Romania’s retail property market showed no new project completions in the first quarter of 2024, but activity accelerated significantly in April and May, with the delivery of 150,000 square meters of new retail space.
This includes the opening of Mall Moldova, a major super-regional shopping center in Iași. According to real estate consultancy Cushman & Wakefield Echinox, these recent additions account for 80% of the total new supply expected in 2024.
As a result, the total stock of modern retail space in Romania has reached 4.7 million square meters, equating to a density of 250 square meters per 1,000 inhabitants—still among the lowest in both Europe and the Central and Eastern Europe (CEE) region. Developers have announced ambitious expansion plans totaling over 600,000 square meters of gross leasable area (GLA), projected for completion by the end of the decade.
Retail sales in Romania rose by 3.5% in the first quarter, fueled primarily by a robust 7.8% increase in non-food product sales. In contrast, food, beverages, and tobacco sales declined by 2%. Moody’s forecasts continued growth in the sector, projecting an average annual retail sales increase of 3% in Romania through 2030—well above the Eurozone’s estimated 1% growth rate.
Investor interest in the retail sector remains strong. More than €110 million worth of retail properties changed hands in the first quarter, making up over 64% of the total real estate investment volume in that period. Notably, all transactions involved properties located outside the capital, Bucharest.
