Romania’s land market remained active in the first half of 2026, with numerous transactions under negotiation or at the pre-contract stage, but relatively few large deals reaching completion amid uncertainty surrounding energy costs, construction budgets and the domestic political environment.
Prime land plots with clearly defined development parameters and direct interest from developers may record selective price increases of 5 – 10% over a year ago, while sites without valid planning documentation or with difficult access are more exposed to downward adjustments, according to Colliers’ upcoming report for the first half of the year. Retail remains the most active market segment, while residential land continues to attract interest despite undergoing a period of recalibration, and the industrial segment is largely in wait-and-see mode.
Given that a real estate project on a plot acquired today may reach the market in approximately 18 to 24 months, activity during the first half of the year indicates that developers are already positioning themselves for the next delivery cycle, which is expected to become more visible from 2027 onwards.
In the retail segment, demand for land plots remains robust nationwide, even though the number of signed transactions was more moderate in the first part of the year. The process of securing sites continues at a healthy pace, with demand still coming from discounters, food and DIY retailers and developers, including numerous local players preparing projects in smaller cities across the country. This momentum is supported by the expansion of retail networks and demand for convenience shopping, particularly in cities where small and medium-sized retail schemes can respond more rapidly to local demand.
Residential remains the second major area of interest, with demand for land plots increasing visibly over the past year and attracting new buyers, including international investors. Some large developers are beginning to look more closely beyond Bucharest towards regional cities, against the backdrop of intensifying competition in the capital. At the same time, a few local developers in Romania’s largest regional cities are facing difficulties, potentially creating opportunities for partnerships or for new players to enter the market. The reverse trend also remains relevant, with developers from regional cities seeking opportunities in Bucharest.
However, the residential market is going through a period of adjustment, influenced in part by legislative changes that have altered access to financing and favour larger developers with stronger financial positions. As a result, buyers have greater negotiating power, particularly as their number has declined, although acquisition interest remains present.
”The land market is going through a period of repositioning; it is by no means at a standstill. We are seeing a significant number of discussions, negotiations and transactions in progress, even though fewer large deals were completed in the first half of the year. Retail remains the most active segment, while residential continues to attract interest, including new market entrants. The difference compared with previous years is that decisions are being made more cautiously, with greater pressure on pricing, payment terms and the certainty of the permitting process”, explains Sînziana Oprea, Director of Land Agency at Colliers Romania.
Infrastructure and increased supply are changing negotiation dynamics
In the industrial segment, demand is moderate, with investors preferring to wait for clearer opportunities. Major players already hold substantial land reserves and are in no rush to acquire additional sites unless an exceptionally well-located plot becomes available or a site closely aligned with their development plans enters the market. By contrast, there is growing interest in special projects such as student accommodation, medical centres, schools and other educational developments.
Infrastructure continues to play an important role in site selection, although its impact varies significantly by area. In Bucharest, the planned extensions of the metro network are having some influence, albeit less than certain investors had anticipated, while the A0 ring motorway is generating more visible interest among buyers. Opportunistic purchasers are also active in the market, including investors seeking land with long-term appreciation potential and owners looking to acquire neighbouring plots for land consolidation and future expansion.
On the supply side, the number of sites being brought to market continues to increase. A growing proportion of sellers are institutional and international investors, some of whom are considering market exits amid political uncertainty. Other owners are seeking to release capital or take advantage of the substantial price increases recorded in recent years, while certain plots have become more attractive following the development of new infrastructure projects nearby.
”Supply is more substantial than in the past, and this is changing the balance of negotiations. A growing number of owners are interested in selling, either because they want to release capital, because prices have increased significantly compared with five or ten years ago, or because certain plots have become more valuable as infrastructure has developed and they consider this an opportune time to exit. At the same time, a number of investors are assessing disposal options amid political uncertainty. Buyers, however, are responding very cautiously: they are more selective, negotiate more carefully and are in a stronger position than during the years when the market was dominated by sellers”, adds Sînziana Oprea.
Buyers are negotiating more cautiously, while price movements vary
There is no single, clear price trend across the overall market. Increases may occur in specific cases, generally when a purchaser has a strategic interest in a particular site. In such situations, prices may rise by 5 – 10%, particularly for prime plots with advanced planning documentation and a realistic prospect of securing the necessary permits.
Transaction structures also indicate that negotiating power has shifted further towards buyers. Colliers seesan increasing number of transactions involving staged payments, many of which are linked to obtaining the building permit, thereby providing buyers with greater protection. Nevertheless, some investors have immediately available capital and can act quickly when an attractive opportunity arises. At the same time, Romanian capital is considerably more active in the market than in the past, contributing to a more diversified buyer base.
Permitting remains one of the market’s key variables
With regard to permitting, investors in Bucharest are cautiously optimistic that the approval process for certain projects may become more flexible. However, market development continues to depend heavily on the new General Urban Plan, which will play a decisive role in shaping future development. In other major cities, the project approval process has become more difficult amid increasingly visible social and political pressures.
Overall, 2026 is unlikely to be a particularly strong year in terms of the number of completed transactions, although there remains considerable activity beneath the surface. A significant number of deals are currently under negotiation or at the pre-contract stage, while the arrival of new buyers, the increasingly visible role of Romanian capital and sustained interest in retail and residential land indicate that the market is becoming more diversified. The second half of the year may bring a higher number of completed transactions, although the most visible effects are more likely to emerge in 2027, provided that the economic and political environment does not deteriorate and that the planning and permitting framework becomes clearer.
”Current market activity shows that investors are adjusting their strategies. For developers, land acquired today is not a bet on the current market, but a way of positioning themselves for the market of 2027–2028. A real estate project requires time for permitting, financing and construction, and those making decisions during this period are already looking towards the next growth cycle. This is why, even though transactions are taking longer to complete, interest in land remains relevant: the market is not driven by short-term impulse, but by anticipating the moment when projects will actually reach the sales or leasing market”, concludes Sînziana Oprea, Director of Land Agency at Colliers Romania.