Hello, Igor. At the beginning of September in Moldova took place, for the first time, a two-day international forum dedicated to the real estate sector. Without any exaggeration, it was the first event of such a scale and focus in the entire history of the country, organized at the initiative of the Invest Moldova Agency. Why did you choose the Real Estate sector as the first international business event?

Several factors intervened... And this time the pandemic had a positive impact.

What was it? 

As many businesses started to operate online, towards the end of the first year of the pandemic, there was a significant increase in interest worldwide, but also in Moldova, in identifying and building large logistics centers to meet the needs of trade in the new conditions. Although the pandemic will not last forever and the limitations of social life will sooner or later be removed, the impetus to shift life online has already been given and the trend is unlikely to be reversed.

And when did this trend become noticeable in Moldova?

According to my observations, starting this spring. In April we were contacted by several foreign investors looking for industrial space of up to 20,000 square meters. These were not construction companies, but manufacturing or logistics companies that were ready to start a business if they had suitable conditions, including adequate space for production or warehousing activities.

However, the REF agenda was not only about 'logistics' Real Estate?

No, the requests were not limited to logistics and production. We were contacted by some investors in the IT sector who were looking for a class A office, provided it could accommodate up to 500 people in an open space. We have a Digital Park in Chisinau, where the Forum also took place, but even this Park could not satisfy such a request. Although Chisinau is an excellent place for the MICE industry[1], the number of hotels in the capital is smaller than in Iasi county in Romania. And given Moldova's geographical position, we as a country are attractive to business tourism from Russia, Ukraine, or Turkey, as well as Eastern and Western European countries. We are attractive, but we do not have the necessary potential in terms of hotels and conference facilities.

So the initiative to organize a Real Estate Forum belongs to the Invest Moldova Agency?

Indeed. Despite all the risks associated with the pandemic, we decided that the time for such a Forum had come. A lot of preparatory work has been done, both with foreign participants and local market players. As it turned out, one of the biggest developers in our region is the Belgians. They are actively cooperating with the leading builders of high-tech business centers in Europe, such as CTP and VDP. Thus, the Chambers of Commerce of Belgium, Luxembourg, Romania, and the Republic of Moldova were of great help in organizing the Forum. As a result, 10 international companies were "physically" present at the Forum. As for the Moldovan players in the Real Estate market, "top people" from all sectors, from builders to Real Estate agents, were present. In addition, the internet helped us. According to privesc.eu statistics, more than 40,000 people attended the online broadcast of the Forum. The importance of the Forum for the Republic of Moldova was also underlined by the participation of the Ministry of Infrastructure and Regional Development, the Ministry of Economy, and the Chisinau City Hall. 

Who were the speakers and what topics were discussed at the Forum? 

I am proud that representatives of international companies such as Colliers, a Canadian real estate services and investment management company with around 15,000 employees in over 400 offices in 68 countries, spoke at the Forum. A representative of Accor, the largest international hotel operator, also gave a speech. Accor currently has more than 5,000 hotels and 10,000 restaurants, cafés, and bars in 110 countries. A representative of Marriot, a regional director from Russia, was also present. So the international dimension of the Forum is not just empty words. Industry leaders are interested in Moldova. After all, markets like ours are the ones with the highest growth rates, given the potential that the Moldovan real estate market has not yet reached.

And what were the topics covered?

From showcasing Moldova as a promising real estate market to discussions on industry-specific topics - free economic zones, industrial parks, hotel business. However, the focus was not on the residential sector, but on industrial real estate as an engine of growth. This includes modern logistics facilities. 

Frankly, I am sorry that the interview format does not allow us to list all the speakers, but we can provide a link to the Forum agenda for those interested in browsing the topics covered by the speakers. Even the titles can say a lot to a professional.

Of course, we can attach the link. 

At the end of the interview, I will ask a very trivial question. Can REF Moldova become an annual Forum?

Not only could it, but it should become one. According to the practice of international business events, the first Forum lays the cornerstone and marks the positioning of the Forum. Serious market players pay attention to the details and decide whether it is worth attending such a Forum in the years to come. This is exactly the kind of "targeting" of interests that have taken place this year. 

And how do you evaluate the results? I'm sure you've been following the discussions not just from the Forum's tribune...

I am convinced that the need for an annual Real Estate Forum for Moldova no longer needs to be demonstrated. Our country has good growth potential and its geographical position is exceptional - a one or two-hour flight to Istanbul, Moscow, Kyiv, or Vienna. Why not create a regional logistics hub for online trade in Moldova? After all, land and construction services are cheaper in Moldova than in neighboring countries...

So I have no doubt that investors will come to next year's Forum not just to research the market, but to do business and invest.