Residential market still weak in offers for Romania’s third city

Residential market still weak in offers for Romania’s third city 2560 2560 ROMANIA PROPERTY CLUB


Iasi represents Romania’s third city in terms of population, with strong local universities that nurture over 55,000 students annually. With those figures, the city is still weak in terms of new, modern housing units.


Data collected by RPC from show that offers for the first three quarters in 2023 total 1,275 apartments, of which the new units listed count for 410, a minus of 18% as compared to the same period of the previous year.

The two major new residential projects in Iasi are developed by investors with national track record: Impact Developer & Contractor and Prime Kapital. Impact obtained the building permit for a major scheme totaling 1,062 apartments on Copou hill. Prime Kapital is developing a mixed-use scheme on the former Teba industrial platform. The new project has an important residential component, totaling 1,549 apartments to be delivered in different stages of construction. The first stage should be delivered by year end according to previous announcements from the developer, while construction for the second phase is underway. Each construction phase comprises approximately 300 units.

In terms of demand for both new and old units the figures for the third trimester show a plus of 4% as compared to the same period of 2022, while the figures for Q1-Q3 of the current year show a minus of 3% as compared to Q1-Q3 of the previous year.

Transactions for the first three quarters total 4,489 for the entire county, according to data from Cadaster Office – ANCPI. The figure represents a minus of 18% as compared to the previous year.

Regarding the rental residential units, there are increases for both first three quarters – a plus of 11%- and for the third quarter – a plus of 2%. The total offers indicate a minus of 31% as compared to the previous year and another minus of 16% for new listings on the market. The rents have seen an increase of 12% in Q3 2023 vs Q3 2022.

Impact announces delivery for the first phase of residential project in Constanta

Impact announces delivery for the first phase of residential project in Constanta 2000 1333 ROMANIA PROPERTY CLUB


IMPACT Developer & Contractor has completed the first 209 apartments representing the first phase of the Boreal Plus residential compound in Constanta.

Boreal Plus, Constanta

The 209 apartments are located in three blocks and will be handed over to the new owners starting this month. At the same time, the developer also completed a 6-level parking building (S+P+4E) that includes 290 parking spaces. The building is equipped with electric car charging stations, two high-capacity elevators, and individual underground storage boxes . Boreal Plus thus becomes the first residential compound in Constanta with a multi-storey parking building, available for purchase by the residents.

The second development phase of the Boreal Plus compound in the north of Constanta will include 132 apartments, the entire project totaling 673 units with an estimated market value of over 84 million euro. The entire project also includes the construction of a private kindergarten, a park with playgrounds dedicated exclusively to residents, but also several commercial spaces.

IMPACT develops sustainable large-scale residential projects, getting involved in numerous social responsibility projects, for the benefit of the community. Thus, in December 2022, IMPACT completed the construction of a roundabout in Constanța city, located at the intersection between Tomis Boulevard and Amsterdam Street. The new roundabout improves road traffic both for the residents of the new Boreal Plus residential compound, as well as for those who live in the other neighborhoods located in the north of Constanta and for all those who transit the city towards Ovidiu and A2 highway, streamlining traffic and increasing safety on this section. The total investment in this public infrastructure project amounted to over 450,000 euro, the beneficiary being the National Road Infrastructure Administration Company (CNAIR) through the Constanta Regional Roads and Bridges Directorate.

IMPACT Developer & Contractor has increased its sales with 45% in the first semester of 2022

IMPACT Developer & Contractor has increased its sales with 45% in the first semester of 2022 420 250 ROMANIA PROPERTY CLUB


IMPACT Developer & Contractor, the first real estate developer listed on the Bucharest Stock Exchange (stock symbol IMP), closes the first semester of 2022 with a 45% sales increase and a 64% gross profit increase compared to the same period of last year.

Thus, the developer obtained 90.3 million lei by selling completed units and a 35.23 million lei gross profit, with a 39% gross margin.

The sales increase is due to having completely finished the LUXURIA Residence compound located in Expozitiei area in Bucharest. In the first semester, IMPACT pre-contracted and reserved 177 new units in the company’s projects located in Bucharest, Constanta and Iasi. Thus, as of June 30, 2022, IMPACT had a total of 618 pre-contracted and reserved units, with a 363.1 million lei value, which will be recorded as income starting the second semester of 2022.

“We have quickly adapted to the new geopolitical context and managed to maintain a good pace of sales and pre-sales. Real estate remained one of the safest investment options and clients who wanted to secure their capital chose our projects due to the quality and sustainability of the developments. The first half of the year was, therefore, an effervescent one, with an intensification of operational activity, through the expansion in Bucharest and in other big cities of the country, a vertical consolidation at group level, and on the capital market, through the conclusion of capital increases, with a cash contribution and by incorporating reserves in a total amount of 45.4 million euro. For the second half of the year, we plan to accelerate production and continue expanding nationally. We are convinced that the ambitious project development program, along with the increase in free-float, will lead to better liquidity of IMP shares”, said Constantin Sebeșanu, CEO IMPACT Developer & Contractor.

As of June 30, 2022, IMPACT owned 89.4 ha of land with an EPRA value estimated at 786.5 million lei, of which 73.5 ha with immediate development potential, on which can be built up to 15,000 apartments, infrastructure and spaces for community services (schools, kindergartens, church, parks) and shopping centers, with a cumulative development value of over 1.5 billion euro.

By the end of the year, IMPACT will open GREENFIELD Plaza, which includes the Wellness Club by Greenfield, and will deliver over 300 new apartments. In the next 12 months, IMPACT plans to complete another 750 apartments and will start new investments nationwide for another 850 apartments, thus creating the conditions for a positive business development in 2023.