STC Partners has kicked off the development of the second phase of residential complex Quartier Azuga in Bucharest, with a planned investment of more than €15 million.

Romanian developer Genesis Property has purchased a 30,000 sqm land plot from Stizo Invest, for an undisclosed sum, in a transaction brokered by Colliers.

Real estate investments in Romania reached €205.75 million during Q1 2024, up 33% year-on-year, driven by the retail sector, shows a Fortim Trusted Advisors report.

Julius Meinl Living has completed the purchase of Ambasador Hotel in Bucharest, with the project set to undergo a major revamp and reopen as The Julius Bucharest in 2027.

Romanian developer One United Properties said its residential sales and pre-sales volumes totaled €57.1 million in Q1 2024, down by around 10% year-on-year.

Romanian developer River Development has appointed Oana Rădulea as Managing Partner, replacing Liviu Birău. She assumed her new role in January 2024.

The two main shareholders of One United Properties, Victor Căpitanu and Andrei Diaconescu, sold shares in the company alongside minority shareholders CC Trust AG and Altius SA. 

Bucharest still has some of the lowest fit-out costs in the region for offices, despite an increase of around 15-20% during the past 12 months, according to Cushman & Wakefield Echinox data. Office fit-out costs in Bucharest have an average of €943 per sqm, which is 32% below Warsaw and Prague, and 32% above Sofia, which has the most advantageous costs in the region.

IBB Holding Romania, founded by Romanian entrepreneur Ion Crăciunescu, has started the development of a new residential complex in Pipera, near northern Bucharest, which will have a market value of around €160 million.

Office leasing in Bucharest reached 97,400 sqm in Q1 2024, up 71% compared to the same period of last year, while take-up transactions that cover relocations and new demand were flat year-on-year at 33,000 sqm, according to a CBRE report.