However, the first semester of 2025 is deemed the second best-performing H1 in the last 12 years, being 30% above the average of the first semesters of the analyzed period.
Cushman & Wakefield Echinox was involved in three of the largest transactions concluded this year, with a combined value of EUR160 million, representing over 40% of the total volume. These included the sale of a portfolio of 7 strip malls in Slobozia, Focsani, Ramnicu Sarat, Sebes, Fagaras, Targu Secuiesc, and Gheorgheni, of the Focsani Mall and of the largest part of the IRIDE Business Park in Bucharest, consisting of 17 mixed-use buildings (offices, storage, light production) on a 128,000 sqm plot near the Pipera metro station.
“The results from the first half of the year confirm the renewed interest from foreign investors in the local real estate market, who contributed over 70% of the transaction volume. The outlook for the second half remains positive, considering ongoing transactions and the historical trend of stronger H2 activity. We expect a total investment volume between EUR800 million and EUR1 billion for the full year,” said Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox.
In terms of asset class, the highest volume registered in H1 2025 pertained to retail segment (EUR163 million, 42% of the total), followed by office properties (EUR126 million, 32%) and mixed-use projects (EUR55 million,14%).
The office segment showed a strong rebound, increasing its share from 5% in H1/2024 to nearly one-third of the total in the first half of 2025. This was driven by improved office space utilization and a slight drop in vacancy rates.
Investors from the United Kingdom with EUR148 million worth of transactions concluded (38% of the total), from Romania with EUR105 million (27%) and Hungary with EUR52 million (13%), were the most active in the market during the analyzed period