Romanian Real Estate Mkt Blocked Anyway - Colliers

Romanian real estate market would have unavoidably entered a deadlock due to the lack of correlation between offer and demand, even if there was no financial crunch, real estate consultancy firm Colliers International said Tuesday.

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Romanian Real Estate Mkt Blocked Anyhow, Despite Fincl Crisis - Colliers

“The global economic crisis saved us from a local crisis,” the managing partner of Colliers' Romanian division, Bogdan Georgescu, said.

Georgescu added that the Romanian market was led by an unjustified optimism, opportunism and superficiality.

According to him, the need for properties in Romania is real, but offer has to be balanced with demand.

Georgescu said that in order to unblock the real estate market, developers have to seek for alternative financing, such as investment funds, new partners or using their own capital and that banks have to drop several conditions that cannot be fulfilled and to accept risks.

Georgescu sees no change in the residential market in the near future, as clients are afraid "to buy, to invest."

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