Real estate investments in Romania reached EUR 750 million in 2024, marking a 58% increase compared to the previous year, according to the annual Colliers report. The figure is slightly lower than the EUR 800 million annual average recorded over the past decade.

Still, according to Colliers, Romania emerged as a regional leader, delivering the strongest performance among the five major economies of Central and Eastern Europe - Bulgaria, the Czech Republic, Hungary, Poland, and Slovakia. 

Industrial assets dominated transaction activity, totaling nearly EUR 300 million, making 2024 a record year for this investment category. Among the most significant deals was the EUR 278 million sale of Globalworth’s industrial portfolio, partially co-owned with Global Vision, completed through two separate transactions.

Looking ahead to 2025, Colliers experts describe market prospects as mixed, citing political uncertainty following the cancelation of the presidential elections and an elevated risk profile due to economic imbalances as key challenges for the investment landscape.

“Compared to the previous year, 2024 was significantly more active and concluded with a solid performance. The strong transaction momentum observed throughout the year has carried into 2025, with several major deals still in progress. These increases in transaction activity confirm that Romania’s relatively low investment volume, compared to Poland, is primarily due to limited available products rather than a lack of investor interest,” said Robert Miklo, Partner | Head of Capital Markets at Colliers.

“Looking ahead, we anticipate sustained positive dynamics, with strong prospects to surpass 2024’s performance,” he added.

The largest transactions of the year were the sales of Globalworth’s industrial portfolio. CTP acquired 270,000 sqm of leasable warehouse space and land for future expansions across multiple cities for roughly EUR 168 million. Additionally, WDP purchased a 136,000 sqm portfolio, jointly owned by Globalworth and GlobalVision, for around EUR 110 million. Furthermore, WDP acquired Expo Market Doraly, a retail park north of Bucharest, for an estimated EUR 90 million.

Another notable transaction was the sale of The Landmark, a prime office complex in the central business district, to African Industries Group, backed by Indian capital. This marked the first major commercial real estate transaction in Romania involving Indian investment and has contributed to the stabilization of prime office yields, according to Colliers consultants.

Other acquisitions last year were two retail parks purchased by BT Property, the real estate fund of Romania’s largest bank, further strengthening a new type of capital in the market. Additionally, Mureș Mall in Târgu Mureș was acquired by the local medical university, with plans to transform it into an educational facility. This transaction is part of a growing trend of recent acquisitions by local authorities, involving significant investments.

“The average transaction value in recent years stood at approximately EUR 25 million, marking one of the lowest levels recorded. However, this trend reflects the growing involvement of local capital, which is becoming increasingly active. A new generation of entrepreneurs who have accumulated capital through their businesses over the past decades is actively seeking investment opportunities. Between 2022 and 2024, transactions below EUR 20 million accounted for, on average, about a quarter of the total annual volume,” stated Robert Miklo. 

Yields remained stable in 2024, standing at 7.25% for prime retail centers, 7.50% for premium office spaces, and 7.75% for top-tier industrial assets, with a slight 0.25 percentage point increase for the latter. 

The outlook is promising for 2025, with nearly EUR 100 million in signed but yet-to-close transactions, including the sale of a portion of Iride Park, owned by Immofinanz, and a portfolio of retail parks belonging to MAS REI. Additionally, other deals in various stages of negotiation, totaling roughly EUR 500 million, indicate a strong start to the year. 

If favorable trends continue, Colliers’ analysis suggests that commercial real estate investments could exceed EUR 800 million in 2025. However, this scenario depends on key market developments.

irina.marica@romania-insider.com

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