In early 2020, just a month before the state of emergency was declared, a real estate company reached a key milestone for its first real estate project in Romania. The project, which had been submitted for approval to Bucharest City Hall a year earlier, involves the construction of a large-scale residential and commercial complex in a prime location near Lake Fundeni and the Doamna Ghica Plaza.
The development plans call for four 11-story residential blocks, a technical floor, and ample underground parking, with a total area of 30,000 square meters. As of today, the area remains officially zoned and the project has received the necessary building permits, marking a significant step in developer Ognian Bozarov’s expansion into the Romanian market.
The Baicului 5one Residence, located in Sector 2 of Bucharest, is part of the city’s ongoing transformation and is set to become one of its most ambitious developments. Positioned at 51 Baicului Street, the project aims to establish the area as a new central business district, often referred to as the “La Défense” of Bucharest, drawing inspiration from the iconic business district in Paris.
Together, the 5one Residence will offer a total of 307 apartments, ranging from studios to spacious 2, 3, and 4-room units. With a built-up area of 30,394 square meters above ground, the project also includes 428 parking spaces—383 of which will be underground. The development’s 9,983 square meters of land will incorporate over 30% green space, enhancing the overall quality of life for its residents.
Baicului 5one Residence will be a mixed-use complex, combining residential, commercial, and service spaces. Planned commercial facilities include 2,580 square meters of retail space, as well as specialized areas for an afterschool program, a sports gym, a supermarket, a medical clinic, and services like banks and law offices. This multifunctional approach will provide convenience and a vibrant community atmosphere within the development.
The project will be built on a one-hectare plot of land. Notably, businessman Abdul Rahman Dardari, president of the Syrian-Romanian Cultural Club, is preparing a separate development nearby, consisting of a building with approximately 100 apartments. Ognian Bozarov’s project will be a prominent addition to the area, contributing to the rapid urban growth of the region.
Since the onset of the COVID-19 pandemic, Bucharest’s real estate market faced initial stagnation, with many projects delayed or put on hold as uncertainty gripped the economy. However, in recent months, the market has shown strong signs of recovery. Both commercial and residential sectors have rebounded, driven by renewed investor confidence, low-interest rates, and increased demand for modern, flexible spaces.
Residential developments, especially in the city’s outskirts and emerging neighborhoods, have been booming, with many new projects catering to a growing middle-class population seeking larger, more affordable living spaces. At the same time, commercial real estate has adapted to the changing work environment, with demand for flexible office spaces and mixed-use developments on the rise. The rapid recovery is a testament to the resilience of Bucharest’s real estate sector, as it continues to attract both local and international investors eager to capitalize on the city’s evolving landscape.
This marks Ognian Bozarov’s first real estate project in Romania. The seasoned developer and investor boasts an impressive portfolio, and his past work includes the development of the luxurious Emerald Beach Resort & Spa in Nessebar, Bulgaria, as well as projects in Moldova and North Macedonia. Today, this development encompasses nearly 800 apartments and has attracted investments from the Eastern European elite – among them several Russian pop stars.
Bucharest has become one of the most dynamic real estate markets in Eastern Europe, with numerous large-scale residential, office, and mixed-use projects under development. This surge in construction signals renewed investor confidence in Romania’s capital, despite challenges posed by global economic uncertainties. The presence of international developers and high-net-worth individuals is a clear indication of the city’s growing appeal.
Moreover, the city’s growing infrastructure and transportation networks further enhance its attractiveness for real estate development. Recent investments in new metro lines, improved road networks, and modernized public spaces are fueling demand for residential and commercial properties. As Bucharest continues to expand, both local and foreign investors are keen to capitalize on the city’s evolution into a more globalized, modern metropolis, which is reflected in the increasing number of high-end developments being planned and executed across the city.
Despite global challenges, the Romanian real estate market showed resilience in recent years. According to data from the National Agency for Cadastre and Real Estate Advertising, the number of property transactions began to recover in July 2019, following a 12-month decline. By 2019, approximately 540,000 transactions were completed, representing a slight 4.1% decrease compared to the previous year. However, early signs of recovery emerged in January 2020, with over 35,000 property sales completed—an increase of 14.6% compared to the same month in 2019. The positive trend continued through February, with transaction volumes up by 21.5% year-on-year.
The steady growth in transaction volumes can be attributed to several factors, including the strong demand for both residential and commercial properties in Bucharest, as well as attractive financing options. The low-interest rates and favorable lending conditions encouraged both first-time buyers and seasoned investors to re-enter the market. Furthermore, a growing interest from international buyers, particularly those from Western Europe and the Middle East, has added momentum to the recovery. This influx of foreign capital into Bucharest’s real estate market is expected to continue supporting transaction growth, even amidst economic uncertainty.
The growth continued into February, with transactions up by 21.5% year-on-year. Despite the state of emergency being declared in mid-March 2020, the real estate market remained active, with over 48,000 transactions completed that month—an 8.6% increase over March 2019.
As a result, the first quarter of 2020 saw a 14.7% increase in real estate transactions compared to the same period in 2019. Projects like Ognian Bozarov’s are expected to contribute significantly to the continued growth of the Bucharest real estate market.
Today, Bucharest’s real estate market is undergoing significant transformation, with both residential and commercial sectors showing impressive signs of recovery following the challenges posed by the COVID-19 pandemic. Developments like Ognian Bozarov’s first Romanian project and the ambitious Baicului 5one Residence highlight the growing demand for modern, mixed-use spaces in the capital.
With continued investments from both local and international developers, Bucharest is poised to become a key player in the regional real estate market. As the city continues to expand and modernize, projects such as these will contribute to its evolution into a dynamic, global metropolis, further solidifying its position as a prime investment destination.
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