MedLife to open new hospital in Craiova

MedLife has inaugurated the new MedLife Craiova Hospital, an investment of almost EUR 6 million. The new hospital covers an area of 3,400 square meters and will be fully open in early 2025.

“This hospital is not only an investment in health, but we aim to offer patients quick access to complex investigations and treatments, with the support of a top medical team and the most modern technologies. In fact, we currently own the only private hospital network with national distribution and we are committed to remaining pioneers in the development of private medicine in Romania,” said Mihai Marcu, President and CEO of MedLife.

MedLife Craiova Hospital joins the 15 hospitals, the 200 clinics and hyperclinics, and the 34 laboratories in the MedLife network. Currently, MedLife has the largest diagnostic and treatment platform in the country.

Source: economica.net

Kaufland has opened new store near Bucharest

Kaufland Romania is expanding its presence nationwide and opening its sixth store in Ilfov County. Thus, the company is creating over 70 new jobs and supporting the development of the local community.

Located on Pipera Boulevard, no. 2/IX, the new Kaufland is built on a total area of almost 6,200 sqm, with a sales space of over 3,300 sqm. The new location offers 267 parking spaces.

The shopping gallery offers access to a variety of shops and services, such as the Doctor Skin beauty center, Dr. Max pharmacy, Sibianul, Beautifier, Good2Go, etc.
Kaufland is among the largest retail companies in Europe, with over 1,550 stores in 8 countries, over 155,000 employees and a network of 184 stores in Romania.

RENOMIA Romania Partners with CIJ Awards Romania 2024

CIJ EUROPE is proud to announce RENOMIA as a partner of the CIJ Awards Romania 2024, that will take place on December 4th at the Radisson Blu in Bucharest.

Founded in 1993, RENOMIA is the largest insurance brokerage and risk management company in the CEE. RENOMIA combines the atmosphere of a family business with the best international standards. We are present in all countries in the CEE, we represent 70.000+ clients and 590+ employees , with over EUR 1billion control premiums .

Named as the Insurance Broker of the year after year in the Czech Republic and in Romania by XPRIMM award as the best corporate insurance broker of the year 2023, RENOMIA continues to improve it’s services day after day in order to bring to our clients the latest insurance products available in the global market.

“The mission and values of RENOMIA determine the culture and character of our company. They reflect our approach to each other, and to our clients and partners. We believe in RENOMIA’s mission and values, and we act in harmony with them.“

Comprehensive services in insurance and risk management require specific knowledge of and experience. RENOMIA has long been building specialized teams to understand the needs of our clients as best as possible.

RENOMIA operates in 12 countries throughout central and eastern Europe , as well as 19 other countries and in the rest of the world together with their partners from RENOMIA European Partners and Arthur J. Gallagher & Co.

The CIJ Awards Romania 2024 will recognize outstanding achievements across various categories, including residential, commercial, and mixed-use developments. This high-profile event will bring together leading professionals and highlight the latest trends and successes in the Romanian real estate market. For more details about the event, please check out our website: https://lnkd.in/dpJvqsbF

Mortgage and consumer loan balances rise in Romania during 2024

Total loans granted to individuals in Romania reached €37.4 billion by the end of September 2024, reflecting a 6.6% increase compared to the end of 2023. This growth, highlighted in a report by online broker Ipotecare.ro and financial consulting firm SVN Credit Romania, was driven by significant gains in both the mortgage and consumer loan segments.

The mortgage loan balance stood at €21.7 billion at the end of Q3 2024, representing a 2% rise compared to the end of the previous year, according to data from the National Bank of Romania. Mortgages accounted for 58% of the total loans in repayment across the country, while consumer loans held a 37.5% share.

Romania’s mortgage sector has seen remarkable growth in recent years. The current mortgage balance is nearly four times higher than its 2008 level, which stood at just €5.7 billion. Additionally, the share of active mortgage loans in Romania’s GDP has climbed from 3.9% in 2008 to an estimated 6.7% by the end of 2024. Despite this progress, Romania’s mortgage market remains modest compared to European averages, where mortgage balances represent about 40% of GDP.

“Continuous economic development has fueled demand for modern, more spacious homes. This has led to a transformation in the credit structure, with mortgage loans now dominating the total credit balance,” noted Alexandru Radulescu, Managing Partner at SVN Romania | Credit & Financial Solutions. He added that Romania’s mortgage market has substantial growth potential, with the possibility of doubling in size over the next decade, especially when compared to Western European markets, which are more than ten times larger.

The local mortgage market has also evolved qualitatively. In 2008, mortgage loans represented just 21% of all loans in repayment, with consumer loans dominating at 79%. Furthermore, 92% of mortgages at the time were denominated in foreign currency. In contrast, as of 2024, mortgages account for 58% of the total loans balance, while foreign currency mortgages have decreased significantly to just 12%.

The consumer loans segment, while smaller than in 2008, has also experienced recent growth. The total consumer loan balance stood at €15.7 billion at the end of September 2024, down from €21.3 billion in 2008. However, 2024 marked a strong year for consumer loans, with a €2 billion increase in the first nine months alone.

Romania’s credit landscape reflects a dynamic shift towards mortgages, spurred by improving living standards and evolving housing needs, setting the stage for continued expansion in the years ahead.

InStil Hotels Group opens its third hotel in the center of Bucharest

The InStil Hotels Group, owned by the Alecu family, will open a new 4-star boutique hotel property: Ecletico Villa. The renovation and refurbishment of the historic building in the Rosetti Square area amounted to around EUR 2.5 million.

The Ecletico Villa currently has 18 rooms. In addition, Ecletico Villa also has a breakfast room and an interior courtyard terrace that preserves a valuable architectural element of the original building, a fountain over 100 years old.

The InStil Hotels portfolio, owned by the Alecu family, currently comprises three hotel properties in Bucharest, categorized as 3 and 4 star hotels, catering to various categories of tourists, from business to leisure. The group’s development projects also include the renovation and modernization of the former Hotel Banat, located in Rosetti Square, a property for which an investment of EUR 4 million is planned and which will be put into use with 40 rooms, as well as the former Euro 11 hotel in Sibiu, a 38-room hotel that will have 38 rooms and will require an investment of approximately EUR 3 million.

Romania: Construction increased by 2.4% in September 2024

Construction increased by 2.4% in September 2024, compared to the same month last year. Residential, however, but also office construction remains in the red, and the sector is being dragged down by infrastructure construction. The construction of bridges, highways or other elements that Statistics Romania records as “engineering” led the sector to the red in September, the first increase since April.

In the rest of the year, the volume of construction decreased every month, compared to last year, so that, at nine months of the year, the sector recorded a minus of 2.6%, according to data published by the National Institute of Statistics.

The decrease in residential construction is 24% in three quarters. Also, the volume of construction works for offices, logistics or commercial spaces decreased by 4.4% in the first nine months of the year. On the other hand, Statistica also shows, the volume of infrastructure works increased by 8.3%.

NEPI Rockcastle accelerates strongly on green energy

Developer NEPI Rockcastle will begin construction of the company’s first photovoltaic park locally in the first months of next year. The plans come after it installed photovoltaic panels on all shopping malls in Romania.

“A location has already been secured for the development of a 50 MW project in the west of the country. Construction is expected to begin in the first quarter of 2025. A second location has been identified with a potential where a capacity of over 100 MW can be developed and for which we are in the due diligence process. The company has allocated almost EUR 100 million for these projects,” according to a company report.

This is the third phase of NEPI Rockcastle’s project to invest in green energy. The first phase represented the installation of photovoltaic panels on 27 shopping malls and commercial parks in Romania, following investments of EUR 34 million. In the second phase, NEPI Rockcastle will also install photovoltaic panels on the malls it owns outside Romania. by

In addition, the company has plans for new housing in Galați, where it bought the land of the Intfor industrial platform almost three years ago. The company has started the authorization process for Galați Retail Parc, a mixed-use project, which will have a retail component of almost 41,000 sqm and apartments on an area of 21,500 sqm.

Source: Economica.net

Stay Fit Gym opens its 47th fitness center in Romania

Stay Fit Gym, the fitness network with the largest coverage at the city level in Romania, announces the opening of a new fitness center in Bucharest, in the Rahova neighborhood of the capital. With this opening, Stay Fit Gym reaches a number of 47 centers open nationwide, thus becoming the network with the most centers open in Romania and Eastern Europe.

The new Stay Fit Gym center in Rahova has an area of approximately 1,200 square meters and includes fitness areas, functional training, cardio and studios for group classes. The investment in the arrangement and opening of this center amounted to approximately RON 3.5 million.

Since the beginning of this year and to date, the company has opened 20 fitness centers, following a total investment of approximately 70 million lei. By the end of 2024, the company estimates to reach 48 centers, with the opening of a new location in Ștefănești, planned for December.

Source: economica.net

Avon launches new store in Romania’s historic landmark

The American cosmetics, perfumes and jewelry giant Avon International, one of the biggest players in the beauty industry, is opening a new store in Romania, located in the historic Oromolu building in Piața Victoriei, Bucharest, which also houses the headquarters of the Avon Romania team.

In August, Avon opened its first franchise stores on the local market. Recently, Avon opened a concept store in the Park Lake shopping center, as well as in Shopping City Ploiești.

The company, with a business model focused on direct sales, is now in a process of transforming and diversifying its sales channels, with physical stores and developing its online presence. Romania is one of the main markets for the Avon group.

Source: Profit.ro

CIJ Awards Gala Romania 2024 – NEXT WEEK

CIJ EUROPE is pleased to remind you about Romania’s real estate awards ceremony, CIJ Awards Gala, which will take place next week, on 4th of December, at Radisson Blu Hotel, in Bucharest.

The CIJ Awards Gala dinner will showcase locally sourced cuisine presented in an innovative and unconventional style, offering a delightful blend of flavors in unexpected forms. Enjoy this exquisite dining experience in a comfortable and relaxed atmosphere as we honor the best real estate developments and investors of 2024.

This year’s CIJ Awards Gala will be co-hosted by Iulia Parlea, esteemed News Anchor from ProTV, with an outstanding performance by Nicoleta Nuca & Band ensuring an unforgettable show.

Featuring an exceptional roster of attendees from across Romania, this year’s CIJ Awards will usher in a new era of recognition for the unique individuals and teams driving these remarkable developments
Join us at the CIJ Awards Romania and become part of our property gala history. We invite you to participate in this prestigious event, now with a significantly broadened scope!

For registrations, please check our website: https://awards.cijeurope.com/cij-awards-romania/#about

A BIG THANK YOU to all CIJ Awards Gala Romania 2024 Partners: North Bucharest Investment, CPI Property Group, AFI Europe, Hagag Development Europe, NEPI Rockcastle, VASTINT, CTP, NUSCO, BMF Grup, WIREN, Globalworth, Global Vision, Speedwell, Lion’s Head, HILS Development, NHOOD, COS, Biris Goran, Coral Construct, Bog’Art, Alesonor, WeMat Global, Carbon Tool, Fortim Trusted Advisors, Ceresit, Theta Furniture & More, Optim Project Management, SAMSUNG Climate Solutions, Omifa, TPA Romania, RENOMIA Gallagher, Search Ads, Redport, Imobiliare.ro, Marazzi, Safety Approach, Avitech, Bellemonde, Fabrica de Profile, EVO Properties, STC Partners, Reynaers Aluminium, Serban & Musneci Associates, Radisson Blu Hotel.

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