Investors from Western Europe, particularly from Austria, the Netherlands, Belgium, and the United Kingdom, have been the most active buyers of real estate assets in Romania over the past five years (2019–2024), making investments totaling €1.75 billion, according to data from real estate consultancy Cushman & Wakefield Echinox. Their market share accounted for approximately 39 percent of the total transaction volume of €4.5 billion during the period.

They were followed by Romanian investors, who acquired assets worth nearly €1.2 billion, representing a 26 percent market share. Investors from Central and Eastern Europe purchased real estate assets valued at €560 million (13 percent market share). Meanwhile, investors from the Middle East made investments totaling €388 million, while South African investors saw a decline in activity, holding a 7 percent market share.

Despite the volatile market environment, marked by several major events, the Romanian real estate sector has continued to attract new investors, both local and international. Among the newcomers are M Core (UK), Supernova (Austria), Adventum Group (Hungary), Fortress (South Africa), Oresa Industra (Sweden), BT Property (Romania), Vectr Holdings (India), Vincit Union (Latvia), W&E Assets (USA), and AYA Properties (Belgium).

Amongst the companies already active in the local market, the largest acquisitions were made by Pavăl Holding, CTP, and AFI Europe, as they strengthened their positions by acquiring office building portfolios (Pavăl Holding and AFI Europe) and industrial and logistics parks (CTP). These acquisitions also marked the exit of the Austrian group CA Immo from the Romanian market, the exit of South African group NEPI Rockcastle from the office segment, and Globalworth’s exit from the industrial sector.

Cristi Moga, Head of Capital Markets, Cushman & Wakefield Echinox: “Over the last five years, the Romanian real estate market has attracted capital from over 20 countries across four continents. However, European investors, including Romanian ones, have accounted for approximately 80 percent of the total transaction volume. While Western European investors’ appetite for acquisitions remained strong at the start of this year, we are also seeing growing interest from Central and Eastern European players.”

Between 2020 and 2024, 159 transactions were recorded, with an average value of over €28 million. The most transacted properties were office buildings, which accounted for over €2.2 billion (nearly 50 percent of total volume), followed by retail projects (24 percent) and industrial properties (19 percent).

Approximately 60 percent of the investment volume was directed toward properties located in Bucharest, while more than a quarter of the market consisted of portfolio acquisitions of assets located in multiple cities across Romania.