It seems like your journey with Nusco led you to Romania, a country you’re already quite familiar with. How has this experience been for you?

My interaction with the Nusco group began in Italy, where they hold a prominent position in the wooden window and door manufacturing industry. In 2001, we collaborated to expand their business into Romania, where Nusco had already made its mark as a leading wood manufacturer under the Pinum brand, initially establishing roots in 1981. As we progressed, we ventured into real estate, a complementary domain. Personally, it’s been an incredible journey, working alongside respected individuals and discovering a new country filled with ambitious and vibrant people. Adapting to a new culture and environment has been a remarkable learning experience.

Citta’ Residential Park stands out as one of your flagship projects. What prompted the shift to residential development in 2015 after prior involvement in office spaces?

We initiated with Nusco Tower, a pioneering 23,000 sqm class A office space in Aurel Vlaicu. However, despite intending to transition into residential earlier, the financial crisis in 2008 delayed our plans until 2015. Recognizing that offices are primarily handled by larger developers and investment funds, we perceived the potential in residential projects, a bet that proved successful. Citta’ comprises 480 apartments in Pantelimon, featuring expansive communal areas, green spaces, and dedicated parking. Subsequently, Premio, a high-quality 30-flat boutique residence in central Bucharest, followed. We’ve established ourselves as a reputable brand in the residential sector, offering a higher quality of life, much appreciated by our customers.

Nusco City, your current project, sounds promising. Could you shed light on the development and its progress?

Nusco City, developed on a former industrial platform in Pipera, aims to deliver 620 apartments, with all permits in place for 310 units this year and the remainder by end of 2022. Despite commencing amid the pandemic in 2020, we’ve already sold 60% of the flats, surpassing our optimistic forecasts.

Reflecting on the permitting process, what’s your assessment of doing business in Romania’s real estate sector, and what areas pose the most challenges?

Stability, transparency, and predictability in regulations and taxes are vital for any investor. While our permitting process was smooth, there’s current chaos surrounding PUZ and PUG regulations in Bucharest. Many outdated and conflicting permitting regulations can deter potential investors. Aligning state and investor interests is crucial for economic advancement. We urge collaboration between developers and authorities to establish a cohesive urban development strategy.

Looking ahead, what are Nusco’s aspirations for the next two to three years?

Nusco City remains our primary focus, yet we’re actively seeking viable projects in Bucharest. We’re open to partnerships with landowners seeking to sell or develop projects. Having the right plot is key, but expertise in real estate development is equally vital, something that comes with experience.

As a foreign investor, what’s your message to potential investors eyeing Romania’s residential real estate market?

I’m overall optimistic about Romania’s growth and the population’s increased spending power. Romanians possess a forward-looking optimism. Banks offering sustainable mortgages enable people to fulfill their dreams of purchasing better homes. While old buildings hold their charm, many of Romania’s aging housing blocks require upgrades, a growing demand in the market.