Bucharest Housing Mkt To Recover, But Not Fully, In ’11 - Survey

The residential markets in Bucharest and Sofia will not be able to make a complete recovery this year, while Warsaw and Prague will be the most attractive locations in the Central and Eastern Europe, Polish real estate company REAS said in a survey compiled in partnership with Jones Lang LaSalle.

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Investors and developers are currently focusing on residential markets with robust local demand, the survey reads.

According to REAS' report, Bucharest and Sofia are expected to provide some "interesting" transactions, but the markets should not make a full recovery by the end of the year. Prior investment keeps developers busy in Bucharest, while new players show reduced interest in entering the market.

The local "First Home" program is seen as an opportunity to rethink the offer on the market, but prices and surfaces need to be adjusted, according to REAS.

Polish Residential Advisers, or REAS, was founded in 1997 and it is an advisory company specializing in the residential market. In 2007, the company became a partner of Jones Lang LaSalle.

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