More than 636,000 homes were completed in Romania between 2016 and 2025, equivalent to almost 33 new homes per 1,000 inhabitants, according to an analysis by Cushman & Wakefield Echinox. Romania recorded 32.9 completed homes per 1,000 inhabitants over the decade, placing it close to Germany (33.6), Slovakia (34.4) and Czechia (31.5), and ahead of Hungary (18.2), Spain (16.4) and Portugal (15.7). Residential construction intensity was considerably higher in Finland (62.8), Poland (55.2) and France (52.8).
In absolute terms, annual completions rose from 52,200 units in 2016 to a peak of 73,300 in 2022, before declining to 71,000 in 2023, 61,000 in 2024 and 59,000 in 2025. The 2025 volume was approximately 19.5% below the 2022 peak but remained 13% above the 2016 level.
Differences between Romania's major cities (those with more than 100,000 inhabitants) are pronounced. Bucharest was the largest residential market in absolute terms, with 93,850 homes completed between 2016 and 2025, compared with 25,200 in Cluj-Napoca and 22,300 in Brașov. Adjusting for population, however, Brașov leads with 94 completed homes per 1,000 inhabitants, followed by Cluj-Napoca (88), Sibiu (61.8), Oradea (58.1), Bucharest (52.5) and Timișoara (50.1). At the lower end, Ploiești recorded just 8.1 completions per 1,000 inhabitants, Brăila 10.2, Baia Mare 11 and Buzău 11.5.
The correction from cycle peaks has been sharp in several regional centres. Bucharest delivered 9,361 homes in 2025, down approximately 32% from its decade-high of 13,834 units in 2023, though still around 144% above 2016 levels. Cluj-Napoca recorded 957 completions in 2025 against a 2019 peak of 4,175, Brașov delivered 1,283 versus a 2020 peak of 3,098, Timișoara reached 793 against 1,787 in 2021, and Iași recorded 780 compared with 1,908 in 2019.
"Although deliveries have moderated since the peak of 2022, this trend reflects a market adjustment rather than a structural decline, as demand and economic growth continue to provide opportunities across the residential sector," said Vlad Săftoiu, head of research at Cushman & Wakefield Echinox. "The market is thus entering a more selective phase, in which location, accessibility, infrastructure and the adaptation of residential products to buyers' profiles and purchasing power will become decisive factors. We believe that well-positioned units in markets with solid economic fundamentals, aligned with buyers' needs and affordability, will continue to have favourable prospects."
