Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

Profit on real estate market to radically change in 6-7 months

Profit on the real estate market will look totally different in 6 or 7 months, compared with how it looks now, representatives of the banking environment predicted at the 2nd edition of the 'What to invest in 2009,' organized by the Money Channel.

Speculators will be the ones to lose most in 2009, according to the CEC Bank Chairman Radu Gratian Ghetea. The demand on the real estate market didn't vanished, but it just got postponed for when the prices will be more stable, Chairman of Alpha bank Sergiu Oprescu added.

Bankers are reticent to investors who want to place their money in real estate. Chairman of Unicredit Tiriac Bank Dan Pascariu appreciated all the banks try now to attenuate their exposure on the real estate market.Real estate crediting, currently slowing down, is to recover gradually in 2009, once the demand will be seen again, but with the banks to grant credits only to such customers already having at least 25 percent of the value of the acquisition.

Bankers explained there still exists a high demand for housing on the Romanian market, which is to be more visible soon.

'There exists a fundamental demand and we will see much of it soon. The demand did not vanish, only got postponed. We have buyers who just believe now is not the time,' Sergiu Oprescu completed.He also added that, according to certain studied, there exists a demand of at least 200,000 dwellings in Bucharest only.

Dan Pascariu, Chairman of the Unicredit Tiriac Bank surveillance board, has detected as cause for the blockage of the market, besides the international financial crisis, the feeling of crisis existing, ' which makes people leave important acquisitions for later,' and also the restrictions to credits.

He also said that there would be no significant hardening of the real estate crediting, as long as the banks in Romania have never granted loans in such conditions as those in the UK, where, for instance, there were such banks granting loans equivalent with 105 percent of the value of the dwelling.

Nevertheless, a significant change was seen in terms of acquisitions of plots of land, due to the Romanian banks refusal to accept only the plot of land as guarantee, according to Pascariu. Banks had never granted such loans, not even before the crisis. They were asking for an advance of at least 50 percent.

With regards to the new dwellings, they will maintain the value better than the old ones, in the context no new project appeared in the latest months.

 

Sursa: http://www.rompress.ro

Tags: banks demand months market estate cec