"I hope that we'll manage to keep prices under control in Romania and Bulgaria".

Viljar Arakas

Arco Vara, the Baltic property developer and agent, active in six countries, among which Romania, Bulgaria and Ukraine, has recently started the construction of its first Bulgarian development project, with that of the second one also to be commenced in due time. Property Xpress talks with Viljar Arakas, Chairman of the Management Board of Arco Vara AS, about the company’s plans for Romania, Bulgaria and Ukraine, about its IPO, successfully launched under rather unfavorable conditions, as well as about the current situation in the property markets of SEE and the Baltic states.

When will the company go into development in Romania and Ukraine, where it is currently providing brokerage and consulting services? What is Arco Vara’s expansion strategy into new markets like? Will the company give priority to Bucharest with regard to its Romanian development activities? Is the Baltic developer ready to run planning and zoning risks in Bulgaria? Why, in Ukraine, Arco Vara is present only in Kiev at the moment? What is the attractiveness of Serbia and the other ex-Yugoslavian republics from a real estate investor’s perspective? Will the effects of the credit crunch keep property prices in Romania and Bulgaria under control, thus improving the region’s growth prospects? Where are Baltic real estate companies heading and how is Arco Vara co-operating with them in SEE? Mr. Arakas reflects on all these topical issues in the present interview.


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