Romania – modernization / revitalization in real estate

“Revitalization and modernization have been a trend in the beginning of the modern real estate market in Romania. Back in 1990s the most important office projects consisted of reconversions of former hotels in very successful business centers for those years. Also some historic villas were converted into office buildings at that time.

The 2000s have been marked by revitalization and upgrading of major industrial platforms. The so-called urban regeneration was actually limited to the first phase of the former industrial halls, followed by new developments, modern buildings that had notable successes on the local market. Bucharest was the trend setter, followed by cities like Brasov, Cluj or Timisoara.

At present these concepts are isolated examples and do not generate a trend. Historical monuments that cannot be demolished are being redeveloped into mixed use areas combining the retail experience with leisure activities and office / residential needs.”

Olga Melihov, Country Head Romania, BNP PARIBAS REAL ESTATE