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Real estate market to collapse
According to the US Cushman & Wakefield, one of the world's most important real estate consulting company, the real estate market in Romania will collapse this year. The company released a report yesterday, proving the real estate has now reached a deadlock in Romania.
In the first term of 2008 the number of transactions was 68% smaller, meaning 119 million Euro, as compared to the same period in the previous year. The figures are very similar to the one ZIUA announced two months ago, when estimating a 50-70% decrease of transactions on the flat and office market. This report is overthrowing all the research by analysts who have kept on announcing that the market won't collapse all of a sudden. The real estate crisis in Romania is much more problematic than the one in Europe, where transactions have undergone just a 37% decrease. (...) (G.P.)
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