Located in the South-Eastern part of Romania, Constanta is a city holding tremendous development potential, due to its opening to the Black Sea and the Danube navigable channel, but which recently reached into the attention of large real estate developers. The modern office segment is not at all represented, the city holding no major office investment.
On the retail sector, the modern stock stands at 183,600 sqm, while the retail stock density (SQM/1,000 Inhabitants) stands at 586, according to CBRE. The city’s dominant retail projects are VIVO! Constanta (51,000 sqm), in the portfolio of Immofinanz and City Park (52,200 sqm) in the portfolio of NEPI Rockcastle.
On the industrial & logistic sector, the first major modern project, Constanta Business Park, is developed on a plot of 100 hectares, near Constanta port, in partnership between Globalworth and Global Vision.
The residential sector attracted the largest share of investments from the entire real estate market. Besides the demand for new, modern units for the inhabitants of the city, the seaside area (Mamaia Navodari & Neptun-Olimp) also is seeing a notable development on the vacation homes sector.
Some of the major investors include Impact, Gran Via, Certion, Maurer Imobiliare or One United Properties. Olimp resort in the South part of Romania’s coast is in full transformation, through investments of over 700 million euros until 2025. Romanian property developer Certion finalized here VOGH project. The 12-storey VOGH complex totals 173 apartments, out of which 85% have been sold, with a total value of 57.6 million euros.
