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Romanian real-estate market to follow Greek model

The Romanian real-estate market still has growth potential on the holiday houses segment and could follow Greece’s example, reads a communiqué issued by Extenso company, Rompres informs.

The breathtaking growth will be followed by a period of calm, the communiqué informs. According to the official statistics, the prices of Greek homes grew by 214 per cent from 1993 to 2006. However that growth rhythm has become lower in the last couple of years, the communiqué goes on to say. Thus, in 2007 the prices have grown by 2.21 per cent at national level, with the previous year registering a growth of 11.99 per cent. The hike in the reference interest rate for mortgage credits in Greece and Great Britain was the main reason behind the market’s slowdown, with most of the foreign investors being British. However the statistics show that the seaside areas are privileged. For example in 2007 in certain coastal areas of Crete the prices grew by 20 to 30 per cent compared to the prices registered the previous year. ‘In Romania the houses in some areas and localities will be considered investments too and will have an out-put two to three times larger than others. Bucharest and the seaside will be the champions’ Mirela Rosca, manager of Extenso, the Romanian developer of the Sara Sea View project in Olimp resort, has stated. Mirela Rosca believes that the residential center’s position in relation to the beach, the surrounding neighborhood and the existing facilities in the area are important for a successful project. Sursa: http://www.nineoclock.ro

Tags: market romanian

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