New thinking rewarded at 2009 CIJ Awards Romania

The past year may have seen Romania’s real estate market decline drastically, but the industry still managed to produce a large number of intelligent, high-quality projects across all sector classes.

The purpose of the 2009 CIJ Awards Romania was to determine which of these projects were the best of the best, and a high-powered jury was assembled to make these decisions. The winners this year tended to be projects or companies relatively new to the market, or those that demonstrated innovative solutions to longstanding problems.

It was in this spirit that the first award of the evening, for Best Residential Development, went to NewTown, by developer Mivan. Jury member Tom Gibney (Epstein Architecture & Engineering) said the project had achieved a leap forward in creating a sustainable urban development, along with shaping a new way of living for its inhabitants.

It would be an understatement to say that the award  for Best Office Development was vigorously debated by the jury, with digressions into topics of sustainability, investment quality, physical size and the creation of a new standard. With Victoria Center by Bluehouse eventually getting the nod, Paul Philips (Quintet Asset Management) spoke for the jury when he said that the building could easily sit in Paris or Berlin with its international level of design. The selection of PZP, the young, talented Romanian architecture practice, helped give the building a contemporary and fresh design solution and created the value that the jury felt will be sustained over the coming years.

If this decision was the focus of some debate over the course of the evening, there was less dissent over the decision to award AFI Palace Cotroceni the Best Shopping Center prize. The jury was so impressed with the developer’s achievement that it also awarded the Best Overall Development honors to the project. The jury’s feeling was that the project best captured the extra innovation, discipline and professionalism required to conceive and achieve a new standard of excellence. In addition, they found that it redefined “best in class,” as well as elevating the expectations for future projects.

The Best Warehouse/Industrial project for 2009, in the eyes of the jury, turned out to be the A1 Business Park by Cefin and Valad. In presenting the award, jury member Edwin Warmerdam (Avrig 35) said the park provided a critical combination of excellent motorway access and visibility, along with a sophisticated industrial park design. The jury said that combined with the project’s great success, it was a worthy winner in its category.

The final prizes for the evening went to people and companies, rather than to projects. Developer of the Year went to GTC, a company with a rich history of development in Romania and which managed to have four of its projects nominated in this year’s CIJ Awards. Horatiu Florescu (The Advisers/Knight Frank) said that for its ability to handle such complex schemes at the same time, under such trying circumstances, the company was a deserving winner of the accolade.

Florescu was soon called back to the stage to accept the prize for Real Estate Agency of the Year for The Advisers/Knight Frank, a remarkable result considering the company was established only this spring. Still, according to Gijs Klomp (ING Real Estate), the jury decided to recognize the agency which managed to stand out and surprise the market in a positive manner by beating the odds.

“Their success can be attributed to the courage of its founder father, their impressive portfolio of exclusive representations in one of the most important property sectors in this country and the fact that they managed to bring to Romania a new, respected international name,” he said.

This year saw the introduction of two new prizes, the first of which was Best Legal Firm of the Year. In announcing the decision, Mihaela Allardin (AEW Europe) said the jury considered experience, achievements over the past 12 months, and services provided along with creativity in dealing with the challenges of the economic crisis. PeliFilip, she said, was young but had excelled in these regards.

The second new prize was the Architectural Firm Award, for which jury member Victor Constantinescu (Biris Goran) said the jury considered originality, quality and functionality of design, number of transactions, reliability and a more difficult to define “wow factor.” Finally, when considering which studio’s work would still look modern in 10 years, he said the group eventually agreed upon Westfourth.

The Personality of the Year award went to Troy Javaher (Jones Lang LaSalle) as a tribute to his commitment to the Romanian market and to bringing transactions to Bucharest and Romania’s other cities and for the high degree of integrity and professionalism he brings to his work. The award was presented by Robert Neale (Portland Trust), who won the award last year.
 
Full list of 2009 winners
Best Residential Development: NewTown Residence (Mivan)
Best Office Development: Victoria Center (BlueHouse Capital)
Best Shopping Center: AFI Palace Cotroceni (AFI Europe)
Best Industrial/Warehouse: A1 Business Park  (Cefin & Valad)
Best Overall Development: AFI Palace Cotroceni  (AFI Europe)
Developer of the Year: GTC
Architecture Firm of the Year: Westfourth
Best Law Firm: PeliFilip
Personality of the Year: Troy Javaher (JLL)
Real Estate Agency of the Year: The Advisers/Knight Frank
Property Management Team: Coral Construct
 
Jury members of the 2009 CIJ Awards RomaniaHoratiu Florescu – President & CEO – The Advisers/Knight Frank
Victor Constantinescu – Partner – Biris Goran
Geo Margescu – Managing Director – Cefin Real Estate
Tom Gibney – Managing Director – Epstein Architecture & Engineering
Mihaela Allardin – Managing Director – AEW Europe RO
Troy Javaher – Head of Capital Markets – Jones Lang LaSalle
Gijs Klomp – Managing Director – ING Real Estate
Edwin Warmerdam – Chief Financial Officer – Avrig 35 Group
Leslie Warren – Leasing Director – Helios Phoenix
Paul Phillips – Chief Development Officer – Quintet Asset Management
 
For purposes of transparency and authenticity, the jury’s meetings and all voting were supervised by Francesca Postolache of PricewaterhouseCoopers. The monitoring was another innovation launched this year, intended to increase the value and prestige of the CIJ Awards. Jury members involved in any of the categories were not present for the discussion of voting for those awards.
 
GTC Romania was a partner of the 2009 CIJ Awards Romania.

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CEDER 2009 Conference Speakers 4th of June 2009

ROBERTS PUBLISHING is pleased to introduce the speakers for this year’s CEDER real estate conference. The venue for the event taking place on the 4th of June will be the Novotel City Center.

 

With around 100 attendances, CEDER promises to offer a fascinating mix of property professionals.

We would like to take this opportunity therefor to thank our partners – Jones Lang LaSalle & Eurohypo – and our media partners – Wall-Street, Money Express, Business Standard, European Real Estate Academy & Seminar Conference Consulting – for making the conference a popular gathering.

 

The cost to attend CEDER  is only 99 EUR +vat. For booking your seat at CEDER, please contact Ms. Adela Balan -balan@cijjournal.com

 

08:50 – 09:15 | Registration

09:15 – 09:30 | Opening Comments

09:30 – 10:30 | Investment: How is the financial crisis hitting the image of Romania as an investment target?

moderator: Robert McLean | Editor in Chief | CEE Construction & Investment Journal

Claudius Ferentz | Managing Director | Swift Finance

Troy Javaher | Director Capital Markets | Jones Lang LaSalle

Robert Neale | Managing Director | Portland Trust

Helmut Neubauer | Country Manager | Europolis

Dennis Selinas | Country Manager | Charlemagne Capital

Edwin Warmerdam | CFO | Avrig 35 Group

10:30 – 11:00 | Networking break sponsored by Eurohypo AG

11:00 – 12:00 | Hotels: Why Romania’s hotel development is heating up, even as the economy cools

moderator: Mircea Draghici | Head of Hotels Department | CB Richard Ellis

Adela Cristea | Development Manager – Europe & Africa | Hilton Hotels

Tinu Sebesanu | Chief Executive Officer | Trend Hospitality

Kurt Strohmayer | General Manager | JW Marriott

12:00 – 13:00 | Lunch

13:00 – 14:00 | Retail: Too much, too fast?

moderator: Robert McLean | Editor in Chief | CEE Construction & Investment Journal

Monica Barbu | |

Gijs Klomp | Managing Director | ING Real Estate

Thomas Schroeder | Executive Director Expansion | Orsay

14:00 – 14:30 | Networking break sponsored by Eurohypo AG

14:30 – 15:30 | Valuations: New rules needed for a new era?

moderator: Victor N. Constantinescu | Partner | Biris Goran

Dan Nicolae Ivanov | Head of Valuation | Jones Lang LaSalle

Catherine Martin | Director | Financial Advisory Services | Deloitte

Mihai Grigore | Head of Valuations department | Colliers

Christopher Shonn | Managing Partner | NAI Property Partners

Perry Zizzi | Partner | Badea Clifford Chance

Vremea scadentei pentru investitorii imobiliari

Anii trecuti, majoritatea dezvoltatorilor de ansambluri rezidentiale n-aveau de ce se teme, din moment ce aveau si cumparatori, si investitori carora sa le vanda apartamente la pachet. Acum insa, investitorii trebuie sa finalizeze achizitiile, iar cumparatori nu prea mai sunt.

Atmosfera de la ultimele targuri imobiliare desfasurate in acest an in Bucuresti a fost in mare parte aceeasi: vizitatori mai putini fata de perioada de boom, tranzactii foarte putine si vanatori de chilipiruri – sau doar persoane interesate mai mult sa vada oferta decat sa cumpere. Printre vizitatori a fost si Bjorn Hauge, country manager al fondului norvegian de investitii Romania Invest, unul din cei mai mari cumparatori de apartamente, cu un portofoliu local de aproximativ 800 de locuinte. N-a gasit nicio oferta care sa-i trezeasca interesul, a vandut doar cateva locuinte din cele achizitionate inainte si scoase la vanzare, dar a avut si un motiv de bucurie. “Am preluat integral peste 40 de apartamente in proiectul Ten Blocks si am platit suma integral din fonduri proprii”, spune Bjorn Hauge. Avand in vedere preturile de la lansarea proiectului si reducerile pe care marii investitori le obtin in mod obisnuit, valoarea tranzactiei ar putea fi mai mare de un milion de euro. Fondul norvegian a preluat recent si apartamentele din cadrul complexului Residenz, unde achitase un avans pentru aproximativ 35 de locuinte. “Procentul din valoarea totala pe care l-am platit ca avans si cel ramas la final difera de la proiect la proiect”, comenteaza Hauge, ceea ce face dificil de estimat valoarea exacta a celor doua tranzactii.

Acestea nu ar fi singurele tranzactii pe care Romania Invest trebuie sa le finalizeze in 2009, avand in vedere ca investitorul a preluat apartamente si in alte proiecte care ar trebui sa ofere apartamente la cheie in acest an, precum Platinum Vitan Towers sau Planorama. Mult mai mare ar trebui sa fie valoarea pe care Topo Capital, cel mai mare cumparator local de apartamente. cu un portofoliu estimat la circa 900-1.000 de locuinte, ar trebui sa o plateasca pentru preluarea integrala a locuintelor, avand in vedere ca peste 300 de locuinte vor fi gata in 2009, potrivit graficelor actuale de constructie a proiectelor. “Deocamdata nu are niciun fel de probleme, prima plata este programata in septembrie, au fost purtate deja discutii cu dezvoltatorul si s-a ajuns la o intelegere”, declara Valentin Ilie, CEO si actionar al Coldwell Banker Affiliates of Romania, companie care intermediaza vanzarea portofoliului detinut de investitor.

Urmatoarele luni vor fi din acest punct de vedere decisive pentru piata rezidentiala. Peste 8.000 de locuinte in ansambluri cu peste 100 de unitati urmeaza a fi finalizate in acest an – potrivit datelor colectate de la companiile imobiliare pentru realizarea suplimentului “Piata imobiliara – Iesirea din criza?”, editat de BUSINESS Magazin. Un procent semnificativ din acestea au fost achizitionate de catre investitori, iar planurile initiale prevedeau vanzarea apartamentelor aproape de momentul finalizarii, astfel incat investitorii sa nu plateasca integral apartamentele, sarcina urmand sa revina cumparatorilor finali. Caderea pietei rezidentiale i-a adus insa pe investitori nu doar in situatia de a vinde cu mari dificultati proprietatile achizitionate, dar mai ales in aceea de a le plati integral, in conditiile in care valoarea sutelor de apartamente achizitionate este de ordinul a zecilor de milioane de euro pentru cei mai mari dintre cumparatori. Daca in cazul marilor investitori imobiliari nu par a exista deocamdata probleme, micii investitori sunt puternic afectati de caderea pietei imobiliare. Exista cumparatori care au luat doua sau mai multe apartamente in speranta revanzarii lor la un pret mai ridicat, iar acum se afla in imposibilitatea de a plati si restul sumelor.

Michael Topolinsky, cel care detine Topo Capital alaturi de fratele sau si de alti investitori canadieni, nu a dorit sa faca niciun comentariu pe marginea situatiei actuale. Valentin Ilie de la Coldwell Banker a precizat ca investitorul nu a vandut niciun apartament in ultimele luni, potrivit informatiilor pe care le detine. “Eu cred ca va incerca sa nu preia toate apartamentele. Si un dezvoltator ar putea fi interesat sa ia inapoi cateva apartamente si transforma avansul pentru acestea in plata integrala pentru celelalte”, argumenteaza Ilie, care detine in acest moment cel mai mare portofoliu de apartamente intermediate spre vanzare atat in segmentul locuintelor noi, cat si al celor vechi. Investitorii au preluat in total intre 50 si 70% din apartamentele vandute in ultimii ani. O parte dintre acestea au fost deja revandute, dar pentru multe altele va trebui ca in urmatoarele luni sa fie platite sumele finale de achizitie. “Vanzarile din ultimele luni au fost teribil de slabe, aproximativ zece apartamente”, recunoaste Murat Kavurga, directorul general al Opus Land Development, compania care dezvolta ansamblul Cosmopolis. “Mai avem disponibile circa 200 de locuinte in faza a doua (dintr-un total cumulat al primelor doua faze de peste 1.700 de locuinte). Daca ar fi ca anul trecut, le-am vinde pe toate in doua luni.” Cosmopolis este unul dintre cele in care Michael Topolinsky a achizitionat un pachet de apartamente de peste 220 de locuinte. Kavurga adauga ca Topo Capital si-a respectat pana in acest moment obligatiile financiare care ii revin. Directorul Opus Land afirma ca prima faza a proiectului va fi terminata in perioada imediat urmatoare, in timp ce livrarile fazei a doua vor incepe la sfarsitul acestui an.

Intregul articol in Business Magazin.

A Guide to Romania Property Investment

A Guide to Romania Property Investment Romania’s recent entry into the European Union has had many international property investors standing up and taking notice of the nation’s rapidly emerging and developing real estate market. The buzz is definitely centred upon Romania become a big player on the emerging property market scene… With strong political leadership, incredible landscapes and a history that is rich and worth exploring, the reasons why Romania is becoming so popular and likely to remain in demand are obvious. Here are just 10 of the major factors driving confidence in Romania’s property market.. 1. European Union Entry Inspires Property Investor Confidence in Romania Romania’s successful 2007 entry into the European Union opened the doors for easier travel and relocation to Romania, ease of investment into the nation and the development of common ground between this eastern European country and its counterparts in western Europe. The nation’s current status therefore is very positive for property investors who want to know that their country of investment choice is backed by the EU and is a beneficiary of all that comes with EU membership. 2. Stable Political Environment Makes Romanian Property Investment Attractive Romania is an emerging democracy that has successfully established a multi-party system; although it is a former communist power this country has had relatively smooth transitions into elected representation. Romania has an elected president as its head of state and a parliament to create its laws and the government’s stability and recent successes in bringing Romania into the EU are big contributing factors driving property investor confidence in Romania. 3. Strong and Dynamic Government Initiatives Drive Romania Forward and Draw Foreign Direct Investment into Property The Romanian government is moving forward with strong programmes to boost the country’s economy and improve its infrastructure. As it does so, foreign direct investment in Romania is significantly on the increase. In 2006 for example, investments from foreign sources topped EUR 3 billion. As the economy grows, the Romanian government is working to bolster the labour force, increase exports and improve the educational and healthcare systems – and these active reforms not only mean the nation is developing, it means the nation is becoming a more attractive prospect for property investors who can see Romania’s star rising. 4. Expert’s Property Market Predictions Highlight Romania’s Real Estate Attraction With the likes of Jones Lang LaSalle establishing a strong presence in Romania and other real estate experts committing to the nation, the Romanian property market is accepted as being a high flier. The prices for land and real estate are still considered low by western European standards. Prices in some areas, such as in the heart of Bucharest, have doubled in the last few years and in the current economic climate they are adjusted by the lower demand. Investors who are getting into Romanian real estate are enjoyed a steady rise in their properties’ values already, and this tangible level of success is drawing strong levels of international interest in Romanian property. 5. Improving Tourism Demand is a Strong Factor Driving Investment in Property in Romania As the actual home of Vlad Tepes and the inspiration for Bram Stoker’s “Dracula,” Romania has captured more than a passing interest in the hearts of international tourists for generations. But now that travel has been made much easier thanks to EU entry, the tourism market is beginning to open wide in Romania. Visitors come for the history, the ancient castles, the beautiful Danube, the Carpathian Mountains and of course the Black Sea. You can ski, sunbathe, explore and enjoy Romania more affordably as well now that budget air carriers have entered the skies. Although only about 75,000 Britons make their way to Romania each year at the moment, the number of foreign travellers is on the increase and according to the World Travel and Tourism Council Romania’s travel and tourism market grew by 9.5% in 2007, 7.7% per annum, in real terms in 2008 and will steady grow until 2017 because the potential is still not exploited properly. As Romania continues to market its tourism appeal successfully to the rest of the world, so property investors are gaining significant confidence that they can tap into this source of money. 6. Diverse Geography Allow for Diverse Property Investment Approaches in Romania From the legendary Carpathian Mountains that run through the Transylvania region to the Danube and the Black Sea, Romanian geography is such that it attracts a lot of tourism based attention as discussed. Ski resorts, city break locations and beach destinations are all becoming equally popular with travellers and property investors alike because there is such choice in Romania – choice of investment approach, investment asset and investment location which makes the market more appealing to increasing numbers of overseas purchasers. 7. Currently Low Romanian Property Prices Make Short Term Investment Potential Possible Prices for property in Romania were affected by the global economic and it is a very good period to buy. With off-plan properties starting from as little as GBP 30,000 and resale detached homes in some of the more remote areas going for even less, getting in on this market is considered highly affordable for many an investor. This of course is making Romania attractive to a wide variety of investors of all income levels and it also means that there is plenty of scope for short term strong increases in underlying prices meaning short term profitability from property in Romania is considered possible. 8. Low Cost of Living Brings Expats and Retirees and Inspires Romanian Property Investor Confidence Even with its property boom, Romania enjoys one of the lowest costs of living in the whole of Europe. Romanian Properties Limited estimates prices for many goods and services are as much as 50% lower than in other European locales for example and the exchange rate between the pound and leu is also very attractive. The pound is worth roughly almost five lei which means British investors have a great deal of buying power here, as do tourists, expats and retirees – an increasing number of whom are moving to live in Romania and providing an investor with a base upon which it is possible to build a profitable exit strategy. 9. Ease and Affordability of Accessibility Draws Strong Property Investment Confidence Since its acceptance into the EU, travel into Romania has become much easier with British and European citizens not requiring visas to enter the country for up to three months at a time for example. Romania is readily and affordably accessible by plane, train and by road as well, and the improved and improving accessibility for investors and tourists alike is a very promising factor boosting overall property investor confidence and commitment. As all savvy investors know, a property has to be well located close to reliable and affordable transportation links to maintain its appeal 10. The People and Policies of the Nation Help Make Romania Inviting for Investors The Romanians have a reputation for welcoming visitors rather heartily and this has been expanded upon recently with the government actively welcoming and encouraging foreign investors to Romania. This overall atmosphere of welcome coupled with a fairly reasonable tax structure on profits and income make Romania, and in particular Romanian property, very appealing to investors. Capital gains taxes for example are at roughly 16% unless the property is owned for two years or more and then the tax due on profits drops to about 10%. From the people themselves to the policies encouraging investment, Romania is an increasingly welcoming destination for investors. Romanian property investment is an up and coming trend that is garnering a lot of international attention as of late. As the nation works to bring its infrastructure and economy up to western European standards, many investors believe the time to buy into the improvements of the nation in the form of real estate is now.

Proprietatea “fractionala” o poate depasi in 5 ani pe cea clasica

Proprietatea fractionala va depasi in Europa conceptual de proprietate clasica prin care bunul imobiliar este numai al tau, afirma specialistii in domeniu. Acest segment era oricum in crestere inainte de incetinirea cresterii economicedupa cum afirma Mintel, Asociatia Ragatz si Northcourse ltd, care au apreciat piata proprietatii fractionale la 1,98 mld. USD in 2007 (in crestere cu 20% fata de 2006) excluzand cluburile specializate in astfel de operatiuni unde vanzarile au fost de 2 miliarde.

In 2008, piata a valorat 1,2 mld. Numai in Emirate, in timp ce majoritatea pietelor europene si mediteraneene au inregistrat puternice cresteri in cifre ale vanzarilor.   Industria a patruns si in Egipt fiind promovata printr-un parteneriat intre agentia Egypt Real si firma de consultant Fractions Abroad.

“Proprietatea fractional este o unealta excelenta pentru a face business cu aproape orice client, indifferent de apsiratii sau buget”. Spune Peter Mitry de la Egypt Real. Comentand el adauga:”Contractele vor fi realizate in functie de dezvoltatorii care doresc sa adopte acest system si vor fi editate in principalele limbi de circulatie international”.

Intre timp, din ce in ce mai multi dezvoltatori privesc acest segment ca pe un mod de a genera vanzari intr-o perioada cu viitor incert. Brad Lincoln, CEO al firmei de consultant pentru proprietate fractional spune ca este abordat in fiecare zi de minim 2 dezvoltatori care doresc sa adopte acest system amintind ca” fractionalitatea nu transforma un proiect slab intr-unul bun. In 5 ani, singurii care nu vor cumpara in acest system vor fi cei care ies la pensie. Fractionalitatea va lua un procent incredibil din piata.”

Ca rezultat, o alta firma, RGM Fractional si-a inaugurat activitatea organizand Fractional Awareness Day in londra pentru a creste interesul industriei si a atrage atentia brokerilor care doresc sa intre in aceasta industrie.
 
Brokerii care au asistat la acest eveniment au fost invatati cum se lucreaza cu proprietatea fractionala, fie ca stil de viata sau ca propunere de investitie si deosebirile dintre proprietatea fractionala si industria timeshare.

 

“Tocmai am venit din Spania unde am invatat mai multe despre proprietatea fractionala” spune Allen Cooper de la World Properties and Land. “Aceasta este o piata in crestere dar este o clara lipsa de cunostinte si know-how in industrie acolo”.

Graeme Grant, Managing Director la Resort Group International completeaza: “Fractiile au fost marketate cu success in SUA in ultimii 10 ani si va deveni cel mai important produs european de tip leisure in urmatorii 5 ani”.

Latin America’s Best Beaches for Affordable Living

Only 3 Days Left to get $400 off (per couple) IL’s Ultimate Event. The small towns outside Fortaleza have some of Brazil’s best beaches. Latin America’s Best Beaches for Affordable Living International Living Postcards–your daily escape http://www.internationalliving.com Tuesday, Jan. 6, 2009 Merida, Mexico I’ve written about the most affordable places to live in Mexico and in Latin America. And I’ve listed what I think are the most beautiful beaches in Mexico. Expanding the horizons then, here are my picks for the best places to live affordably on the beach in Latin America right now. For me, that means low real estate prices and a low daily cost of living. In other words, you won’t find any major resort destinations on my list… Obviously, I’m keen on Mexico’s Yucatan Coast. Start in Progreso (just a 30-minute drive from my home in Merida) and go east or west along the coast to find large parcels of deserted beach fronting the gorgeous emerald Gulf of Mexico. Prices for beachfront property are very low, especially considering how close this area is to the U.S. (A direct flight from Miami to Merida takes just two hours.) You can buy a condo here for less than $60,000 or a beachfront home for less than $140,000. —Advertisement— Enjoy a million-dollar retirement—without touching your savings. Each day, a savvy few join the ranks of retirees living like royalty — but on tiny budgets. It’s a secret most people don’t know much about, but easily accessible to most Americans.  Find out if you qualify ************************************************ Nicaragua has amazing beaches all along its Pacific Coast. My favorite beach town is San Juan del Sur, where you’ll find a sizeable expat population, great restaurants, and beautiful boutique hotels. Go north or south from San Juan del Sur to find some mighty impressive beaches…places where the lush jungle comes right to the water’s edge and you may not see another soul. Here, you can still get an acre or more of ocean-view land for $40,000 or less. Panama is “the” place for a beach lover. This narrow squiggle of a country is practically nothing but beaches. Contadora Island is one of my favorite places to while away the days with a book on a sun-kissed beach next to some of the clearest, calmest waters one could hope to find. But my new favorite bargain beach town in Panama is Boca Chica in the province of Chiriqui. If you’re a Panama Insider subscriber, you can read all about it in this month’s issue. You can buy a beachfront lot here (with infrastructure) for just $30,000! If living on a budget is your primary consideration, there is no better place than Ecuador. And there is no better spot right now for beach living in Ecuador than along the Ruta del Sol between Salinas and Manta. Both of these cities have terrific infrastructure and a very low cost of living overall. But if you’re on a micro-budget, check out the smaller towns like Olon, Montanita, and Puerto Lopez. You can find beachfront homes on this stretch of coast for less than $50,000. And a lobster dinner at a beachside restaurant will set you back just $5 or less. Farther south, Uruguay and Brazil take the cake for affordable beach living. In Uruguay, the farther east you go from Montevideo and Punta del Este, the lower the prices for real estate and everything else. I’ve not been there myself, but my colleague Margaret Summerfield says La Pedrera is one of the nicest beaches in Uruguay. She also recommends some of the small towns outside Fortaleza in Brazil. Ronan McMahon’s Real Estate Trend Alert members have an opportunity to travel together to check out this area in January. You can learn more about this trip here. Regards, Suzan Haskins Your Latin America Insider P.S. You can bet we’ll be talking about affordable beach living at the International Living Ultimate Event in Ecuador March 3-6. Expect to meet hundreds of experts and would-be expats when we meet at one of the best hotels in Quito, Ecuador. You’ll learn all about what it takes to invest or make your home in dozens of locations around the world. And from Quito you can easily get to the destinations I’ve mentioned here. To read more IL articles about Latin America’s best beaches, see: Have You Found the Best Beach in Panama Yet? Ecuador Beach Property: A $50,000 Beach Condo Beachfront Property in Brazil for Under $35,000

Beat the credit crunch and invest in real estate abroad

The crisis periods are very good periods to buy if you have liquidities. The possibilities of obtaining a better price are bigger than in usual situations and you have more chences to secure a good deal. Our website offers you extremely competitive oportunities for acquisitions in Brazil, Dominican Republic, Egypt, France, Panama, Romania, Turkey, United Arab Emirates and Venezuela. All projects featured were carefully selected and the due dilligence process was very strict in order to offer you some of the safest investments available on today’s market. Please visit our Property Abroad website here.

Opportunities for Green Costruction and Energy Efficient products, material and technology in Romania and the Central Eastern European region

Opportunities for Green Construction and Energy Efficient products, material and technology in Romania and the Central Eastern European region

 

 

Prepared by John Biggs AIA LEED AP, Manager – SOPOLEC Anca Bieru, Senior Consultant – SOPOLEC Sara Bocaneanu, Senior Consultant – SOPOLEC Sinziana Frangeti, Consultant – SOPOLEC Costin Dragnea, Consultant – RoGBC

Business Advisory Services – Bucharest, Romania office@sopolec.com Tel. +40 21-222-5135

 

 

Updated August 2008

Executive Summary

 

 

Mandated European Union commitments, improving government capability, and increasing interest of leading investors, real estate developers and tenants/occupants’ in achieving greater energy efficiency and environmental responsibility have contributed to a significant increase in the market for green construction in Romania and the surrounding region. Opportunities exist to take a market leadership position for products, materials, technologies, expertise and other service providers across all aspects of the green industry. The need for improved energy efficiency, water efficiency/quality, recycling/waste management, or the marketing and development of solar or wind energy systems, energy efficient geothermal HVAC systems, low-VOC chemical products and other green construction solutions present a significant opportunity for Romania and for the region. Introduction Within the recent past, the following trends have converged to create significant opportunity for “green” development – including construction and eco-efficiency – in Romania and the surrounding region:

increasing competition for existing fossil fuel reserves and falling (or eliminated) energy subsidies and the resulting rising energy prices

unprecedented international political and business enthusiasm and demand for securing reliable sources of energy, reducing dependence on unstable suppliers of oil and combating climate change.

scarce natural resources leading to significantly higher prices for a variety of construction inputs

demonstrated investor interest in green building certification schemes

mandated green procurement targets currently implemented

falling prices for eco-efficient building solutions

significant EU Funding for sustainable development (4.5 Billion Euros allocated between 2007 and 2013 for Environmental initiatives in Romania alone) and a general allocation of 30 Billion Euros to Romania for “Structural Funds” to improve infrastructure, competitiveness, governance, etc.

greater willingness of financial institutions to consider total life-cycle costs in approving project financing

relatively recent introduction of mortgage lending and other forms of construction financing that makes available more purchasing power when planning and designing homes and buildings for better energy efficiency.

implementation in Romania and other member states of the mandatory European Energy Performance Building Directive (EPBD) requiring energy certification for new (2007) and existing (2010) buildings

These trends have converged to create a unique opportunity in developing regions, particularly Romania, where needs for rapid solutions and immediate improvements are critical to long term sustainability and competitiveness. The need for cost-effective, energy-efficient green development in Romania is uniquely suited to innovative businesses and construction firms, who have pioneered the development of the green industry and the institutionalization of green practices within government agencies, public institutions, and throughout the design and construction industry. There are at least six real estate developers constructing buildings using either the US Green Building Council’s LEED certification or the Building Research Establishment’s BREEAM standard

 

 

1. Importantly, Large U.S. and European Real Estate Funds have begun funding buildings in Romania conditioned on achievement of one of the aforementioned certifications. In addition, all building owners/developers will be required to produce, at time of sale, an energy certificate that indicates the results of an energy audit. As noted in many real estate development journals, Romania has been and is projected to be a strong performer in the central and eastern European region because of the size of the Romanian market (22 million), its strategic location, the projected new construction (500K to 800K new housing units) and renovation to replace substandard apartment blocks and because it represents a platform for the region…including Bulgaria, Moldova, Ukraine, Georgia, Serbia, etc., where similar problems exist. Market trends for construction market opportunities in Romania

1 Supported in Romania by BRE International

Strong growth in GDP – 8.5% Q1 2008; 6% projected for 2008 Growing presence of international manufacturers of construction materials

The construction market had significantly accelerated growth, ROI yields were higher than in other West-European countries, attracting investors from Israel, Spain, Greece, Turkey, Germany, Austria, UK, USA, Canada, etc,

33.6% construction growth for 2006, the highest growth of all UE countries (12.6% more than Poland and 10.9% more than Sweden) according to Eurostat sources

25% construction growth in 2007 representing 1.59 billion euro in the construction investments (47% representing commercial space and 37% office space)

For the overall construction market, 2008-2009 will be slower considering global economic events and new stricter lending conditions announced by the central bank. Nevertheless, strategic companies are continuing with planned investments with green RE developments increasing six fold from 2007.

Alignment of Romanian codes and practices with EU requirements ( currently the European Commission is further strengthening its energy efficiency targets for all member states)

Not enough experience (and experienced personnel) in the implementation of large construction and infrastructure projects that utilize higher performing solutions.

Complexity of the problem

 

In general, the primary environmental problems in Romania are of a systemic nature. Energy or manufacturing production and consumption is related to building performance, air quality, water quality, waste management, and noise pollution. The inefficiency of centralized heating and power systems, and the aging infrastructure and building stock across all industries in Romania is well documented. Furthermore, the inter-relationships of the problems are complex, and coordination of improvements or changes between related systems has not been consistent. Consequently, significant environmental improvements may require systemic solutions as well as synergy across a number of environmental concerns. Improvements to energy production or consumption may need to be combined with improvements to buildings, waste management systems, water quality systems, noise reduction measures, or air quality systems in order to create sustainable improvements in Romania.

Therefore, the “professionalization” of many industries is needed in order to develop systemic approaches to development and construction practices. An opportunity exists for training-service providers for training and educational development, as well as engineering and equipment controls services, funded by EU structural funds (where human resource improvement via training is a priority target for funds). There is also funding available for implementation of solution for renewable energy production.

Considering that Romania has to fulfill its commitments to the EU in the area of Renewable Energy Sources (RES) – assuring that by 2010 33% of the total energy consumption in Romania will be produced by renewable energy sources- there are significant opportunities in the market for RES. Public authorities estimate that by 2015, 2.7 billion euros will be spent for RES.

The public funding that will be available in the next year will be spent mainly on projects related to:

water quality and infrastructure

reducing air pollution

implementing efficient waste management systems

rehabilitation of existing district heating units

alternatives for district heating (there are plans for replacing the Large Combustion Plants with smaller and more efficient units)

production of energy out of RES

biodiversity

protection of natural areas

Opportunities for immediate improvement

 

As has been noted by multiple sources, although policies are in place by various funding sources to encourage collaboration and synergy, the administrative and cultural aspects of creating collaborative teams and synergistic solutions for large-scale systemic problems are complex. Therefore, an intermediate measure, particularly for the current boom in building construction, may be the implementation of smaller-scale green construction practices which may over time develop synergy and create precedents for future construction. In short, a successful demonstration project may be the best approach to encourage significant change towards greener development.

 

Green Construction Opportunities

The following are opportunities

 

 

2 resulting from green construction practices as promoted by BRE International using the BREEAM standard, the US Green Building Council using LEED as its primary assessing tool, and the Romania Green Building Council (RoGBC) that is promoting the comprehensive implementation European Performance for Buildings Directive (EPBD)3. Energy efficiency:

2 While the green building certifications currently refer to larger buildings, anecdotally and as evidenced by recent attendance at a green building conference in Bucharest in April 2008 (

 

www.BuildGreenCEE.com), the authors have noticed a significant increase of interest in small scale solutions for individual homes. 3 The recently-formed RoGBC is currently investigating the choice and/or development of a green building certification scheme. Its’ mission is to provide support all green building implementations. More info: www.RoGBC.org

Lighting: The energy-efficient lighting industry – 1. Energy efficient lamps; 2. Energy efficient and lighting-efficient fixtures; 3. Energy efficient and lighting efficient lighting systems (coordination with day lighting and task lighting). – is currently under-represented and under-serviced in Romania for all except the biggest clients utilizing a direct contract with the biggest global suppliers. Starting in 2007, the EU encouraged all member governments to promote the use of energy efficient lighting and to be proactive toward all domestic lighting. However, the subject of modern lighting is complex, and affords service providers the unique opportunity to provide services and consulting for lighting design and planning for commercial applications, consulting and training for construction and facilities personnel, in addition to simply selling units. However, the industry in Romania is mainly composed of retail outlets selling standard units and offering no services. An opportunity exists for sophisticated firms to provide advanced services for the entire region, or to establish manufacturing facilities. Barriers to entry include lack of awareness and costs of installation or maintenance. However, EU backing is creating greater awareness of the issue.

Energy Efficient Motors and Variable Speed Drives: It is estimated by the International Institute for Energy Conservation (IIEC) that 50% of industrial energy consumption [in Romania] is used by electric motors driving pumps, fans, and compressors. Due to the fact that many of the existing motors are either over-sized or over 15 years old and under-maintained, an opportunity exists for manufacturers, suppliers, and service-providers to market products and services for new construction, renovations, equipment replacement, and training for equipment maintenance and controls. Effective use of equipment and variable speed drives (to replace older equipment) has resulted in significant reductions in energy usage and cost savings for both governmental and 

industrial applications. Due to growing EU emphasis on energy efficiency, increasing energy prices, and growing public awareness of the issues, demand for effective products and services is increasing, and funding is available to create cost-effective solutions and incentives. Further, the amount of aging equipment still in use, the increasing demand for energy efficiency, and the current construction boom, presents a unique opportunity for product and service providers in Romania. The US Dept. of Commerce indicates the largest opportunities for US firms are in consulting, engineering, management software, control equipment and other specialized hardware.

 

Tubular Day lighting Devices: An opportunity exists for the marketing and manufacture of tubular day lighting unitized systems in Romania, for single story and low-rise buildings to supplement the use of conventional fluorescent light fixtures. Whereas this technology is well-developed and documented in the US for many mid and low-rise commercial and residential applications (and represented by very few manufacturers), this technology is currently under-developed in Romania and the region. The dominance of mid and low-rise development throughout the region, and the dominance of traditional unitized fluorescent systems, and the criticality of energy efficiency across Europe, makes this energy efficient technology particularly relevant and under-utilized in Romania. Entry barriers include: lack of awareness, and lack of products in the market. EU funding is available to create incentives and offset costs.

Insulation: Opportunities exist for the introduction of materials and competition into the insulation market in Romania, including: various forms of finished or unfinished foam insulation, aerated concrete, insulative concrete materials, insulated panelized wall and roof systems, and insulated wall systems to be applied over the existing typical concrete (or concrete frame) construction. Advanced products or systems are under-represented in Romania and the region, or insulative material markets are dominated by a few firms who have established local manufacturing facilities. Barriers to entry include additional construction costs over typical poorly-insulated construction methods, lack of awareness of the importance of insulation, “traditional” communist-period construction methods, and lack of experience regarding effective design of roof and wall systems for insulation and moisture. Additional opportunities exist for service providers regarding training and expertise regarding effective construction methods for insulation. EU funding is available to offset costs for additional costs for insulation or insulative systems for energy efficiency.

Moisture: Due to the dominance of “traditional” communist-period construction practices, and lack of sophistication regarding the control of moisture, vapor retarders, and thermal separation, opportunities exist for sophisticated construction and design firms experienced with design and construction methods for climate sensitivity and the control of moisture. Control of moisture is a significant problem in ex-communist Europe due to the dominance of concrete structures with poor insulation and poor detailing for control of moisture and thermal separations. Consequently, many “period” buildings show significant signs of deterioration resulting from moisture. Furthermore, many structures currently under construction utilize many of the “traditional” construction practices, with little attention paid to control of moisture, effective insulation, and effective thermal separations. Whereas good practices can ensure long-lasting, efficient buildings; lack of such practices can cause buildings with short life spans and quickly deteriorated performance, causing further wastes in energy and materials. Opportunities exist for materials and service providers capable of providing expertise or systems for effective control of moisture. Barriers to entry include lack of awareness or importance of moisture control in buildings, and additional costs of materials or 

installations. However, funding is available for firms capable of demonstrating cost savings effects or energy efficiencies resulting from effective construction practices.

 

Green Roofs: An opportunity exists for provision of retrofit or new green roof technologies or systems for reduction of solar gain on new and existing roofs. Provision of green roof materials (high-reflectance roofing materials) or green roof systems (plant materials on roof) for shading can assist reduction in municipal runoff levels and improved air quality / natural filtration. Green roof systems are a very old and widespread technology in Europe, particularly Germany, and some sources indicate as much as 10% of roofs in Germany utilize a green roof planting system, with approximately 70% growth in the German market since 1994. However, this technology or market is under-developed in Central and Eastern Europe, and the proliferation of concrete construction in the Romania presents a potentially ideal substrate for this technology, as well as a potential for coordination with various horticultural or unique entrepreneurial opportunities. Due to the well-documented use of this technology in Germany, EU funding is possible to offset costs and provide incentives for developers.

Photovoltaics – Europe is the fastest growing market in the PV industry. Currently approximately 48% of European photovoltaics are supplied from Japan. An opportunity exists to establish the manufacture and implementation of photovoltaics under license on a variety of scales in Romania, for use by individual or commercial/institutional consumers, to capture a portion of the European market. Barriers to entry in central and Eastern Europe have been training, awareness, costs, and investment; however costs and investment can be offset by EU funding sources to make this venture attractive. Note that whereas the local market for PV may not be attractive at the current time, Romania could be suitable as a base for export to other markets.

Solar water heaters: An opportunity exists for off-the-grid building and water heating: to reduce or eliminate load on LCP. Average EU growth rates in this market of approximately 13%, with significant adoption in Austria, Germany, and Greece, and mandatory use in Spain since 2005. However, despite significant market growth and widespread utilization in Europe, this opportunity is significantly under-developed in Romania, especially for medium or large or multi-unit installations by sophisticated firms.

Reduced solar gain on glass: retrofit awnings and horizontal or vertical exterior shading devices for reduced solar gain on glass surfaces and improved energy efficiency in existing and new buildings – opportunity potential throughout the European market with little introduction in central and eastern Europe by advanced manufacturers with integration capability with smart-home technologies. Although reduction or prevention of solar gain on glass has been well-documented as a primary strategy for energy efficiency, few sophisticated exterior shading systems are currently available. Barriers to entry include lack of awareness, lack of products on the market, and costs of installation.

HVAC: An opportunity exists for retrofit solutions for interior or exterior stack ventilation systems for existing buildings to improve natural ventilation, reduce building energy consumption, and reduce reliance on wall AC units. Due to the extent of existing mid-rise, poorly-cooled buildings throughout ex-communist Europe, market potential exists for a creative entrepreneur or manufacturer able to adapt existing technologies or strategies to this problem. Entry barriers include lack of awareness, costs of modification, lack of trained personnel, and the complexities of building ownership for residential apartment buildings (or “blocs”). However, EU funding is available to offset installation or modification costs to make this venture attractive. For new construction projects or a 

major renovation of existing buildings, complete HVAC system that use the ground, water and/or air as a “heat sink” and/or the agent to insure a constant temperature for the living area while exchanging the air can present a welcome addition to the local market.

 

 

4

3

 

Also know as a “heat pump”, “geodesic system”, or “geothermic system”.

Water efficiency and quality:

Water efficiency is not just about selling toilets or pipe in the Romanian marketplace. The European Commission reports in the EU Water Initiative, that “In most developing countries, rural economic growth is critical for overall economic growth”, and that in rural areas “the poorest and most vulnerable rural dwellers are particularly sensitive to lack of [clean drinking] water.” The EU Water Initiative, in place since 2002, encourages all member governments to develop or improve system-wide management practices for water efficiency and water quality as a primary strategy for development and the fight against poverty and disease. Improvement to water management in Romania is critical to long-term growth and development overall. Opportunities exist for manufactures and service providers of all aspects of water management, distribution, treatment, and domestic fixtures to enter the market, promote awareness of the issues, and provide improved products and services and professionalization of the industry in Romania. Although typical low-flush or dual-flush toilets and some applications for “green” residential products may be on the market, and although some measures for water treatment have been implemented in Romania, significant coordination of water management and “green” strategies is lacking, and an opportunity exists for manufacturers and service-providers to take a critical leadership role in promoting (and developing) successful and coordinated water management practices in Romania, and throughout the region.

Opportunities exist not only in urban areas, for district-wide improvements and services, but also in rural areas, to provide products and services for on-site management, treatment, distribution, or collection systems, as well as water-efficient fixtures. Products and services for specific technologies include: Low-flush toilets, waterless urinals and automatic fixtures, retrofit/replacement of existing fixtures, rainwater / gray-water collection and distribution systems for new and retrofit conditions, technologies for improvements to municipal water systems, and on-site filtration and treatment technologies or strategies. Barriers to entry include costs of retrofit or installation (compared to maintenance of current systems), awareness of the issues, and awareness of solutions. However, EU funding is available to offset costs for improved water efficiency or quality.Waste Management / Recycling:

 

Recycling is not just about used bottles and newspapers. The European Commission’s Waste Framework Directive (codified and in force since 2006), states that “the essential objective of all provisions relating to waste management should be the protection of human health and the environment”, and that poor waste management and disposal “may affect the quality of the environment and the smooth operation of the internal market.” Recycling and effective waste management is necessary for long-term economic growth in Romania. Article 3 of the Directive mandates that all member 

governments take actions to prevent or reduce waste, and develop strategies of recycling, reuse, and reclamation. However, recycling and effective waste management is a significant and well-documented problem in Romania, and although there is awareness of the issues by the public and officials, a lack of coordinated waste management persists. In addition, green building certifications reward best practices in construction waste management. Consequently, an opportunity exists for manufacturers and service-providers to take a critical leadership role in promoting and developing successful and coordinated recycling and waste-management practices in Romania, and throughout the region. Barriers to entry include costs of installation or implementation of management practices, and lack of awareness of impact on environmental quality. However, funding is available to offset costs and to provide financial incentives.

 

Opportunities exist for the introduction of recycling processes and strategies, equipment, recycled-content materials, and professionalized recycle/salvage services across all industries, including paper products, glass products, steel products, concrete products, rubber products, wood products, and plastic products.

Additional opportunities exist for provision of engineered wood products and forestry practices for introduction of “alternative” light-gauge and energy efficient construction practices to the region.

Additional opportunities exist for the provision of improved road-building technologies and engineered geotextile materials for improved road performance, retaining wall or landfill applications, and reduced maintenance costs.Low-VOC materials:

 

The European Chemical Policy (REACH), finalized in 2006, aims to protect human health and environmental quality while maintaining competitiveness and. As documented by many sources, prior to 1989, Romania was a leader in the chemical industry in central and Eastern Europe; however, due to lack of investment, many sub-sectors in the industry in Romania have vanished. A report by UN/ECE dated 2000 states “Potential partners [and opportunities] may be found among the chemical firms that already exist in many sub-sectors of the industry, including basic petrochemicals, pharmaceuticals, polymers and plastics, fibers, fine chemicals, paints and varnishes and a host of other products.” An opportunity exists for manufacturers and services providers in the chemical industry to develop sustainable and low-VOC technologies for European or international markets. Entry barriers include costs of development and consequent higher product costs; however, EU funding is available to offset costs and provide incentives.

Specific to construction, opportunities exist for entrepreneurs to develop various petrochemical, polymer, plastic, fiber, paint, varnish, sealant, and adhesive products for construction applications, including for compliance with current low-VOC standards.

Both leading green building certifications reward the use of low (or no) VOC paint and other applications listed above.

Conclusion

 

As indicated above, there are numerous opportunities to enter the Romanian and surrounding market for green products, services, and technology. On the ground experience in construction and other industries has demonstrated that the local market – after reasonable awareness building efforts are made – readily adapts to superior solutions that can demonstrate return on investment. Significantly higher energy costs and mortgage financing has encouraged longer term planning in design and equipment with particular regard to energy efficiency.

 

SOPOLEC

SOPOLEC is a business advisory services firm of U.S. and European-educated resources, with extensive international and local experience. The company assists business entities operating in or looking to enter the Romanian market by providing market entry research, access to a strong network, and strategic advice. The company is founded on the principle that strong ethics and responsible business behavior are vital components of sustained profitability. The company is a founding member of the Romania Green Building Council.

For more information on how SOPOLEC can assist producers and service providers of green construction and eco-efficient products, please contact Steven Borncamp, Managing Director of SOPOLEC at +40 21-222-5135 or steven.borncamp@sopolec.com with any questions.

 

 

Romania Green Building Council Romania Green Building Council (RoGBC) is a non-governmental organization encouraging the market, educational, and legislative conditions necessary to promote high performance construction that is both sustainable and profitable. The Council will also work towards the introduction and implementation of national green building standards and certifications to ensure market transformation and the rapid development of the green building segment. More information can be obtained at www.RoGBC.org SOPOLEC is a meritocracy where professionals are evaluated and promoted on their ability to contribute towards our company’s and client’s objectives without regard to ethnicity, gender, religious views, or sexual orientation. SOPOLEC is a signatory to and abides by the World Economic Forum’s Partnering Against Corruption Initiative. www.SOPOLEC

.com

Some references

Photovoltaics:PV Strategic Plan, http://www.agores.org/Publications/PV2010/Vol2.pdf Solar Water Heaters:

http://www.google.com/search?q=solar+water+heaters+market&hl=en

Green Roofs: 10% utilization: Wikipedia; 70% growth since 1994: http://www.newcolonist.com/greenroofs.html

Lighting: EU quote: http://www.enn.com/today.html?id=12318

Energy Efficient Motors: http://www.ecee.org/pubs/romania.htm#demand

Energy Efficient Motors: http://strategis.ic.gc.ca/epic/site/imr-ri.nsf/en/gr122630e.html Market Trends: PMR Research

Southeast Europe Times: http://balkantimes.com “Romania’s economic growth exceeds expectations” 4 August 2008

Tubular Daylighting Devices: Solatube http://www.solatube.com

Water Efficiency: http://bookshop.eu.int/eubookshop/FileCache/PUBPDF/KH6605701ENC/KH6605701ENC_002.pdf Recycling:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32006L0012:EN:NOT

Low-VOC: http://www.cefic.be/Templates/shwStory.asp?NID=479&HID=319

Low-VOC: http://www.unece.org/press/pr2000/00trad9e.htm

Funding Assistance: www.sopolec.com

 

 

 

 

 

Subventions for introducing renewable solutions into buildings

Many of you might have heard the news lately – the projects for replacement or completing existing heating systems with renewable solutions (that use solar, wind and geothermal energy) could receive 90% financing from the state. I was very excited at the beginning thinking that finally the Romanian government started to think big and that in this way they are really supporting the market. After digging for more info I realized that there are also few “but” in the whole scheme. I will try to summarize quickly:

Good Points:

1. The subsidy is very big – 90% of the total cost of the project – bigger than in any other European state

2. The access for funding was also open for home owners and association of home owners

3. They are collecting the funds out of the green tax for cars – so the budget won’t be a small one

Not very exciting points:

1. It is a funding stream that is managed by AFM ( Environment Fund Authority) and usually they have very comprehensive procedures for obtaining the funds

2. It is not a subsidy that would apply to anybody automatically; in order to receive money you need to apply for funds

3. The solutions that are to be used in the projects should be bought from authorized distributors; the good news is that the list is still open (for the ones that are interested to be on that list) and it seems that the authorization procedure will be open only in November

4. There are also other types of projects that are funded out of this budget – installing renewable solutions is one priority out of six

Sursa: Romania Green Building Council