UNFOLDING 2025: GROWTH, CHANGE AND OPPORTUNITIES
Navigating political, fiscal, and urban uncertainties while driving major investments remains the name of the game in 2025.
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Second to Bucharest, Cluj is the most attractive investment destination in Romania. Its burgeoning economy is driven by a strong entrepreneurial spirit and the excellence of the local educational system, which provided multiple business champions. Home to sophisticated IT start-ups and a base for multinational R&D and production centers, Cluj leads in terms of economic development perspectives. The dynamic environment led to a high interest in investing in physical infrastructure to serve the growing city. In terms of significant public projects, the Cluj metro shall effectively break ground in April after scrambling to rethink the financing sources due to delays in implementation. The Metropolitan Train project is also subject to securing financing after receiving a positive endorsement from the Technical Urban Planning Commission at the end of 2024.
RIVUS reached 50% leased area for the retail area, which will have 145,000 sqm. Far from being just a mall, RIVUS will bring many firsts to the region, through a concept that started from the community’s expectations and needs: the first performing arts center and the first performance hall integrated into a real estate project; the first Jumbo in Cluj – 8,000 sqm; entertainment centers for all ages, including the Hype Arena concept; the latest cinema technologies, for the first time in the region; fresh market; the largest bookstore in the country – 2,500 square meters; the most varied dining mix in the region, with over 30 restaurants and cafes; DIY anchor etc. In total, more than 400 brands, services and retail concepts, with many firsts in the fashion area.
Timisoara is looking ahead and trying to identify new growth opportunities, following the success of the European Capital of Culture. Several multinational companies chose the country for its manufacturing excellence and convenient location in the past year, with more openings expected in 2025. The public authorities played their part and signed the contract for the missing piece of the city’s motorway – the West belt, a 14 km 4 lanes express road that will substantially improve connectivity and traffic. This completion shall pave the way for new logistics and commercial developments.
Brasov is expected to become increasingly more strategic on Romania’s map. Traditionally a manufacturing and tourist destination, its location is gaining even more significance due to the strengthening of the defense sector and transportation routes. The Cincu military base was extended and is now ready to receive 4,000 troops engaged in tactic exercises. The newly inaugurated Brasov Airport received infrastructure upgrades to extend its capacity to receive military cargo and to improve response time. Rheinmetall is building Europe’s largest gunpowder factories in Victoria, supported by European Defence Fund financing. Road infrastructure investments such as the Comarnic motorway, Sibiu–Fagaras highway, and the future Bacau – Brasov highway (feasibility study stage) truly put Brasov at the heart of the country.
“2025 is a year of strategic focus and meaningful growth. Driven by our commitment to reshaping urban living, our priorities are clear: expanding our build-to-rent portfolio, exploring regional opportunities, delivering innovative office spaces, committed to sustainable development. In Brasov we are launching the second phase of our office project. As we look ahead, our mission is clear: to deliver community-focused, mixed-use urban ecosystems that integrate residential, office, and retail components, enhancing the quality of life of our clients, shaping the next chapter of Romania’s urban transformation.”
Constanta is consolidating its role as a powerhouse with one of the most diverse regional economies in Romania. The pearl of the crown is represented by Neptun Deep – the gas exploration platform built by Romgaz and OMV. During Q4 2024, Romgaz issued the first 500 million EUR bond tranche out of the 1.5 billion EUR investment plan, registering a record oversubscription during the first trading hours. Permitting and construction are underway as planned – the first drilling exercises are expected to start in 2025. Moreover, OMV signed the first framework agreement for the sale of the product to German company Uniper, previously one of the largest beneficiaries of Russian gas. Neptun Deep proves to be strategic not only for Romania but for the wider Europen economy.
“Our entire activity over the past 25 years has revolved around projects that transform cities into better spaces for communities. The project initiated with Foster + Partners is one of the most complex initiatives we have undertaken so far. In Constanța, we are likely dealing with one of the largest decontamination projects in Europe and the opportunity to give an identity to an area currently isolated and contaminated. We propose to fully reintegrate this urban space, now an enclave, into the city and transform it into a vibrant center with functions that the city currently lacks. With the expertise of Foster + Partners architects and by working closely with the authorities and the respective communities, we are confident that we can implement a vision that redefines urban development standards in Romania.”
The business community and civil society in Iasi worked hard to shape Romania’s old capital into a modern city that hosts top multinational companies. Iulius, the largest investor in the city with 500 million EUR already invested here, announced even more bold initiatives. The developer, led by Iasi-born Iulian Dascalu, teamed up with Romanian architects Maximilian and Daniel Zielinski from one of the best know architectural companies worldwide, Foster & Partners to reconfigure Palas Iasi. The company’s landmark project and its best-performing one in the retail segment outside the Capital will be reconfigured to meet the current demands of the market and the community. The transformation will highlight the uniqueness of the location by integrating the Palace of Culture and positioning it in the city’s civic and cultural center and thus enhancing the visitor experience.
REAL ESTATE TRENDS 2025
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