Investment activity focused on office and retail segments, which together accounted for nearly 80% of total volume, with interest directed towards well-leased assets with stable income profiles.

The local market dynamics diverged from regional trends, where investment volumes grew by approximately 30% in 2025 according to a report by iO Partners in partnership with JLL. At the CEE level, the recovery was supported by yield stabilisation, more predictable financing conditions and the reactivation of regional capital, with volumes growing in several key markets.

Romania's investment structure in 2025 highlighted a more defensive approach by buyers. While the Czech Republic closed 9 transactions over €100 million, Romania had none exceeding €60 million. Romania continues to depend on international capital which generated 64% of volume, although at regional and European level local capital has become dominant. Prime yields remained generally stable across main asset classes, with retail being the only area where we recorded a decline (-25 bps).

"The lower volumes in 2025 do not fully reflect investors' appetite for Romania. Activity existed, but several large transactions had difficulties and were consequently postponed. Rigour in execution and creativity in transaction structuring are important in this period. Several important mandates already in advanced stages support the prospect of a volume recovery in 2026. In a context with fewer large transactions completed at market level, the strategy of focusing on liquid products like retail and hotels, and on suitable clients led to our team's involvement in transactions representing approximately 45% of the total investment volume in 2025," said Andrei Văcaru, Managing Director Romania & Head of Capital Markets CEE, iO Partners.