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Solutions for crisis on real estate market

Financial crisis forced players on the Romanian real estate market to adopt more applied solutions in order to diminish risks as much as possible for this interval. Depending on the specific of the activity, the main players in the sector have identified at least ten solutions to unblock the market, getting inspired from the international market, Business Standard daily reads on Wednesday.

Less built surfaces appears as one of the solutions taken into account by the developers.

Hungarian company TriGranit, specialized in developing shopping centers, discussed in its Board of Directors the proposal to reduce costs by not developing so many built surfaces. The idea seems like a good solution for the active investors on the residential sector, to help them out from the blockage in the sales by restructuring projects.

Another variant, that is increasing discounts, has already become a tradition on the residential segment. Nevertheless, the level went up by 20 percent in the latest interval, with bonuses appearing, such as kitchen with furniture in it, a car or a parking space - all included in the price of the apartment. The solution started to be taken into account also by such shopping centres developers currently facing a drop in the consumption and seeing also the possibility of a drop in the rentals for shopping centres by up to 50 percent in the interval ahead.

A better solution for the real estate market came from the Israeli group Carmen Investments, operating on the residential market, which decided to freeze the euro exchange rate while selling an apartment at 3.5 lei (1 euro sells for 3.9 lei), a measure meant to cut the price of the dwelling by 5 percent.

The perspective of the cut in the profit margin, and also the extreme one, of non-profitability, makes developers to considerably reduce costs. Nevertheless, in some cases, a compromise might be reached.

Ioana Momiceanu, managing director with consultancy company Atisreal says that in the current context of the market, developers need to take into account such profit margins of 20-25 percent, and not of 80-100 percent, as they were used to.

Freezing of the financing projects was a measure taken by most of the large developers carrying out works at several projects in the same time. Nevertheless, once with the hardening of the crediting conditions, there started to appear also companies that do not have the necessary liquidities to go on with their projects.

Another solution appeared on the residential segment, namely the possibility to rent a house for a certain interval, till finally meeting conditions for a mortgage loan. This measure was adopted by the Impact real estate, which offers customers who do not have enough financial resources or those forced to wait for the approval of their credit the possibility to move immediately to a new home, with the payment to be concluded when the new crediting conditions are met.

 

Sursa: http://www.rompress.ro

Tags: percent solutions developers market estate euro car

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