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Real estate growth depends on liquidity and consumer confidence

3421 afisari
Luciana Petrescu
To attract more foreign capital, the Romanian market needs more liquidity and a higher consumer confidence. That was the conclusion reached by some of the most important people in real estate, companies and individuals still standing and developing their businesses after the long debated financial crisis. The conferences held during the National Real Estate Fair (TNI), at the Parliament Palace, focused on one of the most ardent issues of the moment: the measures that Romania must adopt in order to become more appealing to foreign investors and overcome the damage caused by the recent economic crisis.
Foreign and Romanian developers, including Andrew Prelea, CEO South Pacific Group, and Dan Ioan Popp, CEO of Impact, were invited to discuss this subject. Also present were Efrossyni Mita, Counselor Economic and Commercial Affairs, Embassy of Greece, and the representative of the Greek-Romanian Chamber of Commerce and Industry, Sofronis Strinopoulos.
The conference was opened by Ionut Butoi, president of Romanian Real Estate Association (AIR), who showed optimism regarding the future evolution of the Romanian Real Estate market. According to his statement, this economic sector gives signs of recovery and foreign investors seem willing to return to Romania.
The Greek developers are among the most active investors in Romania, as they contribute more than 3.5 billion Euro to the Romanian economy, said Efrossyni Mita. The number of the Greek companies in Romania has increased significantly in all real estate areas over the past years. Therefore, Greek developers, advisors and real estate brokers have chosen to continue their activity in spite of the crisis in many cities of the country.
Sofronis Strinopoulos pointed out that the real estate market in Romania, one of the vital economic areas, has finally reached a normal level. The properties are now being transacted at their real market value. The economic crisis stopped the artificial growth, which had been caused by the massive speculations in the past years.
Furthermore, foreign investors recommenced showing interest in the Romanian market. They now come and search for opportunities, this being the first step in the process of buying and investing, added Strinopoulos.
The optimism regarding the situation of the real estate market was also shared by Dan Ioan Popp, who confessed that we “must fight against ourselves” and we must change the way we appreciate the real estate product. Romanians must learn to estimate correctly the value of a house or that of a field, he added.

To read the full version, see the print edition of Business Arena.

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