Monia Dobrescu, Head of Real Estate & Construction at Mușat & Asociații, talked to Property Forum regarding the legislative shifts defining the 2026 property landscape. She highlighted the impact of Law No. 207/2025 on transaction security, the evolution of ESG-linked project financing, and the legal hurdles facing expansion into Romania's secondary cities.
This interview was first published in Property Forum’s annual listing of "The 50 most influential people in Romania’s real estate market”.
What are the most significant legal trends you expect to shape real estate deals in 2026?
One key legal trend likely to shape the real estate market in 2026 is the impact of Law No. 207/2025, which introduces important regulations governing real estate transactions. A notable provision is the requirement for preliminary sale agreements to be notarised and registered with the land registry, ensuring a public record of rights and reducing uncertainty for projects in the planning stage.
The law also imposes stricter rules on advance payments, requiring developers to hold funds in dedicated bank accounts to increase transparency and buyer protection. While these safeguards promote transparency, they introduce additional administrative burdens and costs that will likely influence transaction structures and deal timelines.
After a year of significantly tighter lending conditions in 2025, how do you foresee the framework for project financing evolving this year?
The framework for project financing is expected to evolve in line with new economic realities as financial institutions remain cautious. Lenders are placing a strong emphasis on projects meeting environmental, social, and governance (ESG) criteria, reflecting the growing weight of these factors in credit risk assessments.
Consequently, a gradual diversification of financing sources is anticipated as developers increasingly utilise alternative mechanisms, such as private investment funds and crowdfunding structures. However, lending conditions will continue to be influenced by external factors including inflation, interest rate fluctuations, and ongoing geopolitical instability.
With the rise of sale-and-leaseback transactions in 2025, what volume of these deals do you anticipate in the current year?
Sale-and-leaseback transactions are expected to maintain a significant role throughout 2026. As demand for liquidity persists, companies are increasingly viewing these structures as effective alternatives to traditional financing.
Strong interest is anticipated from both local and international investors, particularly within the industrial and logistics sectors. These arrangements remain an attractive solution in a capital constrained market, as they provide immediate access to capital whilst allowing companies to retain operational control over their primary assets.
How is the legal landscape for large-scale wind and solar projects changing in 2026?
Significant changes are expected in the legal framework for large-scale renewable projects, with a focus on improving regulatory efficiency and predictability. Legislative initiatives aim to simplify permitting procedures and introduce targeted exemptions from urban planning regulations to accelerate development.
Clearer rules governing energy generation and storage infrastructure are also expected to resolve long-standing uncertainties in the sector. Collectively, these updates are creating a more transparent, investor-friendly environment that supports Romania's transition towards renewable energy.
How are ESG criteria shaping the terms of negotiations for real estate financing compared to previous years?
ESG criteria have become a fundamental component of real estate financing, directly impacting funding access and transaction structures. Financial institutions are integrating sustainability metrics into risk assessment models with a focus on long-term resilience and regulatory compliance.
Projects that effectively incorporate ESG principles are more likely to secure preferential financing terms, such as reduced borrowing costs and more flexible repayment structures. Conversely, projects failing to meet these standards may find it increasingly difficult to obtain financing as lenders align their portfolios with global sustainability goals.
What legal challenges are you observing in the expansion of property players into secondary cities, particularly regarding land acquisition?
Expansion into secondary cities presents both opportunities and complex legal hurdles. A primary challenge involves land ownership, where incomplete cadastral records and unresolved restitution claims can complicate due diligence.
Specific categories, such as agricultural and peri-urban plots, remain subject to pre-emption rights that may affect transaction timelines. Furthermore, incomplete zoning regulations in secondary cities can delay the approval of essential urban planning documents like the Zonal Urban Plan (PUZ). Underdeveloped infrastructure and utility access also complicate the construction process, necessitating thorough legal analysis and an understanding of local conditions.
What is your outlook for property investments across the commercial and residential fields this year?
Investors are increasingly seeking high-quality, energy-efficient projects that align with the current economic climate. In the commercial sector, industrial and retail assets remain the primary drivers of investment. Demand for retail space is expected to stay strong as investors target projects following consumer trends like technology-driven shopping and sustainability.
Interest in the office sector is also growing as companies encourage employees to return, with buildings offering advanced energy-saving technologies holding a competitive advantage. In the residential market, growth is expected to be moderate due to financing costs and economic uncertainties.
Prices are likely to continue rising in high-demand areas due to limited new supply and the removal of fiscal incentives for construction workers, which increases development costs and project timelines.
Do you have expectations on a potential approval of the new Urban General Plan (PUG) this year and how will this impact the residential development in Bucharest?
The current Urban General Plan (PUG) no longer reflects the realities of modern urban development, which has caused many projects to be delayed or suspended. Adopting a revised PUG would provide a more predictable planning framework, simplify the permitting process, and facilitate new developments.
This would be a vital step in unlocking delayed projects and encouraging investment in the residential sector. However, the timeline for adoption remains uncertain given the complexity of the legislative process and required public consultations. Nevertheless, any meaningful progress towards a new PUG would have a positive impact on the Bucharest real estate market.
