Dubai-based Buroj Property Development is working with the Bosnian government to build Buroj Ozone city, which features thousands of homes, several hotels, a million square foot shopping centre – the largest of its kind in Bosnia and Herzegovina and a hospital in Trnovo, near the capital Sarajevo.
The 1.3 million square metre project is the first of its kind freehold in the Republic of Bosnia, which allows foreigners to own property for 99 years, and one of the largest in Eastern Europe, says Buroj Chief Executive, Ismail Ahmed.
The ambitious project, named ozone after the region’s reputation for healthy living, has been called the largest tourist city in South Eastern Europe and plans to be “a complete city that provides luxury living on competitive cost”.
Ismail Ahmed, president at Buroj said “I sincerely believe in this because I am convinced that Bosnia is an important global tourist destination that has yet to be discovered. This is my life project and I hope that we will finish it without delay.” Work on the 1.3million square metre Buroj Ozone City, is expected to begin in April 2016.
Apartments and condos with one-bed apartments are set to cost from around €60,000 and a three-bedroom property from around €231,000.
“Ozone is actually the combination of three oxygen atoms chemically combined together when the harmful UV radiation passes through it. This is the layer that protects all humanity from the Ultra Violet rays and excessive heat from the Sun. Buroj Ozone provides the same concept of safety forming the healthy environment from all the harming pollutants of our industrial ecology,” says Buroj.
The project is set to help boost the profile of Bosnia and Herzegovina and become a draw for international trade and employment.
“The company seeks to take advantage of exclusive investment opportunities in this pristine state and in the city of Sarajevo, a city which is experiencing a significant growth of tourism, especially by the Europeans and the Gulf,” Mr Ahmed says.
“The company has conducted numerous studies to ensure the feasibility of investment in the city of Sarajevo, confirmed the existence of a huge demand for villas and residential and tourist units; so the company decided that the project be in Sarajevo is the first company projects outside the UAE market, pointing out that the project’s positive impact on tourism.”
Buroj Property Development plans to open six offices in a number of continental European countries during 2016 to market Buroj Ozone properties.
“Bosnia has the most attractive landscape and diverse culture where the Winter Olympics has held in 1984. Today, in 2015 the people of Bosnia and Herzegovina stand tall and are working determinedly to surpass their previous glory days,” the developer says.