An Overview of Real Estate Sustainability in Romania

Abstract

Real estate sustainability is of high importance around the globe, as effects of global warming are accelerating. Development cannot be denied to any country, irrespective of their status. The emerging economies around the world are putting new stress on the environment as they develop. Romania is one of the developing countries, and will it be able to switch to sustainable development in the near future? This chapter aims to highlight Romania's perspective regarding real estate sustainability. The chapter has shown that (1) even though the country submitted to various conditions that were part of policies concerning the environment and greenhouse gas emissions when it became a member state of the European Union in 2007, progress with the implementation of such conditions is rather slow and behind schedule; (2) both the private and public sectors have not shown the required interest in using low or zero carbon dioxide materials in real estate development and developers' primary aim is to maximise profits and, therefore, make minimum adjustments to comply with the current demand and expectations with respect to energy efficiency and green buildings; (3) illegal deforestation is high, which has a big impact on the environment, and regarding waste management, the country has key challenges and, thus, is at risk of non-compliance with the 2020 municipal waste recycling targets; and (4) air quality is poor and continues to be a problem due to pollution from the transport and energy sectors. In light of these findings, Romania needs to increase its energy production from fossil fuels to renewables and have a better recycling policy and a higher awareness regarding the environment. Further efforts aimed at developing new programmes in education and subsidies policies to encourage a more sustainable future are needed.

Citation

Poenaru, V. (2021), "An Overview of Real Estate Sustainability in Romania", Abdulai, R.T. and Baffour Awuah, K.G. (Ed.) Sustainable Real Estate in the Developing World, Emerald Publishing Limited, Leeds, pp. 53-62. https://doi.org/10.1108/978-1-83867-837-120211004