Romanian Property Investment Spreads Beyond Bucharest

Romania’s commercial property recovery is drawing investors beyond Bucharest, with regional retail assets helping push transactions above last year’s full-year total. Investment reached €654 million between January and September 2026, according to Crosspoint Real Estate, Savills’ international associate in Romania. The capital’s share fell to 29%, against the majority it typically attracted in recent years, as buyers committed substantial sums to properties elsewhere in the country.

Western Romania led the regional figures with more than €217 million invested, ahead of approximately €190 million in Bucharest-Ilfov. Retail accounted for 61% of nationwide transaction value, supported by portfolio purchases and individual acquisitions. Offices contributed roughly a third. The distribution suggests investors are finding opportunities in established commercial assets outside the capital, although a handful of sizeable portfolio deals can alter the geographical picture. A lower share for Bucharest does not, by itself, demonstrate weaker demand for its buildings.

Foreign capital supplied 83% of investment, with Middle Eastern buyers accounting for 44% of the total and European investors another 39%. Romanian buyers contributed the remaining 17%. Average deal size exceeded €40 million, double the comparable period last year. That increase matters when interpreting the recovery: a stronger headline total can reflect larger assets changing hands without a corresponding rise in transaction numbers. Industrial and logistics investment remained comparatively limited, with Crosspoint pointing to the absence of major portfolio transfers.

Pricing remained measured despite the higher turnover. Prime office and retail yields held at 7.5%, while industrial yields ranged between 7.5% and 7.75%. Crosspoint’s Oana Popescu described a cautious market still dominated by investors familiar with Romania, alongside new entrants. She said ongoing negotiations could bring annual investment close to €1 billion. Reaching that level would require another €346 million before year-end, leaving the outlook dependent on substantial transactions moving from negotiation to completion.