Răzvan Brasla, CEO of Cloud9, spoke to Property Forum about the 2026 residential outlook, where limited supply and administrative hurdles will keep prices stable. He also detailed progress on Cloud9 Evolution, a 15-minute city development featuring an integrated €3 million school.
This interview was first published in Property Forum’s annual listing of "The 50 most influential people in Romania’s real estate market”.
With Cloud9 Evolution's first phase nearing completion in August 2026, how has the 15-minute city model impacted your final sales velocity and occupancy?
Rather than being just a positioning strategy, the "15-minute city" concept has been a core principle throughout the development of Cloud9 Evolution. The integration of essential amenities—education, services, and recreational areas—makes the project easy for buyers to understand and evaluate. Today, the project sustains demand through the way it is designed and executed. In terms of occupancy, the model primarily attracts end buyers, leading to the development of an active community from the earliest stages of delivery.
How relevant is Cloud9's inclusion in Alfa Group for potential homebuyers, and how are they perceiving your brand as part of a larger group?
Cloud9 Evolution is recognised in the market as a mature developer thanks to its association with the real estate division of Alfa Group, an integrated ecosystem with over 30 years of experience in the Romanian market. The group has a vast portfolio of completed projects, as well as others at various stages of development, and strong expertise in construction, project management, retail, and services. For clients, this vertical integration translates into the certainty that the project is supported by a real capacity for financing and execution, regardless of market fluctuations or sales trends. And for us, it represents an internal operational advantage that allows us to structure projects correctly from the concept phase, gives us better control over financing, and helps us to maintain a steady rhythm of development without any compromises in execution.
You recently announced a €3 million investment in a modern school; how does this infrastructure serve as a long-term value anchor for the community in 2026?
The integration of the educational unit was a structural decision, reflecting how we approach project development, as functional ecosystems rather than individual residential products. From an investment perspective, the integration of educational infrastructure contributes to stabilising demand and keeping the project's attractiveness over the long term. The educational unit marks the project's transition into a stage of maturity, where the lifestyle is supported by a complete set of facilities and integrated functions, designed to concretely meet the daily needs of residents.
With over 50% of residential units already sold, what specific buyer demographics are driving the remaining demand for phase two?
Demand is driven by a mature buyer profile, which bases its decision on criteria related to functionality, predictability, and long-term value—not only price. We are talking here about customers who analyse the project as a whole—from the quality of construction and financial structure to the integrated amenities and their impact on the daily use of the home. In this context, the purchasing decision is more informed and grounded in real needs, which translates into more stable and less volatile demand.
Firstly, there are young families and working professionals who are looking for an efficient lifestyle. On the other hand, we observe consistent interest from investors, drawn to the stability of the northern area and the project's ability to keep its value over time. A key factor in this dynamic is the growing interest in flexible layouts, such as 2.5-bedroom apartments, which directly address new ways of working and living.
Construction on the €80 million second phase started in late 2025; how are you managing the persistent volatility in material costs this year?
Our model, based on a balanced mix of equity and bank financing, provides us the flexibility we need to absorb cost fluctuations without shifting the pressure to the client and without compromising on quality. In this context, operational discipline and strict execution control become key factors, allowing us to maintain both technical standards and the predictability of deadlines, even in a volatile market environment.
How has your special account financial model shaped your market share compared to other players in the residential field?
From a commercial perspective, this model has increased the conversion rate by providing transparency and a framework of safety for the client. At the same time, it differentiates us from projects that rely on pre-contracting to finance construction. In the medium term, it translates into a stronger positioning in the premium segment and a more stable demand, supported by a more informed buyer profile that prioritises predictability and quality of execution.
How are residents in your projects gaining value from a price appreciation perspective?
The value generated in our projects is the result of structural factors related to location, development approach, and quality of execution. First, positioning in the northern area of Bucharest ensures constant demand, supported by proximity to business hubs and existing urban infrastructure, which creates a solid foundation for long-term appreciation. Second, the way the project is designed directly contributes to keeping value, and the integration of a mix of facilities increases attractiveness and actual usage of the complex, supporting consistent market interest. For investors, these elements translate into stable rental yields and better property liquidity, while for end users, they mean comfort and long-term value growth.
Looking at 2026, what is your outlook for the northern Bucharest residential sector amidst the current regulatory and permitting landscape?
For 2026, we see a more selective market, where the permitting framework, costs, and access to financing will continue to limit new supply. This context will maintain pressure on product availability, especially in the northern area of Bucharest, where both the complexity of administrative processes and the lack of well-positioned land slow down the rhythm of development. At the same time, demand will remain stable, supported by proximity to business hubs and the already established infrastructure of the area. We do not see the conditions for a price decrease, but rather a clearer differentiation between projects. Well-capitalised developments, with visible execution and a coherent product, will continue to attract demand and maintain their positioning.
