Real-estate market fights financial obstacles
2012-11-22 18:04:49
Celebrating 20 years of existence, DTZ Echinox presented an overview of the Romanian real estate market. The firm’s CEO, Mihnea Serbanescu, said that the market has seen dealings at real prices reaching stability at the end of 2012. “More deals are to be announced next year,” he added. DTZ Echinox specialists went on the say the market is currently experiencing some challenges, including a decrease in acquisitions purely for investment purposes. “You don’t but an apartment anymore to rent it, such developments became less frequent,” said Mihaela Pana, residential projects department coordinator. Main obstacles encountered by developers include finding financing. ““The majority of companies need a financing vehicle, and there are few investors, the likes of Skanska, who go on full equity,” Serbanescu said. The conditions for borrowing posted by Romanian banks are not very attractive for investors. “In Poland for example the banks’ margins are smaller, about 1.5 per cent; in Romania they reach 4.5 per cent,” Stefanescu added. There is some good news in the industrial real estate, though. Bucharest remains the hot spot for various investors, but several industrial projects have been developed in the rest of the country, according to DTZ Echinox officials.
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