“Romania is more advanced in green building than Spain, Italy, or Hungary”

Lucian Azoiței, founder of 40ty Management, explains why sustainability is not a trend, but the only real estate strategy that makes sense in the long term.

With 25 years of experience in the real estate market, 19 sustainability awards, and projects worth over €652 million, 40ty Management is one of the few developers in Romania that invested in green building before it became a trend. We spoke with Lucian Azoiței about money, buildings, climate, and why Romanians are, surprisingly, among the most prepared buyers of green homes in Europe.

Ecomagazin: You entered the real estate development sector in 2006 and decided from the very beginning to focus exclusively on green projects. What did the landscape look like at that time, and what convinced you it was the right path?

Lucian Azoiței: We have been active in the real estate market for over 25 years and have remained closely connected to the realities of this market in Romania—an extremely atypical market, where over 96% of the population owns their home. When we decided to move into development, we conducted an extensive market study. What we found was surprising: among the top three criteria for choosing a home, green and sustainable development had already emerged.

This came as a significant surprise, especially given that the level of services at the time was fairly limited. We asked ourselves why. The answer, which we came to understand gradually, was that in the mind of the Romanian buyer, green construction was associated with a guarantee of quality. And this perception has remained valid to this day. That is why we decided, from that moment on, to develop exclusively green projects. Over time, standards have increased—both on our side and on the clients’ side.

19 sustainability awards, €652 million invested. How do you respond to those who say that going green means higher costs and lower profitability?

L.A.: Our experience has shown that green, sustainable development does not affect profitability. A real estate project is an extremely complex product, combining technical, aesthetic, and perceptual elements—and sometimes even short-term trends. An experienced developer must know how to balance all of these, while delivering a product that remains attractive for many years and viable even over a hundred years—the typical lifespan of a building.

Sustainability is not an optional feature that increases costs. It is the foundation of a good product with a future.

Are there green loans available in Romania for developers—financial instruments that reward this choice?

L.A.: Unfortunately, no—and this is a sensitive issue. While there are green loans available for end clients—homebuyers—who benefit from certain advantages, developers are not treated differently based on the sustainability of their projects. This is regrettable, especially since green financing lines exist in Europe and significantly reduce long-term costs.

Moreover, a green real estate product has a much higher chance of remaining relevant over time—which translates into clients, sales, and liquidity. This should reduce risk for financial institutions, not be overlooked. We hope this reality will change.

You have also developed projects in Spain, Hungary, and Italy. How does Romania compare to these markets in terms of appetite for green buildings?

L.A.: I can say, based on direct experience, that Romania is more advanced in this regard than many other countries. And this is not just empty patriotic rhetoric—it is a market reality.

As a relatively young market, Romania has adopted the latest technologies and standards, clients are well-informed, cost pressure is high, and legislation requires a very high level of construction quality. Building green has essentially become the standard in Romania. It’s a significant leap compared to 20 years ago.

By contrast, in Spain, Hungary, or Italy—where we are currently developing—the impact of sustainability is not as strong in the purchasing decision. As a result, financial institutions in those countries make a clearer distinction when it comes to financing—because the supply of truly green buildings is lower, and therefore more valuable.

You have three new projects worth €360 million—in Seville, Budapest, and Milan. What is “Lagoon City”?

L.A.: Lagoon City is our flagship concept, representing 20 years of evolution in green real estate development. We have reached the highest possible standard: carbon-neutral and self-sustainable—meaning a building that not only does not pollute, but also sustains itself.

We are implementing this concept in Seville, Budapest, and Milan because these are markets where the supply of such projects is more limited, and our vision brings something new. The standards we have integrated into the design also give us a higher chance of success in international certifications such as BREEAM, LEED, and WELL.

One final, more personal question: after 25 years in real estate, which building or place in Romania have you felt most proud to have developed?

L.A.: Every project carries something of us. But what brings me the greatest satisfaction is seeing people live well in what we have built—that a child is playing in the green courtyard of a building we developed, that someone opens their window in the morning and breathes clean air because we designed the ventilation properly. That is what durability truly means. Not the award, not the return—but a person feeling happy in their own home.

40ty Management is a real estate developer with a 100% Green Homes certified portfolio, with projects in Romania, Spain, Hungary, and Italy.