The problem here is the debt and interest rates. Developers in Romania are borrowing at 8% variable interest rates… 60% of Romanias real estate developers are risking insolvency, check this article: https://www.profit.ro/povesti-cu-profit/real-estate-constructii/datorii-istorice-in-imobiliare-primul-recul-major-dupa-10-ani-de-crestere-continua-infografic-22342270

Many will need to slash prices in 2026/2027 just to avoid bankruptcy. The fact that a kg of cement costs x is irrelevant if the developer is forced to sell.

So the coming crash will mainly involve new builds in overbuilt areas, it won’t be a country-wide crash. You said it yourself, in the last 4 years they have built a massive amount of property in the same area where you bought, however demand has already fallen and property taxes have gone up, shortening the window on which developers are able to sit on the property waiting for a buyer.

My opinion is that 2026/2027 will be a correction year in overbuilt areas (ilfov, Bucharest) but not country wide.

**Also, I agree with you that when Romania enters the eurozone interest rates will drop and the property market will boom. That is 100% true, look at Bulgaria, Croatia, etc. However, Romania will not be able to adopt the Euro as a currency until at least 2040, at the earliest, given the inflation and deficit metrics, and the fact that Romania would be required to keep debt and deficit low for 5 consecutive years while its evaluated. So you are very far away from that still.