Boston, MA -- (SBWIRE) -- 01/26/2013 -- The Romania Real Estate report examines the commercial office, retail, industrial and construction segments throughout the country in the context of a relatively positive outlook for the country's economy and construction sector.

With a focus on the principal cities of Bucharest, Brasov and Cluj-Napoca, the report covers the rental market performance in terms of rates and yields over the past 18 months and examines how best to maximise returns in the commercial real estate market, while minimising investment risk and exploring the impact of the eurozone crisis on a market already characterised by austerity. In line with such an outlook, we see similar stable, though unexciting, growth in rental rates in 2012, with supply and demand largely in balance. The retail sector can be considered an outperformer, with internationals constantly entering the market and many looking to expand their businesses out of the major cities.

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Key Points

- We do not believe Romania will accede to the euro anytime over the next decade. While our core view is for Romania to remain a regional outperformer in terms of economic and financial market convergence, the country's increasingly factious political environment and strong domestic opposition to further austerity implies that regardless of who wins the 2012 legislative elections, eurozone accession will be a tough sell.
- We believe relations between Romanian President Traian Basescu and Prime Minister Victor Ponta have reached an all-time low. We expect that tensions between the two could see the ruling Social-Liberal Union (USL) coalition seek the president's impeachment in the coming months. However, we do not expect any such action to affect the outcome of upcoming parliamentary elections where we predict the ruling USL coalition will prevail, and continue with IMF-led reforms.
- The outlook for the Romanian construction sector in 2012 is relatively positive as investment slowly returns. Real growth for the year is forecast at 3.3%, with construction industry value due to stand at US$17.9bn. We believe this will rise to peak growth of 8.1% year-on-year in 2015, with industry value expected to reach US$24.2bn. Our forecast puts growth between 2012 and 2021 at 6.9%.

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