After a 2024 marked by political uncertainty, a general wait-and-see approach and, consequently, relatively low demand, the land market has become more active in the first half of 2025. According to the latest Colliers report, interest from a significant number of buyers has revived, while new investors have entered the market. The estimated value of land transactions for commercial real estate projects (excluding industrial) approached 200 million euro, below the level recorded in the same period last year, but with more positive prospects for the second half of the year and for 2026.
At the same time, interest in office development plots remains very low, while the residential segment and land earmarked for special projects – in the medical, education, student housing, data centre, showroom and other such sectors – is gaining ground. Demand for industrial land is also on the rise, particularly near major cities and in areas where significant infrastructure projects are underway, with investments taking shape in both the logistics segment and in manufacturing/production.
Retail and residential remain the most active segments in the land market, as in previous years. In the retail sector, interest is driven both by developers already established in the market and by new buyers seeking plots for future projects. Most transactions are recorded in small and medium-sized cities, where values are moderate but the number of acquisitions is high. Both local and international developers, as well as major retail chains, continue to expand near areas with high population density, capitalising on the potential of proximity-based consumption by acquiring land for built-to-suit projects for specific retailers or for shopping galleries of various sizes.
The residential market is attracting interest, particularly in major cities and in Bucharest, where the number of transactions is lower but values are higher. Established developers are looking to expand their project portfolios, betting on the economic potential of urban areas, even against the backdrop of a slower economy and recent fiscal changes. In the Capital’s metropolitan area – especially in the northern zone – an increasing number of investors are seeking large plots for housing developments or villa compounds, signalling a clear trend towards lower-density projects.
“Activity in the land market continues to be driven by major operators and retail developers – whether through individual projects or the development of retail parks of various sizes – and is complemented by growing interest from local capital in special projects. We are also seeing new buyers, a sign that the market is confirming its medium- and long-term potential, diversifying and maturing. In the residential sector, there are still developers expanding their portfolios without being deterred by the temporary slowdown in the market or by fiscal changes, which shows us that the appetite for well-located projects remains high, particularly in major cities and in Bucharest”, explains Sînziana Oprea, Director of Land Agency at Colliers Romania.
Interest in plots designated for office developments remains low, amid changes in the labour market and a preference for flexible working arrangements. Many sites originally intended for office buildings are now being redirected towards collective housing or student accommodation – solutions that better match current market needs.
Although these transactions are not included by Colliers in the calculation of total market volume, the company notes that the industrial land segment is becoming increasingly active, with visibly rising demand. Most transactions are taking place near major cities and in areas with recently completed or soon-to-be-completed infrastructure, where established logistics developers and companies looking to build factories are seeking suitable plots. Against the backdrop of regional shifts, this trend signals a strategic repositioning of supply chains, as well as a genuine opportunity for Romania to attract industrial investment with a direct impact on local economic development and on the land market.
“We are seeing steady interest and a fairly large number of projects in preparation, which gives us reason to be moderately optimistic for the next 12 to 18 months. The land market is becoming more diverse, but it remains to be seen how the economy will absorb the fiscal changes coming at a time when the local business environment was already somewhat weakened and consumers had already become less optimistic. Nevertheless, despite the uncertainties, most analysts anticipate that from 2026 we will begin to recover – a forecast that is also in line with the general sentiment in the land market”, says Sînziana Oprea, Director of Land Agency at Colliers Romania.
Colliers experts note that supply remains solid, with new strategic plots frequently coming onto the market. While there are the “usual” sellers, a large share of supply is generated by investors looking to focus on their core business. There are also former opportunistic buyers who now see a chance to release the capital tied up in land and redirect it towards other, more attractive areas. In this context, prices are evolving quite unevenly: plots without valid urban planning documentation or located in areas with difficult accessibility may see price decreases, while prime, urbanised plots attracting competition – potentially from several types of developers – can command higher prices.
“If we take into account the development cycle of a real estate project – whether we are talking about a shopping centre, an office building or a residential complex – we can say that a project conceived now could be delivered the earliest in one year and a half. More realistically, it would be over two years, meaning it would come to market in 2027 or 2028, when the economy is expected to be back on an upward trend. The relative buoyancy of the land market suggests that many developers are aware of this, and for this reason, the land market is likely to remain fairly dynamic”, concludes Sînziana Oprea.