Romania's real estate market to recoup from financial crisis in 2011 when speculators vanishPublish date: 30-10-2008
The local real estate market will escape the crisis at the debut of 2011 when it reaches maturity and investors no longer cash profits following speculations, but from developing lasting projects, said the executive manager of real estate developer Futureal Group, Gabor Futo.
He deems no new real estate projects will be started in the next two years and 90 percent of the ones already announced will be called off on lack of financing.
Futo added banks are more cautious owing to the financial crisis and developers witness difficulties in receiving financing. Moreover, this situation will pave the way to first bankruptcies among construction companies, especially among speculators.
Futureal started constructions at the new commercial center Gold Plaza in northern city of Baia Mare today. The center will have 30,000 square meters to be rented. It should be finalized in the first quarter of 2009 and will cost about 97 million euros.
The company is one of the main developers in Central and Eastern Europe, with projects worth more than 1.6 billion euros, including more than 6,000 residential units and some 500,000 square meters of commercial area.
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