After several years of record demand, Romania’s housing sector entered 2025 in a cooling phase as buyers grew more cautious. Consumer sentiment saw its steepest half-yearly decline since the 2009–2010 financial crisis, excluding the short-lived pandemic shock, Colliers noted. This downturn, however, is expected to be deeper and longer-lasting, weighed down by a weaker labour market, political instability, and fiscal changes eroding household purchasing power. These developments suggest the residential market is undergoing a period of adjustment, not a structural downturn,” he added. Colliers said the short-term outlook points to weaker demand and fewer transactions as high borrowing costs and fiscal pressures bite.