Hello, Vlad. A few days ago, I saw the Real Estate Forum Moldova program, which will take place in early September at the initiative of the Investment Agency "Invest Moldova". Proimobil is among the participants. Could you tell us more about what will happen there?

This will be the first Forum of its kind dedicated to Real Estate and Investment in Moldova. I consider it to be a restart of Moldova's relations with foreign investors.

In recent years, Moldova has not been an attractive country for foreign investment?

From Proimobil's experience, I can say that the flow of investments has never completely stopped. However, in the last couple of months, one cannot notice that foreign investors' interest in Moldova has increased considerably. The reasons are clear. For several years, the political situation in the country has been unpredictable. Many foreign investors have been waiting. However, now that there is a trend towards a transparent economy, both the predictability of investments and their volume will increase. Private investors, who are prepared to take risks at any time, will be joined by multinational companies that favor transparency in the real estate market.

In which real estate sectors should we expect the biggest investments?

As far as I'm concerned, the demand for land for logistics, production, and warehousing centers is growing. These segments have stagnated for many years, but now begins a period that can be considered a kind of renaissance.

From a geographical point of view, Chisinau has priority?

Both Chisinau and areas within a twenty-kilometer radius from Chisinau. We will also notice a trend towards moving logistics, production, and wholesaling out of the city. We have already sensed this trend in the demands of our customers and have immediately reinforced our activity in this direction. Currently, Proimobil's portfolio includes more than 100 sites of interest for the construction of logistics and production facilities.

Is there any statistical data on which countries' investors are primarily interested in Moldova?

Moldova's proximity to Romania has played an important role. Just like our neighbors, Dutch and Belgian investors are the most interested. And, of course, big Romanian companies. They have the easiest access to the Moldovan market and I am sure they will take advantage of this in the following years.

Judging by the agenda I have seen, the Real Estate Forum promises to be the most representative Real Estate event in recent years. What will you talk about at the Forum?

I would like to emphasize the opportunities for the development of logistics centers. These are completely missing from the national economy at the moment. I will also point to opportunities for investment in other areas, including manufacturing, offices, and large residential complexes.

Are you referring to Proimobil's big new campaign, promoting and selling City Gardens?

Given the pace at which City Gardens sales have been launched, this is more an example for the future for Forum participants than an investment opportunity. Such complexes will become a real trend for construction in the city. The City Council has revised the rules for building residential complexes and has demanded that several key aspects of complex design be adhered to rigorously.

Such as?

There must be a large area of green space, i.e. an indoor park. In the case of Garden Park, this is a park of almost one hectare. No cars on the property. What is the solution? Three levels of underground parking! Residents of the 800 apartments in the complex will benefit from a new model of green residential development. In fact, that's why sales have soared since the start of the project. As construction progresses, apartments will get more expensive - investors have already realized this. And I'm convinced that, in the future, the city will only allow the construction of residential complexes of this type.

Do you expect real estate prices in Chisinau to rise?

Remember our interview last year? I said back then, which was confirmed, that according to all global trends, an increase in real estate prices is inevitable. That's what has happened. Rising commodity costs, as a result of the pandemic, played a big role. This process has not stopped so far. But I don't expect prices to boom next year. Central banks of most countries are working to stop this rise, and this is working. However, we should not expect prices to fall. Especially in Chisinau, where there are spatial limitations on new construction.

What about rural buildings? I would like to take this opportunity to ask you about this segment...

We talked about this last year. The pandemic has led to an increase in the demand for land and houses out of town. If you go through the Megapolis Mall area now, to Dumbrava or Durlești, you will see both new roads and new elegant houses. There is still potential for growth in Durlești and Codru, but this is a matter of a year or two. After that, there will be only a secondary market. One of the reasons will be the flow of foreign investment. Real estate markets in Eastern Europe, which includes the Republic of Moldova, will grow in the following years. This is particularly true for the Romania-Moldova region.