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Real estate deals back at the level in 2007

The mortgage loan balance to population January through August this year recorded a growth by only 1 percent compared with the same interval last year, with almost 41 percent of the long- and medium-term debts reported by the banks in end-July 2009 coming from the constructions and real estate sectors, reads Business Standard on Friday.

The two abovesaid markets have recorded the most significant drop, of 40 percent, on the background of the financial crisis, Ion Dragulin, executive manager with the Department for Financial Stability at the Romanian National Bank (BNR) explained.

'From BNR's viewpoint, the most important problem on the real estate market right now is related to its incapacity of dealing with the financing problems. BNR encourages the commercial banks to go forward, although it does not have the possibility to make such quick steps because of the macroeconomic context,' the BNR representative said.

The representatives of the commercial banks are all saying that financing their customers does not represent a problem for their banks for now.

'All the banks have money, but principles too. They are open to give money to anyone who proves being able to give it back. It is very true the banks are more suspicious than two years ago, but they still have enough money to fuel the loans,' Emanuel Odobescu, deputy general manager with Piraeus Bank explained.

According to the data he presented, the average amount borrowed per capita in Romania stands at 1,090 euros, while in the Czech Republic it reaches up to 3,500 euros, in Serbia - 4,000 and in Slovakia - 2,500. 'In Romania, we have the resources to give two or three times more credits,' Odobescu said.

On the other hand, real estate analyst Radu Zilisteanu said that the main obstacle in financing the real estate and construction sectors was represented by the crisis of trust, with both the people lacking trust in the banks and the banks in the people.

Sursa: http://www.agerpres.ro

Tags: estate banks bnr

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