BALFIN Group: Shaping the Future of Real Estate

BALFIN Group: Shaping the Future of Real Estate in the Western Balkans and Beyond

With a dynamic mix of shopping malls, retail parks, hotels, and residential developments, BALFIN Group is setting new benchmarks for real estate in Southeast Europe. In this exclusive interview, the company’s Vice President of Real Estate Asset Management, Csaba Toth, outlines BALFIN’s growth strategy, from expanding its footprint across the Balkans to entering mature Western markets. He explains how the group is redefining retail, embracing digital innovation, and why its integrated approach makes BALFIN a one-stop gateway for international investors and retail brands eyeing this fast-growing region.

ACROSS: From Free Intern to Regional Real Estate Leader: Let’s begin with your professional background. How did your career evolve, and what led you to BALFIN Group?

Csaba Toth: My career in real estate has spanned more than 25 years, with a strong focus on Central and Eastern Europe as well as the Balkans. It all began with a moment of inspiration. I attended a lecture by Sándor Demján, one of the well-known businessmen and entrepreneurs from Hungary and one of the leading minds behind TriGranit, and I was so impressed that I offered to work for him for free. That risk paid off, and I spent the next 18 years at TriGranit.

My time there covered virtually every vertical in the real estate sector: financing, asset and property management, and large-scale development projects. I spent ten years abroad, leading and supporting development projects in six countries including Poland, Romania, Croatia, Slovenia, and more.

Later, I joined Prime Kapital in Romania, where I gained valuable insights into asset acquisitions and retail parks. After that, I led the hospitality department at CBRE Hungary, adding hotel and tourism assets to my expertise. When I joined BALFIN in April of last year, I brought with me a comprehensive, 360-degree view of the real estate industry.

ACROSS: What are your main responsibilities at BALFIN and how has your role evolved since joining?

Toth: The position I hold today didn’t exist before. BALFIN created the Vice President of Asset Management role specifically to consolidate its growing portfolio and bring international strategy and structure to it. My responsibilities include overseeing our entire operational portfolio, which consists of shopping malls, retail parks, hotels, resorts, and multi-use developments. I aim to introduce long-term strategic thinking, international best practices, and a robust asset management framework.

ACROSS: Speaking of expansion, what international markets is BALFIN targeting?

Toth: Our expansion strategy is tiered, but we have identified Italy, Austria, Greece, and the United States as our core focus. We already have a presence in Austria and are actively establishing offices in the other countries. Currently, we’re in due diligence or exclusivity on three major investment deals. Our initial focus abroad is on hospitality and residential projects.

Balfin’s International Footprint

ACROSS: Let’s turn to retail. How important is the retail sector to BALFIN Group?

Toth: Retail is central to BALFIN’s DNA. We are pioneers in shopping mall development in the Western Balkans. We are integrating entertainment and leisure concepts into our malls in Tirana and Skopje. These are strategic enhancements designed to increase footfall, tenant mix sustainability, and customer engagement. We are also growing our retail park portfolio in secondary cities through a joint venture with Big CEE.

West Park, the first retail park in Albania, opened in Korça in 2023 and introduced a new retail sales concept.

East Gate Mall, developed by BALFIN Group, is one of the largest and most modern shopping and entertainment centers in the Balkans, setting new standards for retail experiences in the region.

QTU, developed by BALFIN Group, is Albania’s first modern shopping center and continues to be a landmark retail destination, combining convenience, variety, and a family-friendly atmosphere.

ACROSS: Why has retail park development been slower in your region compared to Serbia?

Toth: The answer lies in the land acquisition process. It’s extremely fragmented. Large land parcels are often owned by dozens of individuals. Without deep local knowledge, it’s nearly impossible to secure these plots. BALFIN adds value by having the local presence and legal expertise to navigate these challenges.

ACROSS: How are retailers responding to your retail park strategy?

Toth: Very positively. Established retailers in the region are eager to expand with us, and new brands are entering. BALFIN’s portfolio approach enables scalable agreements. We also offer franchise, logistics, and operational support.

ACROSS: Which major brands are currently missing in Albania?

Toth: The most requested brand is undoubtedly IKEA. Other underdeveloped retail segments include pet supplies, children’s goods, affordable fashion, and specialty stores.

ACROSS: What can you tell us about the expansion of TEG, your flagship mall in Tirana?

Toth: The expansion will enhance entertainment and F&B offerings and create space for premium and mid-range fashion brands. We’re also improving parking infrastructure by introducing multi-level solutions.

Tirana East Gate (TEG) is one of the largest shopping and entertainment centers in Albania. It serves as a key retail and lifestyle destination in the Western Balkans, attracting millions of visitors annually and playing a significant role in the region’s commercial development.

ACROSS: Will the retail park developments compete with your malls?

Toth: Not at all. They serve different demographics and needs. Retail parks offer convenience to suburban and rural populations, whereas malls provide a broader, more experiential offering. They are complementary.

ACROSS: How do hospitality and residential assets fit into your broader strategy?

Toth: In our core markets, retail will continue to dominate. But internationally, we see greater opportunity in hospitality and residential.

The Galeria Project by BALFIN Group is a modern urban development concept that blends retail, entertainment, and lifestyle spaces to revitalize city centers and enhance community living

The Green Coast Project by BALFIN Group is a premium seaside development that redefines luxury living on the Albanian Riviera, offering high-end residences, hospitality, and lifestyle experiences in harmony with nature.

La Vista by BALFIN Group is a contemporary residential and hospitality development designed to offer panoramic sea views, refined comfort, and a modern Mediterranean lifestyle on the Albanian coast.

ACROSS: What message would you send to European retailers considering entry into the Western Balkans?

Toth: Come and see for yourself. The region’s potential is not captured in spreadsheets. But entering blindly is risky. BALFIN can offer a complete entry solution.

ACROSS: Are there plans to brand your retail parks under a single identity?

Toth: We are discussing it. Branding is under consideration and will likely take shape in the next six months.

ACROSS: How would EU membership affect your business?

Toth: It would be a game-changer. It would remove logistical and regulatory barriers and create a unified economic zone.

ACROSS: Why are major international real estate agencies underrepresented in your region?

Toth: Many operate remotely from cities like Belgrade or Zagreb. You need local offices to understand and serve the market.

ACROSS: Do you manage your own data and benchmarking?

Toth: Yes. There’s a lack of reliable third-party data, so we benchmark internally and manage property functions in-house.

ACROSS: How important is sustainability for BALFIN?

Toth: It’s vital. Sustainability is about more than solar panels – it includes governance, environmental impact, and community engagement.

ACROSS: Do customers respond to sustainability efforts?

Toth: Increasingly, yes. Consumers are starting to prefer brands with strong sustainability track records.

ACROSS: What role does digitalization and PropTech play in your strategy?

Toth: A major one. We’re investing in tools to automate benchmarking, analyze customer data, and enhance tenant interactions.

ACROSS: In a nutshell, what will BALFIN stand for in the coming years?

Toth: BALFIN is here for the long haul. We are strategic, committed, and locally rooted but globally minded. We believe in thoughtful, sustainable growth and strong partnerships.