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Trade: Survey:Revenues in Romania's luxury goods market projected at EUR 535.82 ml in 2024

Revenues in Romania's luxury goods market are projected to reach EUR 535.82 million in 2024, with online sales contributing a significant 13.8 percent to this amount, shows a specialist survey by CBRE Romania released on Tuesday.

According to the cited source, the demand for luxury goods is on the rise, driven by the upward trend in the population's standard of living.

Also, CBRE announced that it will be the exclusive agent for the leasing strategy of H Stirbei Palace, an iconic historical monument located in the heart of Bucharest and one of the most anticipated retail projects in Romania's capital city. Thus, after the completion of renovation works, the Stirbei Palace is intended to become a landmark shopping gallery for Southeast European luxury brands.

"The Romanian luxury retail market in on the rise, and Bucharest is becoming an increasingly attractive destination for premium brands. This trend is fueled by the development of prestigious real estate projects, including 13 new five-star hotels planned until 2028, which will operate under brands such as Corinthia, Mondrian, Hyatt and Kempinski. According to a market report by CBRE Romania, an increase in prime rents for street locations was recorded in Q1 2024, which reflects the dynamism of this segment," mentions the cited source.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company based in Dallas, is the world's largest commercial real estate investment and services firm, according to 2022 revenues.