How major owners view the 2009 real estate marketPublish date: 24-11-2008
The Romanian real estate market is struggling between stagnation and decrease in 2009, and lenders will have the final say on the outcome. Land prices might drop by up to 40 percent and could rebound in two-three years.
The mall market is the least risky segment of all Real estate businesses in the coming year. These are the forecasts by major Romanian real estate sector owners: Gabriel Popoviciu, George Becali, Iulian Dascalu, Ion Tiriac, and the Hungarian TriGranit group, made exclusively for Business Standard.
Businessman Popoviciu controls the Baneasa Investments company, which is developing the Baneasa project, the largest 221-hectare real estate complex locally, which includes office, commercial, and residential spaces. He said that 2009 will bring stagnation on the real estate market, and that the retail segment will register the best development. Becali estimates that prices will double once the crisis passes. He stressed that there are many businesspeople that are facing financial difficulties and are selling their land at low prices.
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