Doina, hello. I reviewed the materials on the website, and exactly a year ago, we conducted an interview titled: "2024 will be the year of Bucharest." You implied that you were expecting significant growth in the development of North Bucharest Investments. Did your expectations come true?

I believe you are just as aware of this as I am. After all, you recently published the news that North Bucharest Investments was recognized by CIJ EUROPE as the best residential real estate agency in Romania.

That’s true, I did write about it. However, I wanted to hear your perspective—and the numbers.

Fair point. The numbers certainly speak for themselves. In 2024, the number of transactions completed by North Bucharest Investments increased fourfold, reaching a total of 1,144 deals. This included a record-breaking apartment sale—a €1.6 million penthouse in Up-site. Our team in Bucharest also grew by 50%, and we now have nearly 200 team members. Moreover, Vlad Mustiață was listed among the 50 most influential figures in Romanian real estate.

It’s hard to argue with such impressive results.

Ah! I almost forgot to mention—we opened a second office in the Pipera district.

Do you continue to specialize in the Nord and Pipera areas?

Yes, these are the most promising districts in Bucharest for real estate operations. They are home to the offices of the largest companies, Bucharest’s top private schools, and the best areas for leisure and shopping. The only exception to our specialization in these areas is when we work with exceptionally promising properties in Sector 2 of Bucharest, which can also be highly attractive to investors.

What was the return on real estate investments in Bucharest last year?

The returns depend on the chosen investment strategy—whether it’s resale during the construction phase, long-term rental properties, or short-term rentals. However, on average, our agency achieved a return of 28% last year.

That’s an impressive figure...

This can be explained by the fact that last year—and as we expect in 2025—there remains a window of opportunity for highly profitable investments. The Nord area has limited space, building permits are few, and demand for properties in this area is high and continues to grow.

By the way, how many properties do you currently have in your portfolio?

We currently have 149 properties. Additionally, three very promising projects are set to hit the market this January. The highest returns come from purchasing during the early stages of construction—it’s an ideal opportunity to maximize profits. There’s also another factor worth considering in 2025.

What factor is that?

There’s speculation about an increase in VAT on real estate transactions. At the moment, the VAT rate is 9%, but it could rise to 16%. That’s why I’m referring to this as a window of opportunity. All trends in the Romanian real estate market point toward rising prices, particularly in areas like Northern Bucharest, where supply will only continue to shrink in the coming years.

What is the minimum investment needed to enter the Romanian real estate market now?

For properties in the early stages of construction, you’ll need to put down a deposit of 25–30% of the apartment’s price. On average, you should budget between €40,000 and €50,000. However, there are also smaller apartments available, which are great for future rentals, where a down payment of €15,000 to €20,000 could be enough. Currently, in the areas where we operate, apartments on platforms like Booking.com are renting for €100 or more per night.

I can already see the headline for this interview: “2025 Will Be the Year of Bucharest.”

Exactly. I’m currently celebrating New Year’s in the Arctic Circle, but even now, I’m receiving calls from investors. So yes, it’s going to be a “hot” year—feel free to write that prediction down, and we’ll revisit it in a year.

Doina Cotoman’s contact details:

 +40 725 893 441 (Romania and WhatsApp)
+373 602 22394 (Moldova, roaming, Telegram)