Balancing Buyer Protection and Developer Adjustment | North Bucharest Investments’ View on an Evolving Real Estate Market

Unanimously adopted, the Nordis Law marks a decisive moment for Romania’s residential market. It introduces a set of rules designed to protect buyers, hold developers accountable, and reduce speculative risks, with a strong focus on transparency and stability. Under the new legislation, the reservation fee cannot exceed 5% of the property value, reservation contracts cannot last longer than 60 days, and all advance payments must be deposited into a separate bank account dedicated exclusively to the project. Payments must strictly follow construction milestones, each unit must be registered in the land book before sale, and violations may result in fines of up to 1% of the developer’s annual turnover.

North Bucharest Investments believes this law shifts the market toward a safer, more predictable environment that aligns more closely with European standards. “It confirms the maturity of a growing market that is testing its mechanisms through discipline and transparency. From our position as an interface between developers, investors, and end-users—through consulting, strategy, segmentation, and communication—we clearly see how necessary this evolution has become,” says Andreea Nicolae.

However, certain aspects will require adjustments, especially from developers who must recalibrate their financing models. Without sufficient equity or quick access to credit, some may face difficulties in launching new projects. This is not about widespread blockages or withdrawals, but rather a natural selection of those who can operate sustainably in a more regulated framework. In the medium term, this may lead to a more filtered and financially well-grounded supply.

In a market with increasingly complex financial requirements, additional costs may partially reflect in the final sale prices—an expected phenomenon in maturing economies. If implemented, the Golden Visa program could further stimulate demand for the premium segment, at a time when development becomes more selective.

Operationally, one of the major changes for developers is the limitation of advance payments. A new project cannot collect more than 5% in the initial phase, meaning that even a strong presales rhythm—such as contracting 25% of the units—generates only around 1% of the capital needed for construction after commissions. Since banks typically finance projects only when the developer holds 30–40% equity (land + own capital + advances), this reality will encourage better planning, stronger capitalization, and, in the long run, a healthier market structure.

On the other hand, the investment context is becoming increasingly favorable. For the first time, Bucharest is included in PwC’s “Emerging Trends in Real Estate: Europe 2026” report, ranking 30th among European cities attractive for real estate investment. This is an important validation: Romania’s capital officially enters the group of visible and competitive markets in the region, just as investors are seeking cities with growth potential and still-accessible costs.