BRASOV REAL ESTATE OVERVIEW

The number of hotel rooms internationally affiliated will increase by 22.1% in the next three years. During the same period, the number of hotel rooms on 5-star category will increase by 128%, according to Est Hospitality.

In 2023, tourist arrivals and overnights are still below the levels of 2019. As compared to 2022, the market increased with 10% at arrivals and overnights.

The trend is very positive, and it is expected to continue in the coming years due to increased traffic on Ghimbav Brasov International airport, pipeline of new branded hotels, number of festivals, increased number of MICE events (Meetings, Incentives, Conferences and Exhibitions).

“Meta Estate Trust has registered a net profit in 2023 of 9.47 million Ron, an increase of 46% over the previous year. 2024 started with good perspectives as we have acquired the company Poiana SPV 6814 S.R.L. This transaction was concluded with the aim of consolidating Meta Estate’s position in Poiana Brașov, an area of investment interest, and to over-guarantee the investment of Meta Estate shareholders made up to this point” Adela Antone, Chief Investment Officer, Meta Estate Trust.

Brasov residential market has become the largest regional residential market, and the second one at national level, following Bucharest & Ilfov. According to data from imobiliare.ro, the prices for new residential units registered an increase of 12% in Q1 2024 vs previous year. The medium price for new apartments is 2,053 Euro/ net sqm + VAT reported for Q1 2024.

“Brasov is an important business market for us, a city with high potential for new developments, and we plan to open a new Reynaers Experience Center here, which will give partners the opportunity to interact directly with our universe. The new center will have a team of professionals ready to advise customers, to offer them the best design, functionality, and performance solutions”, Daniel Popa, Country Manager, Reynaers Aluminium.

The largest retail area was developed on the former Tractorul platform, where Coresi shopping resort was inaugurated in 2015, spreading over 24 hectares. The owner announced development plans, with a new retail hub comprising a 4,200 sqm Decathlon store, a 2,050 sqm Bebe Tei, 850 sqm Farmacia Tei and two large furniture stores Momaz and XXXLutz on 28,000 sqm and Mobexpert on 9,600 sqm. Decathlon, Bebe Tei and Farmacia Tei are scheduled for opening in 2024, while Momaz, XXXLutz and Mobexpert in 2025.

Brasov has been an interesting center of attention during 2023, with multiple new builds and announced projects. Both institutional investors and owner-occupiers made significant commitments towards the region. Owner-occupiers such as Olympus, Ursus, Bauer, and Foerch undertook significant investments towards adding processing, storing, and office capacity. The top three institutional investors have started a solid development pipeline, with a total combined build capacity of over 360,000 sqm.