These challenges have overtaken labour costs and availability, which dominated concerns a year ago.

The study, conducted across several countries including Romania, shows that project financing issues have significantly decreased, mentioned by only 6% of participants compared to being a major concern two or three years ago. This confirms improved access to capital and more stable financial markets.

Market expectations remain balanced, with 54% of respondents estimating activity will stay the same in 2026, while 35% expect improvement. Polish developers are most optimistic with 67% foreseeing increased market activity, whilst Czech and Romanian developers are more cautious at 38% and 29% respectively.

Green energy infrastructure is perceived as the most dynamic sector over the next five years, leading in Romania (81%), Czech Republic (72%) and Poland (61%). Data centres and healthcare follow as promising sectors. The residential sector remains competitive for the second consecutive year, though interest has shifted towards residential rental projects, which doubled from 9% to 18%.

"The real estate market in Central Europe is balanced, and players are counting on stability amid the current global economic climate marked by uncertainty," said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal and Real Estate Industry Leader at Deloitte Romania. She noted improved perception regarding Romania's economic climate compared to last year, though companies face both regional challenges like rising construction costs and local issues including authorisation struggles and changing legislation.