov the focus was placed on a different style of food court: “And the figures are absolutely amazing.”

A landmark example of this “all-in-one” philosophy is also the extension of the Promenada Mall in Bucharest, which integrates retail, office space, a hotel, a swimming pool and even a theater. Robert Ioniță, Group General Counsel of NEPI Rockcastle illustrates the seamless user experience such a concept provides: “Imagine that it’s 2027, you are a worker, you have your office in Promenada. At lunch you can go have lunch without even going out of the building, and you can go to the gym, all without leaving one building. In the evening, instead of going home, you can go watch, just watch a movie or see a play or a musical. The traffic, you no longer spend time in traffic”. This density is viewed as a benefit to the city, as it allows thousands of people to remain in one area rather than rushing through overcrowded urban centers.

There are however those who would not bet on the mixed-use concept, such as Geanina Ungureanu, Head of Retail at CPI Property Group, who says “I was thinking about what my colleagues were saying about the mixed-use projects. Honestly, I’m not a big fan, because it depends very much on the elements and their proportion in the project. And you can never just put a pinpoint and say this is the perfect combination, because it depends on the location, it depends on the region, it depends on the people, if they want to go to a theater or to a gym or not. So, this is very, very debatable. So, I will just stick with the shopping centers.” When asked what she would like to see changing in the retail market, she states: “I would really love to see the development of the high street in our town, in the old center with old buildings, with big mono brands to come and to develop these very nice concepts, pop-ups and so on and more this type of European capital that preserves, let’s say, the old city part.”

The second Residential panel held at CEDER 2026 touched upon the legal shifts affecting the Romanian market in the recent months. The most significant legal development is the enactment of the so-called “Nordis Law” in December 2025. While intended to protect consumers, legal experts argue the final version of the legislation is ineffective and adds unnecessary complexity without addressing core risks. Simona Guțiu, Founding Partner of the Notarial Office EQUITY explains the law’s shortcomings: “The actual law, in the form of [enactment] shows that the transactions are still required to be carefully revised by the parties. And the risks are high. So many of the previous risks have not been covered. You are not covered by the insolvency of the developer. You are not covered enough by the fines… 1% of the turnover of the SPV for the previous year may lead to zero. We do not have, six months later, the norms of application [of] the law. We have only a higher bureaucracy with a lot of papers to be done, to be registered with the land book. But the legal risks are still there.”

Silviu Stratulat, Managing Partner, Stratulat Albulescu Attorney at Law is even more critical, suggesting that the law fails to impose necessary criminal penalties for the misuse of buyer funds: “The original bill (…) was sensible and logical. The current law, it’s not (…) I mean, breach of law is fined with 1%. I mean, it’s administrative. (…) It should have been criminal. If you take someone’s money and use it for other purposes than for (…) erecting the building, then you should be criminally prosecuted. And it’s not there (…) It’s smoke and mirrors. That’s what it is. It’s dust in the wind”.

While Bogdan Letcă, CEO of Bog’Art Residential considers that the new law will further complicate the environment for developers, creating new roadblocks and “only making delays”, Claudiu Bisnel, Managing Partner of Brisk Group, is more optimistic: “it’s a good law in essence (…) because it tries to regulate the market” and he sees a “cleansing effect”, as only top-tier developers with robust governance and legal structures can navigate the current environment: “If you don’t know what you’re doing in this kind of a market, you’re exposed to high risks.”

The experts gathered at the second Residential panel held at CEDER 2026 remarked that the Romanian residential market is currently characterized by a high-pressure environment where rising construction, financial, and logistics costs are forcing developers, lenders, and buyers to recalibrate their expectations in a price-sensitive climate.

Lenders have responded to this climate with a “forensic” scrutiny of project fundamentals. Claudiu Bisnel, Managing Partner of Brisk Group notes: “From the lenders’ perspective, there is caution associated with what’s happening, (…) basically looking more closely to construction costs, looking more closely to the actual contractors that are being brought on the project, their technical capabilities, their robustness in terms of finance and so forth. And also, the quality of the equity that is put in place in terms of the project from the developer’s side.” Despite this, he concludes on an optimistic note: “overall, we are in a position where with proper governance, with proper tools in place, from our perspective as consultants, project cost management tools, projects can be managed and brought to very successful delivery.”

Transactionally, the market is moving away from outright land acquisitions. To mitigate the permitting and financing risks, developers are increasingly seeking joint-venture-style partnerships with landowners. Silviu Stratulat, Managing Partner at Stratulat Albulescu Attorney at Law explains: “It’s not a joint venture per se. It’s not, but it is sort of a partnership structured in a different way between the landowner and the developer, because both the landowner, but especially the developer wants to share the risk. And the risk is all across. It is a financing risk; it is a contractor risk. Of course, the financing risk is usually (…) assumed by the developer. (…) The shift is I don’t want to acquire the land anymore and then take over, in addition to basically the risk of development, that sort of investment, risk of that investment in the land, but I will share it with the landowner.”

Developers are caught between rising input costs and a price-sensitive, more cautious consumer base. Bogdan Letcă, CEO of Bog’Art Residential, emphasizes that while developers may absorb some of the “shocks” of cyclic downturns, final prices are likely to see a “bump” as developers cannot cope with elevated costs alone. However, he stresses: “a thing that you cannot compromise (…) is the product. Because as long as you are reputable and you have the branding on your side, even on harsh times and (…) stormy weather, you cannot compromise the product. You know, the reputation takes many years to build and can be lost instantly.”

The first Residential panel held at CEDER 2026 highlighted a necessity of collaboration over isolated competition on the Romanian residential market. Industry experts invited to participate in the panel suggest that there is ample reason to create integrated ecosystems that require developers to look beyond their own property lines.

Alex Skouras, Co-Founder and Managing Partner of Alesonor, argues that achieving the “15-minute city” ideal—where all essential amenities are within a short walk—requires a macro view of urban development. He emphasizes that developers must move past a narrow focus on their own plots to engage with the broader environment: “A proper, in my view, 15-minute city project is exactly what you mentioned, that you have to step out and zoom out. As I was saying earlier, talk to authorities, understand what they are able to deliver, where we can support them, where they can support us, have a proper collaboration (…) not only our project (…) but talking what’s happening all around the area.”

Jan Demeyere, Architect and Co-Founder of SPEEDWELL echoes this sentiment, noting that focusing solely on one’s own site can lead to inefficient and redundant services. He proposes a more practical, shared approach to infrastructure that benefits the entire community: “We are neighbors, we are doing a project next to each other. I can build a kindergarten; you can build a kindergarten. Maybe we should sit together and build a kindergarten together instead of working on our plot. And that’s the 15-minute city that’s sharing amenities with other developers around and not trying to do everything on your spot itself.”

Irina Caraene, Sales Director of CORDIA, identifies a lack of professional unity as a hurdle to progress, particularly when dealing with public authorities. She suggests that the path to successful urban regeneration is paved with stronger relationships between competitors. When asked what she thinks is wrong about the Romanian real estate market today, she explains: “I think not making very strong friendship with the competitors. Because we tried, all of us, we tried a lot of public-private partnership with the authorities and we didn’t succeed. And I think… us! [It] depends on us to get along [with] each other and to meet often and to have common projects… We have to get closer, more and to try to make very good ecosystems, especially in the areas where we are making urban regeneration.”

Ultimately, this shift toward collaboration is seen as a way to transition from seeking “short-term profits” to creating long-term value that elevates the quality of life for all residents.

As showecased by the first panel on Residential held at CEDER 2026, the Romanian residential market is currently undergoing a period of maturation, where the concept of luxury is shifting to integrated ecosystems and long-term value. According to the industry experts, this evolution is driven by increasingly sophisticated buyers who prioritize time, community, and wellbeing.

Răzvan Brasla, CEO of Cloud9 Residence notes that the difference between upper middle and premium real estate is now defined by the “depth” of the product. “So, it’s very important that the product has good architecture, good construction, it has energy efficiency, amenities and of course financial discipline. Because the buyers have become more educated and they want to be informed about the entire project”, he states.

Vlad Musteață, Founder & CEO of North Bucharest Investments, observes that the window for securing properties in the city’s most prestigious areas is rapidly closing. He identifies a specific class of clients who are “looking to buy just premium location, just in best areas”. Musteață emphasizes that these opportunities are becoming rare: “Let’s say we have one project in best location in two, three years… So, they understand that now is the last moment to buy this kind of perfect location and not cheap projects”.

The market is no longer driven solely by local investors. Musteață highlights a rise in international interest, noting that foreign buyers are often more decisive than locals because they recognize Bucharest’s growth potential relative to other European capitals. “A lot of people are very impressed how they see Bucharest who come for the first time (…) they understand the direction of the price (…) will be just growing,” he explains.

In the luxury segment, the demand for amenities has become non-negotiable, as buyers look for a “complete urban living” experience which aligns with the broader industry shift toward the 15-minute city concept, where work, leisure, and education are all within reach. As Irina Caraene, Sales Director of CORDIA puts it: “The client which is ready to offer more than €200,000 is more looking to buy time. To have city in 15 minutes (…). He wants complete urban living without compromises. So, for these reasons, from what we saw on the market, we are very glad that we are through those developers that want to fulfill the desire on the premium and luxury market and offer to all those clients beside a very good apartment with a very good finishing, a lot of amenities that the client can use.”

Vlad Musteață also notes that modern buyers are “not satisfied to have just good apartments and big number of square meters”. Instead, they demand functional surroundings: “They want to have a place for the kids, they want to have commercial space, and they want to have where to go outside in the evening, let’s say to make promenade”. He maintains that the high-quality projects being developed today will see significant appreciation and concludes that the buildings which successfully integrate these community elements will be “very, very, very appreciated from the buyers who buy today”.

As showecased by the first panel on Residential held at CEDER 2026, the Romanian residential market is currently undergoing a period of maturation, where the concept of luxury is shifting to integrated ecosystems and long-term value. According to the industry experts, this evolution is driven by increasingly sophisticated buyers who prioritize time, community, and wellbeing.

Răzvan Brasla, CEO of Cloud9 Residence notes that the difference between upper middle and premium real estate is now defined by the “depth” of the product. “So, it’s very important that the product has good architecture, good construction, it has energy efficiency, amenities and of course financial discipline. Because the buyers have become more educated and they want to be informed about the entire project”, he states.

Vlad Musteață, Founder & CEO of North Bucharest Investments, observes that the window for securing properties in the city’s most prestigious areas is rapidly closing. He identifies a specific class of clients who are “looking to buy just premium location, just in best areas”. Musteață emphasizes that these opportunities are becoming rare: “Let’s say we have one project in best location in two, three years… So, they understand that now is the last moment to buy this kind of perfect location and not cheap projects”.

The market is no longer driven solely by local investors. Musteață highlights a rise in international interest, noting that foreign buyers are often more decisive than locals because they recognize Bucharest’s growth potential relative to other European capitals. “A lot of people are very impressed how they see Bucharest who come for the first time (…) they understand the direction of the price (…) will be just growing,” he explains.

In the luxury segment, the demand for amenities has become non-negotiable, as buyers look for a “complete urban living” experience which aligns with the broader industry shift toward the 15-minute city concept, where work, leisure, and education are all within reach. As Irina Caraene, Sales Director of CORDIA puts it: “The client which is ready to offer more than €200,000 is more looking to buy time. To have city in 15 minutes (…). He wants complete urban living without compromises. So, for these reasons, from what we saw on the market, we are very glad that we are through those developers that want to fulfill the desire on the premium and luxury market and offer to all those clients beside a very good apartment with a very good finishing, a lot of amenities that the client can use.”

Vlad Musteață also notes that modern buyers are “not satisfied to have just good apartments and big number of square meters”. Instead, they demand functional surroundings: “They want to have a place for the kids, they want to have commercial space, and they want to have where to go outside in the evening, let’s say to make promenade”. He maintains that the high-quality projects being developed today will see significant appreciation and concludes that the buildings which successfully integrate these community elements will be “very, very, very appreciated from the buyers who buy today”.