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Residential market sandwiched between international decline and local psychological impasse

Although it has not yet affected the Romanian real estate market, the global financial crisis sparked heated debates in expert circles and among potential buyers, reads a release of realtor Esop sent on Monday to Rompres.

The pragmatic expert analyses forecast a decline in the number of deals or go even as far as shaping a gloomy perspective of 'the great collapse of the real estate sector,' but Esop representatives seek for reasonable explanations for the situation in the sector. 'We are now in a period when the decreasing number of transactions in the residential sector is absolutely normal, given the fact that this is a seasonal occurrence in the last years. Less houses sell in summer, so that before we reach categorical conclusions, we should see how things will be in September, when prices usually revert to the upward trend,' states Irina Petrescu, partner with the real estate company Esop Consulting. According to the cited expert, the only problem with residential sales would be the clients' skepticism. An objective cause for the shrinking number of residential transactions are the tougher loan conditions imposed on buyers. By the enforcement of the new norms of the National Bank of Romania (BNR) on mortgage loans, the buyers could no longer obtain the financing they were counting on when they set off looking for a house. At the beginning of the year, price growth slowed down which - says Irina Petrescu - is a good sign that the market is starting to settle. Demand is still high and prices are expected to get back to their upward trend towards year-end, after a slowdown period, said the Esop agency representative. Sursa: http://www.rompress.ro

Tags: residential market bnr

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