2024 TIMISOARA KEY FIGURES
3,2 BLN EUR A9 - Serbia
1200 EUR Average net wage
1,674 EUR/sqm + VAT Medium price for new residential units
600 hotel rooms under development
40,000 sqm Retail parks under construction
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Timisoara gathered a lot of attention as the 2023 European Capital of Culture and authorities are working to consolidate the generated enthusiasm with initiatives such as applying for 2028 European Gastronomic Region but also significant investments in infrastructure. A9, the new motorway towards Serbia, a new stadium, hospital and green campus represent major infrastructure updates with a value exceeding 3,2 billion EUR, scheduled for the next four years. The strong economy in Timis not only kept the unemployment rate under 1% but also generated an average net wage of c.a. 1,200 EUR – the second biggest in the country, after Bucharest.
“For Iulius Town, this year was very good, both in terms of new retailers, but especially in terms of the two relevant parameters in the industry, sales and traffic, increasing compared to 2023. We are also happy that, together with the major inaugurations of this year, as was Primark, in August, with the first store outside Bucharest, and Lefties of the Inditex Group, which will open, this autumn, the second Digital Store in Romania, Iulius Town has become the only shopping center that includes all the major fashion anchors present on the market in our country.” Cristina Brătuianu, Development & Operational Retail Leasing Specialist, IULIUS
Timișoara remains an accessible city compared to the other large regional centers in Romania. In the first semester of 2024, the average asking price for new apartments for sale here reached 1,674 EUR/sqm + VAT, after a 7% advance YOY, as the data from Imobiliare.ro shows. In terms of the offer, 5% more new apartments were put up for sale in the first half of this year as compared to the same period in 2023.
The industrial market in Timisoara is steadily growing, with a modern stock of 742,300 sqm, representing 10.5% of Romania’s total volume of Class A/B+ warehousing capacity. While the vacancy rate slightly increased to 8.2% (vs 6.8%), the second largest industrial hub in the country registers solid market activity, with approx. 60,000 sqm let in H1 2024, 15% of the overall market take-up.
Despite a decrease in the tourists’ arrivals this year, the branded hotel pipeline looks good for the next four years, mainly due to the pronounced lack of offer. There are five hotel branded projects in pipeline, with a total number of 600 rooms, according to Est Hospitality. 2024 will mark the opening for the first 5-star branded hotel in Timisoara: Tresor Le Palais Curio Collection by Hilton.
RPC TIMISOARA REAL ESTATE OVERVIEW
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