Differences between major cities are becoming increasingly pronounced. In the first six months of the year, apartment transactions fell by approximately 16% in Cluj-Napoca and 11% in Iași, while Timișoara recorded an increase of around 3%. Supply constraints remain a central issue: approximately 59,000 homes were completed nationwide in 2025, the lowest figure since 2017. Bucharest, however, is showing more positive signals, with the authorised net area for residential buildings increasing 3.6-fold in the first five months of 2026, the fastest pace in five years, even as national building permit numbers fell by around 9-10% in the first half of the year.

"We are not seeing a uniform decline across the market, but rather increasingly significant differences between projects and cities. Buyers are paying closer attention to what they receive for their money, while developers are becoming more selective about where and what they build. In Bucharest, the increase in permits is a positive signal for future supply, but the effects will not be immediate. We are primarily talking about projects that could reach the market over the next two to five years," said Gabriel Blănița, Director of Valuation and Advisory Services at Colliers Romania.

Buyer interest remains relatively firm, with Eurostat's indicator measuring intentions to purchase or build a home still above pre-pandemic levels, though it has eased from recent highs. Around 58% of home purchases are financed through mortgages, a share similar to last year. Approximately 70,000 jobs were lost between March 2025 and May 2026, equivalent to just 1.3% of total employment, offering some support to demand. A cyberattack on the National Agency for Cadastre and Land Registration (ANCPI) from 14 July disrupted transaction processes, prompting an extension of the deadline for homes eligible for the reduced 9% VAT rate from 31 July to 30 September 2026.

Asking prices in Bucharest were approximately 9% higher year-on-year by mid-summer, with a similar trend nationally, though monthly increases have moderated and performance is diverging across projects. "Price remains important, but buyers are paying increasingly close attention to the costs that come after the purchase, from energy and maintenance to time spent commuting. This is why we are seeing growing differences between projects rather than a broad-based decline in prices. Well-connected, efficient homes developed by reputable companies will continue to have an advantage, while more weakly positioned projects will need discounts or more attractive commercial offers to support sales," said Gabriel Blănița.

Colliers expects Romania's GDP to contract by approximately 0.7% in 2026, compared with an earlier estimate of close to 1% growth. With inflation still close to double digits, the National Bank of Romania is expected to keep its key interest rate at 6.50% until 2027, delaying a recovery in credit-supported transactions. Over the medium term, demand is supported by a genuine need for housing, with Romania recording one of the highest overcrowding rates in the European Union. In Bucharest, transport infrastructure improvements, including metro extensions and tram upgrades, are expected to play a growing role in purchasing decisions and developer strategies in the next market cycle.