The composition of Croatia’s construction output is changing. While the residential segment may soon experience a slowdown, health-related construction - public and private renovations and new builds alike - is seeing a considerable boom, write Michael Glazer (SEE Regional Advisors) and Tatjana Halapija (Nada Projekt), Croatian members of the EECFA (Eastern European Construction Forecasting Association).

Housing prices in Romania rose by 34% between 2015 and 2021, while the average growth in the EU was 38%, according to a report by real estate consultancy Colliers. 

When comparing the end of 2021 to 2022, there has been a significant increase in the supply of PRS units year-on-year in countries across Central and Eastern Europe (CEE), such as Hungary (+301%), Romania (+244%), Poland (+217%) and Bulgaria (+173%), reveals a report by Colliers.

The prolonged conflict in Ukraine (the refugee wave) and the significantly reduced credit scores increase the demand for renting apartments and thus, affect the development of the PRS market in Poland. The institutional rental sector will also grow due to the changing perception of homeownership by young people, who value mobility and do not necessarily need to own a home. According to Eurostat data from 2021, about 30 percent of the population in the European Union live in rented apartments, while in Poland this number amounts to only about 13 percent. Paulina Brzeszkiewicz-Kuczyńska, Research and Data Manager at Avison Young Poland, summarises this sector's current situation. 

Property developer Atenor has named Viorel Lăcătuș as Country Manager in Romania. He has more than 19 years’ worth of experience in real estate, mostly in advisory roles.  

The new investment is a continuation of the Resi4Rent Warsaw Woronicza project. It is a 5-story building with 344 subscription apartments.

Prices of new homes in Romania will fall this year due to lower demand as loan conditions have tightened, but more people will be looking to rent instead and this is leading to an increase in prices this year, according to an analysis by JLL Romania. 

Development company Crescon has completed the first phase of the 64-unit luxury Aldrov Apartments & Resort project. The new owners are gradually taking over the apartments. By the end of this year, the company plans to complete the second phase with 75 units. A total of 139 apartments are to be built in the Krkonoše Mountains in the village of Vítkovice. The entire complex should be ready in the winter season 2023/24, Crescon announced.

Real estate developer Nusco Imobiliara will invest over €30 million in a villa complex based in Tunari, northern Bucharest. 

Czech developer UDI Group has started construction of more apartments in the Polish capital. As part of the Classic Ursus project, it has now started construction of the second phase, in which it will build a total of 272 apartments in two apartment buildings. The phase also includes a challenging reconstruction of the listed original entrance building to the Ursus factory. A total of 960 apartments will be built in the Classic Ursus project in Warsaw under the Czech developer's management for a total cost of CZK 2.8 billion (€117.7 million).