Your connection to Bog’Art is deeply entrenched, considering the company bears your name. How do you view Bucharest’s real estate market evolution?

Over the last five years, Bucharest’s skyline transformed significantly with numerous office projects and business hubs. Skyscrapers, once rare, are now part of the cityscape, attributed to improved infrastructure, new metro stations, robust investment plans, and enhanced predictability. What was once considered a development “peak” in the past is now a consistent pattern due to Romania’s growing investment potential.

Bog’Art is involved in various real estate segments. Did the pandemic influence your strategy?

The pandemic accelerated existing trends. We’re not solely focused on offices but also residential, hotels, retail, industrial, and public works encompassing hospitals, sports and cultural centers, military bases, airports, and infrastructure projects like Brasov International Airport and the ongoing restoration of Baneasa Airport. Our construction and development projects respond to market needs and direct investments by private or public institutions. We are selective yet open to building as per demand and specific conditions.

You mentioned the pandemic accelerated change. What challenges and benefits did this period bring?

Our business is service-oriented and cyclical, tethered to macroeconomic trends. While momentum continued through the pandemic, many sites operated largely unaffected and even surpassed schedules due to available workforce. However, investment cycles’ lagging effect and unexpected commodity price surges pose challenges. Uncertainty and price pressures, amid governments’ massive capital allocation and investors’ flight to real assets, make decision-making unpredictable.

Why is Romania’s real estate market fitting for Bog’Art, and what are its challenges?

Bog’Art operates comparably to multinational companies in Romania but retains a family business approach, boasting an integrated platform covering the real estate value chain. This gives us a competitive edge over others in terms of local experience, know-how, and market presence, securing a privileged position.

Looking ahead, what are Bog’Art’s main priorities for the next few years?

Diversifying our portfolio across residential, industrial, retail, and offices is pivotal. We aim for balance and equal focus on various projects, not solely landmark high-rises. Additionally, we’re intensifying our real estate development projects, handling the entire building life cycle through Bog’Art companies, offering an integrated solution.

Any final message about Romania’s real estate market?

Romania offers macro-level benefits but demands collaboration with a local coordinator or developer for real success. Understanding local intricacies, involving strong local players, and direct engagement are key in navigating the market’s unique landscape.