In brief
Romania is committed to adopting the euro, but the official target, 2029, has already been postponed three times in the past, and it has not yet entered the ERM II mechanism. Real estate prices in Romania are already quoted in euro, so the changeover day will not translate them. What may change is mainly the price of money: the interest rate on lei mortgages and the conversion terms of contracts and loans.
Key takeaways
- 1Romania is committed to adopting the euro under its Treaty of Accession, but there is no binding date: the 2029 target was announced in March 2023, after postponements from 2014, 2019 and 2024.
- 2As of October 2026, Romania has not entered ERM II. Bulgaria went from ERM II to the euro in five and a half years.
- 3Price lists, ads and contracts for properties in Romania are already quoted in euro today, and the legal structure of the transaction does not depend on the currency.
- 4The direct impact is expected in the price of money. In Croatia the interest rate on new mortgages stood at 2.89% in the month of adoption; this is history, not a forecast for Romania.
- 5For a buyer earning in shekels, the move to the euro will remove only the lei layer. The exposure between the shekel and the euro remains.
Israelis considering a property in Romania often ask whether it is worth waiting for the euro. The question assumes that changeover day will change the transaction. In practice, most of what matters to a property owner is already quoted in euro, and what may still change concerns mainly financing and contracts denominated in lei.
This guide separates what is known from what is not known, and explains what to check in the contract and the mortgage already today. It does not forecast prices or a date, and it contains no recommendation to buy or to wait.
Where does Romania stand on the road to the euro, as of October 2026?
It is committed to adopting the currency, but far from meeting the conditions. The commitment derives from its Treaty of Accession to the EU, and the only open question is the date.
| Subject | Status | What it means |
|---|---|---|
| The official target | 2029, as announced in March 2023 | A target, not a commitment. Previous targets, 2014, 2019 and 2024, were postponed |
| Assessment of the Romanian Fiscal Council | Realistic adoption only towards 2029 to 2030 | Even the local body does not commit to a date |
| The Maastricht criteria | According to the Commission's convergence reports, Romania is far from them | It is the only one of the candidates in an excessive deficit procedure |
| ERM II | Romania has not yet entered the mechanism | The stage preceding adoption has not yet begun |
By comparison, Bulgaria entered ERM II in July 2020 and adopted the euro on 1 January 2026. A simple calculation at the same pace points to the start of the next decade rather than to 2029, but that is a calculation, not an official date. The decision depends on Romania reducing its deficit and on decisions of the EU institutions.
As of October 2026, Romania has not entered ERM II. Bulgaria went from ERM II to the euro in five and a half years.
What will not change on changeover day?
The price of the property itself. In the Romanian real estate market, developers' price lists, ad prices, market reports and most sale contracts have been quoted in euro for years. On the day the leu is replaced, there is no price that needs translating: it is already there.
The legal framework of the transaction does not depend on the currency either. In an off-plan project, the protections for deposits were set by Law 207/2025 (the “Nordis Law”), whose rules since 25 August 2026 appear in Articles 422(6) to 422(11) of the Planning and Construction Code, Law 169/2026: a notarial preliminary contract, a dedicated project account, a final contract and registration in the land register. All of these will apply in the same way in lei and in euro.
The move to the euro will not make a property cheap or expensive overnight, will not fix a weak contract and will not replace checking the extract, the permit and the developer.
What may change for someone with a lei mortgage?
This is where the direct impact lies. A country entering the euro area gives up the risk premium of its own currency, and this is reflected first of all in interest rates. According to the source we reviewed, a lei mortgage in Romania today stands at about 6.5%. A lei mortgage at a variable rate is linked to the IRCC index plus a fixed margin, as we set out in a separate guide on IRCC and ROBOR.
The following table forecasts nothing. It only shows what an interest rate gap is worth, on a loan of 100,000 euro over 25 years, before fees and insurance:
| Annual interest rate | Estimated monthly repayment | Loan size that a repayment of about 675 euro finances |
|---|---|---|
| 6.5% | About 675 euro | About 100,000 euro |
| 4% | About 528 euro | About 128,000 euro |
| 3% | About 474 euro | About 142,000 euro |
What will happen to existing lei loans on changeover day, and which index they will be linked to, will be determined only by the legislation accompanying adoption. In Bulgaria, as we described in the guide on its move to the euro, loans in leva were converted at the fixed rate, and for variable rates the index was replaced by a similar index without the interest rate rising. This is a precedent worth knowing, not a rule that applies to Romania.
And for a buyer earning in shekels: both the leu and the euro are foreign currencies. The changeover will remove the conversion layer between lei and euro, but the exposure between the shekel and the euro, in transferring the equity, in repayments and on sale, will remain as it is.
What do Bulgaria, Croatia and Greece teach, and what do they not teach?
All three are history. Each entered the euro area under different conditions, and none of them is a forecast for Romania.
- Croatia. According to the European Central Bank's blog, the average interest rate on new mortgages stood at 2.89% in January 2023, the month of adoption, and remained around 3% three years later.
- Bulgaria. According to a Eurostat release of 2 July 2026, housing prices there rose by 14.8% in the first quarter of 2026. The rise began more than a year before the changeover, joining Schengen also contributed to it, and after the changeover the pace moderated. Since the lev had been pegged to the euro under a Currency Board arrangement since 1997, interest rates there were low even before adoption.
- Greece. According to the Bank of Greece, housing loans grew from 11.3 to 69.4 billion euro within seven years of adoption in 2001, and after the global crisis came a sharp fall in prices.
The legal and financial lesson is neither “the euro raises prices” nor “the euro is dangerous”. Cheaper money can serve a reasonable purchase or create dangerous leverage. Anyone planning to take a loan should assess it on today's terms, not on terms that may or may not come.
What should you check in the contract and financing already today?
The short answer: build a transaction that stands on its own merits, even if the euro arrives later than expected. In practical terms:
- The contract currency. Check which currency the price is quoted in, which currency each payment is made in, and at what rate and on what date conversion is made when the payment is in another currency.
- Indexation mechanisms. A clause linking an amount to the leu or to a Romanian index should be worded so that it is clear what happens if the currency or the index is replaced.
- The monthly repayment. Calculate it at today's interest rate and in shekels, with a margin for fluctuations in the shekel exchange rate, not on an estimated future rate.
- Protection of the money. In an off-plan project, make sure the permit is registered, there is an extract for the unit and the deposits go into the dedicated account under Article 422 of Law 169/2026.
- Holding costs and taxes throughout the holding period, in Romania and in reporting in Israel.
What should you do before signing?
Before signing a contract or a mortgage in Romania, you should have in hand the wording of the currency and indexation clauses, a written financing offer with the interest rate broken down into index and margin, and a repayment calculation in shekels. We review the currency, indexation and payment schedule clauses with Israeli clients, together with licensed lawyers and notaries in Romania, who carry out the actions under local law.
This article is general information, current as of October 2026, and is not legal, financial or investment advice for a specific case. It contains no forecast of the adoption date or of real estate prices. The repayment calculations are for illustration only, and historical data does not indicate the future.
Frequently asked questions
When is Romania moving to the euro?
There is no binding date. The official target is 2029, but previous targets were postponed three times, and as of October 2026 Romania has still not entered the ERM II mechanism that precedes adoption.
Will property prices in Romania rise when it moves to the euro?
No such thing can be guaranteed, and we do not forecast prices. Properties are already priced in euro today, so the changeover itself does not translate them. What may change is the price of money, meaning the interest rate on mortgages.
What will happen to my lei mortgage if Romania adopts the euro?
The rules will be set by the legislation accompanying the changeover, and they are not yet known. In Bulgaria loans were converted at the fixed rate, and for variable rates the index was replaced by a similar index without the interest rate rising. This is a precedent, not a rule that applies to Romania.
Is it worth waiting for the euro before buying a property in Romania?
It is not advisable to base a decision on a date that has already been postponed three times. It is better to check whether the transaction stands on its own merits: legal structure, financing that is affordable on today's terms and holding costs.
Will the euro remove currency risk for an Israeli?
No. For someone earning in shekels, the changeover will remove only the conversion between lei and euro. The exposure to the shekel-euro exchange rate will remain in transferring capital, in repayments and on sale.
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The information in this guide is general in nature and does not constitute legal or tax advice on any specific transaction. Every transaction is assessed on its own facts.