The Legal 500

Dan Borbely, Partner Tuca Zbârcea & Asociatii

Raluca Mişu, Senior Associate Tuca Zbârcea & Asociatii

In line with the massive development of the worldwide real estate industry, which reached its peak in 2008, the Romanian real estate market witnessed a period of significant change and achievement. The residential, office and retail sectors have rapidly developed and in less than a decade Romania’s real estate environment has substantially changed.

News in Laws - Monthly Legal Newsletter November 2009

Our new monthly publication “News in Laws” is now available for download, with an in-depth cover article (Measures for a Strategic Urban Development: New Zoning Regulations and Exigencies Imposed by Government Ordinance no. 27/2008) and legislative retrospective of the previous month.

At the beginning of each season Voicu & Filipescu releases a specialized newsletter on Property, Constructions & Infrastructure. Besides outlining the legislative developments of the previous trimester, the firm’s newsletter also comprises a cover article on a legal matter of interest to the business environment. Read our 2008 spring issue, including “Expropriation for Public Use Purposes”, a thorough analysis drawn up by the firm’s lawyers.

The years following the collapse of the communist regime in Romania and the last period of time coinciding with Romania joining the European Union expressed a rapid increase trend of the real estate market, along with the economical development of the country.

The framework for real estate leasing was created already in 1997 by Ordinance No. 51/1997 (the so-called Leasing Law) concerning leasing transactions and leasing companies. Still, real estate leasing transactions started to pick-up ground only in the past two years. One reason could be continuous amendment of the taxation treatment applicable to leasing transactions, as well as the implementation of new rules governing leasing companies and the leasing business.

In Romania, a country whose Constitution specifies that public assets may be exploited by the private sector under concession (with concession being a widely used term for exercising ownership rights over public property), the concession contract is regulated under Emergency Ordinance no. 54/2006 concerning the legal regime of public property concession contracts and Emergency Ordinance no. 34/2006 concerning the award of Government procurement contracts, public work concession contracts and public services concession contracts. Thus, a difference has been drawn between the concession of public property, on the one hand, and the concession of public works and services, on the other.

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The Legal Regime Of Properties In The Light Of The Revision Of The Constitution And The Subsequently Adopted Regulations

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Romania’s future accession to the European Union offers tremendous advantages to the foreign investor in the period leading up to the formal signing of the treaty in 2007.

Real estate is still relatively cheap in Bucharest for a European capital and the market is exploding as we come closer to joining the EU.

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