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EDITION 1990–2025

The Legacy

35 YEARS OF REAL ESTATE IN ROMANIA

The first documented history of modern Romanian real estate.

A curated narrative of ambition, transformation, and long-term impact — combining editorial content, market insights, exclusive interviews, and iconic developments that redefined Romania’s urban landscape.

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Limited edition. 485 RON · Reserve yours now.

HONORING THE PAST. SHAPING THE FUTURE.  ✦  FROM PIONEERS TO THE NEXT GENERATION.  ✦  THE FIRST DOCUMENTED HISTORY OF MODERN ROMANIAN REAL ESTATE.  ✦  A MILESTONE FOR ROMANIAN REAL ESTATE.  ✦  LIMITED EDITION AVAILABLE. ORDER NOW.  ✦  THE STORY CONTINUES. THE LEGACY GROWS.  ✦ HONORING THE PAST. SHAPING THE FUTURE.  ✦  FROM PIONEERS TO THE NEXT GENERATION.  ✦  THE FIRST DOCUMENTED HISTORY OF MODERN ROMANIAN REAL ESTATE.  ✦  A MILESTONE FOR ROMANIAN REAL ESTATE.  ✦  LIMITED EDITION AVAILABLE. ORDER NOW.  ✦  THE STORY CONTINUES. THE LEGACY GROWS.  ✦ 

About the volume

More than a collection
of success stories

“The LEGACY – 35 Years of Real Estate in Romania” is a unique editorial project that captures the evolution of Romania’s modern real estate industry over the past 35 years, from the early days of transition to a mature, competitive market.

Shaped by visionary developers, landmark projects, and strategic investments — this volume is a curated narrative of ambition, transformation, and long-term impact.

It is both a historical record and a celebration of the people and ideas that built the industry as we know it today.

35
Years of documented real estate
A Look Back at 35 Years.
#1
The first documented history
The first documented history of modern Romanian real estate
Stories, data & exclusive interviews
Editorial content, market insights & iconic developments

A Look Inside

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Table of Contents

Inside the Chapters

Part One – The Story
Prologue
040
Chapter 1The 1990s Real Estate’s Wild West
044
Chapter 2The 2000–2008 Boom: The Era of Major Transformations
050
Chapter 3The 2009–2012 Crisis: A Test of Maturity
060
Chapter 4The 2013–2019 Recovery: Sustainable Growth
066
Chapter 5The 2020–2025 Reset: Stop & Go
072
Part Two – The Builders
When Legacy Means Courage: Delta Studio
080
Tomorrow’s Hubs: Global Vision
088
The Architect of Urban Regeneration: IULIUS
096
From Zero to One: ONE United Properties
104
The Philosophy of Diversification: Veranda Mall
116
Friends with a Vision: Alesonor
130
Part Three – The Market
Residential
140
Retail
172
Office
198
Investment
216
Industrial
240
Conclusions
254
Acknowledgements
260

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Biriș Goran was founded by a group of senior lawyers and associates from an international law firm in the spring of 2006 and offers a full range of legal services, with a particular focus on tax, litigation, real estate, competition law, corporate law, mergers and acquisitions, energy, data protection and intellectual property, labor law and financing.

Biriș Goran that regularly advises a wide range of companies, from emerging to mid-size to multinationals across a variety of industry sectors, including real estate, fast moving consumer goods, banking and finance, private equity funds, retail, pharmaceuticals, energy, or construction materials.

Biriș Goran’s team comprises over 40 attorneys, including eight partners, with a blend of Western and local experience and foreign language skills. One of the partners is also licensed to practice in the US and most of the senior associates are educated, trained, or licensed in various European countries.

Biriș Goran’s practices are routinely listed as top tier practices in Romania by reputable legal directories such as Chambers Europe or Legal 500 and the key lawyers are largely recognized as leaders in their fields.

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SEMA Real Estate is a real estate investor and developer with Romanian capital, with over 20 years of activity on the local market, supported by a team of professionals with extensive experience in planning, developing and managing large-scale real estate projects. SEMA Real Estate is developing two of the capital’s major urban reconversion projects: SEMA Parc – located on Splaiul Independentei – approx. 1,000,000 sqm GBA and The Light – located on Iuliu Maniu Boulevard, approx. 150,000 sqm GBA.

SEMA Real Estate has in its portfolio over 150,000 square meters (GLA) of office spaces and has delivered over 55,000 square meters of new class A buildings in the last four years, within the Sema Parc and The Light, through the three class A buildings – The Light One, London and Oslo.

Our mission is to transform and reshape the urban landscape in the central-western area of the capital, through the sustainable development of our projects.

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